Hollencrest Securities Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Hollencrest Securities reduced its stake in Bank of America Corp by 18.45% during the most recent quarter end. The investment management company now holds a total of 123,240 shares of Bank of America Corp which is valued at $1,985,396 after selling 27,891 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.Bank of America Corp makes up approximately 0.30% of Hollencrest Securities’s portfolio.

Other Hedge Funds, Including , Centre Asset Management reduced its stake in BAC by selling 3,390 shares or 5.2% in the most recent quarter. The Hedge Fund company now holds 61,780 shares of BAC which is valued at $1,007,014. Bank of America Corp makes up approx 0.18% of Centre Asset Management’s portfolio.E&g Advisors Lp reduced its stake in BAC by selling 12,800 shares or 15.45% in the most recent quarter. The Hedge Fund company now holds 70,053 shares of BAC which is valued at $1,141,864. Bank of America Corp makes up approx 0.67% of E&g Advisors Lp’s portfolio.Fisher Asset Management reduced its stake in BAC by selling 7,509,391 shares or 17.36% in the most recent quarter. The Hedge Fund company now holds 35,754,237 shares of BAC which is valued at $582,794,063. Bank of America Corp makes up approx 1.08% of Fisher Asset Management’s portfolio. Searle added BAC to its portfolio by purchasing 209,966 company shares during the most recent quarter which is valued at $3,422,446. Bank of America Corp makes up approx 2.97% of Searle’s portfolio.

Bank of America Corp closed down -0.19 points or -1.17% at $16.11 with 7,73,73,955 shares getting traded on Tuesday. Post opening the session at $16.26, the shares hit an intraday low of $16.025 and an intraday high of $16.33 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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.

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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