Washington Trust Bank buys $1,024,773 stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Washington Trust Bank scooped up 1,300 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 4, 2016. The investment management firm 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 approximately 0.25% of Washington Trust Bank’s portfolio.

Other Hedge Funds, Including , Kempner Capital Management reduced its stake in BAC by selling 12,500 shares or 3.52% in the most recent quarter. The Hedge Fund company now holds 342,437 shares of BAC which is valued at $5,516,660. Bank of America Corp makes up approx 3.78% of Kempner Capital Management’s portfolio.Harbour Capital Advisors boosted its stake in BAC in the latest quarter, The investment management firm added 8,925 additional shares and now holds a total of 53,900 shares of Bank of America Corp which is valued at $868,329. Bank of America Corp makes up approx 0.47% of Harbour Capital Advisors’s portfolio.Beacon Financial Group reduced its stake in BAC by selling 31,793 shares or 63.57% in the most recent quarter. The Hedge Fund company now holds 18,220 shares of BAC which is valued at $293,524. Bank of America Corp makes up approx 0.06% of Beacon Financial Group’s portfolio.Lvm Capital Management Ltdmi boosted its stake in BAC in the latest quarter, The investment management firm added 1,367 additional shares and now holds a total of 13,159 shares of Bank of America Corp which is valued at $211,991. Bank of America Corp makes up approx 0.07% of Lvm Capital Management Ltdmi’s portfolio.

Bank of America Corp opened for trading at $15.7 and hit $16.05 on the upside on Tuesday, eventually ending the session at $15.8, with a gain of 1.09% or 0.17 points. The heightened volatility saw the trading volume jump to 9,85,01,476 shares. Company has a market cap of $161,236 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. 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 Corp was Downgraded by Raymond James to ” Mkt Perform” on Jul 7, 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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