Legal General Group Plc buys $808,851,734 stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Legal General Group Plc scooped up 378,806 additional shares in Bank of America Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 12, 2016. The investment management firm now holds a total of 50,208,053 shares of Bank of America Corp which is valued at $808,851,734.Bank of America Corp makes up approximately 0.83% of Legal General Group Plc’s portfolio.

Other Hedge Funds, Including , One Capital Management boosted its stake in BAC in the latest quarter, The investment management firm added 7,481 additional shares and now holds a total of 147,999 shares of Bank of America Corp which is valued at $2,384,264. Bank of America Corp makes up approx 0.80% of One Capital 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.Ronna Sue Cohen boosted its stake in BAC in the latest quarter, The investment management firm added 178 additional shares and now holds a total of 39,358 shares of Bank of America Corp which is valued at $641,535. Bank of America Corp makes up approx 0.49% of Ronna Sue Cohen’s portfolio. Cardinal Capital Management added BAC to its portfolio by purchasing 702 company shares during the most recent quarter which is valued at $11,309.

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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