Tower Research Capital (trc) adds Bank of America Corp (BAC) to its portfolio

Bank of America Corp (BAC) : Tower Research Capital (trc) added new position in Bank of America Corp during the most recent quarter end. The investment management firm now holds 228,901 shares of Bank of America Corp which is valued at $3,412,914 , the company said in a statement filed on Aug 10, 2016 with the SEC.Bank of America Corp makes up approximately 0.31% of Tower Research Capital (trc)’s portfolio.

Other Hedge Funds, Including , Harris Associates L P reduced its stake in BAC by selling 10,033,480 shares or 6.95% in the most recent quarter. The Hedge Fund company now holds 134,260,262 shares of BAC which is valued at $2,001,820,506. Bank of America Corp makes up approx 3.79% of Harris Associates L P’s portfolio. Hgk Asset Management Inc added BAC to its portfolio by purchasing 715,510 company shares during the most recent quarter which is valued at $10,768,426. Bank of America Corp makes up approx 1.55% of Hgk Asset Management Inc’s portfolio.First Citizens Bank Trust Co reduced its stake in BAC by selling 745,385 shares or 68.42% in the most recent quarter. The Hedge Fund company now holds 344,009 shares of BAC which is valued at $4,984,690. Bank of America Corp makes up approx 0.43% of First Citizens Bank Trust Co’s portfolio.Mechanics Bank Trust Department boosted its stake in BAC in the latest quarter, The investment management firm added 980 additional shares and now holds a total of 11,191 shares of Bank of America Corp which is valued at $161,150. Bank of America Corp makes up approx 0.06% of Mechanics Bank Trust Department’s portfolio.

Bank of America Corp opened for trading at $15.13 and hit $15.25 on the upside on Friday, eventually ending the session at $15.22, with a gain of 0.40% or 0.06 points. The heightened volatility saw the trading volume jump to 5,98,34,808 shares. Company has a market cap of $155,317 M.

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. Berenberg Initiated Bank of America Corp on Jul 13, 2016 to “Buy”, Price Target of the shares are set at $15.Bank of America Corp was Downgraded by Raymond James to ” Mkt Perform” on Jul 7, 2016. Bank of America Corp was Downgraded by Keefe Bruyette to ” Mkt Perform” on May 16, 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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