Zurcher Kantonalbank (zurich Cantonalbank) Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Zurcher Kantonalbank (zurich Cantonalbank) reduced its stake in Bank of America Corp by 6.62% during the most recent quarter end. The investment management company now holds a total of 2,443,468 shares of Bank of America Corp which is valued at $35,381,417 after selling 173,204 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Bank of America Corp makes up approximately 0.45% of Zurcher Kantonalbank (zurich Cantonalbank)’s portfolio.

Other Hedge Funds, Including , Mount Vernon Associates Inc Md boosted its stake in BAC in the latest quarter, The investment management firm added 4,359 additional shares and now holds a total of 78,104 shares of Bank of America Corp which is valued at $1,142,662. Bank of America Corp makes up approx 2.30% of Mount Vernon Associates Inc Md’s portfolio.Barry Investment Advisors boosted its stake in BAC in the latest quarter, The investment management firm added 6 additional shares and now holds a total of 26,500 shares of Bank of America Corp which is valued at $373,915. Bank of America Corp makes up approx 0.14% of Barry Investment Advisors’s portfolio.First Manhattan Co boosted its stake in BAC in the latest quarter, The investment management firm added 1,955 additional shares and now holds a total of 158,019 shares of Bank of America Corp which is valued at $2,229,648. Bank of America Corp makes up approx 0.01% of First Manhattan Co’s portfolio.Davenport Co reduced its stake in BAC by selling 61,125 shares or 20.6% in the most recent quarter. The Hedge Fund company now holds 235,646 shares of BAC which is valued at $3,167,082. Bank of America Corp makes up approx 0.05% of Davenport Co’s portfolio.

Bank of America Corp (BAC) witnessed a volatile trading activity on Thursday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $14.48 and reached the intraday high at $14.54. The bulls started the profit booking and pushed the shares to intraday low of $14.36. The trading session was marked by a volume range of 4,61,76,646 shares exchanging hands. The 52-week high of the shares is $18.09 and the 52-week low is $10.99. The market cap of the company stands at $147,765 M and there are 10,20,47,98,800 shares in public circulation.

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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