Central Bank Trust Co Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Central Bank Trust Co reduced its stake in Bank of America Corp by 8.62% during the most recent quarter end. The investment management company now holds a total of 1,854 shares of Bank of America Corp which is valued at $29,905 after selling 175 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Bank of America Corp makes up approximately 0.01% of Central Bank Trust Co’s portfolio.

Other Hedge Funds, Including , Pure Financial Advisors boosted its stake in BAC in the latest quarter, The investment management firm added 517 additional shares and now holds a total of 11,211 shares of Bank of America Corp which is valued at $180,833. Bank of America Corp makes up approx 0.06% of Pure Financial Advisors’s portfolio.Independent Portfolio Consultants reduced its stake in BAC by selling 17,100 shares or 9.52% in the most recent quarter. The Hedge Fund company now holds 162,435 shares of BAC which is valued at $2,616,828. Bank of America Corp makes up approx 0.82% of Independent Portfolio Consultants’s portfolio. Burns J W Co Incny sold out all of its stake in BAC during the most recent quarter. The investment firm sold 10,613 shares of BAC which is valued $170,975.Washington Trust Bank boosted its stake in BAC in the latest quarter, The investment management firm added 1,300 additional shares and now holds a total of 63,611 shares of Bank of America Corp which is valued at $1,024,773. Bank of America Corp makes up approx 0.25% of Washington Trust Bank’s portfolio.

Bank of America Corp closed down -0.09 points or -0.55% at $16.13 with 9,96,05,412 shares getting traded on Friday. Post opening the session at $16.19, the shares hit an intraday low of $15.98 and an intraday high of $16.25 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Bank of America Corp reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 18, 2016. Analyst had a consensus of $0.33. The company had revenue of $20600.00 million for the quarter, compared to analysts expectations of $20518.78 million. The company’s revenue was down -7.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.45 EPS.

Many Wall Street Analysts have commented on Bank of America Corp. Bank of America Corp was Downgraded by Societe Generale to ” Hold” on Sep 13, 2016. Berenberg Initiated Bank of America Corp on Jul 13, 2016 to “Buy”, Price Target of the shares are set at $15.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution serving individual consumers small- and middle-market businesses institutional investors corporations and Governments with a range of banking investing asset management and other financial and risk management products and services. Through its banking and various nonbank subsidiaries it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking which offers a range of credit banking and investment products and services to consumers and businesses; Consumer Real Estate Services which provides a line of consumer real estate products and services; Global Wealth & Investment Management which provides wealth management solutions; Global Banking which provides a range of lending-related products and services and Global Markets which offers sales and trading services.

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