Bank Of America (BAC) Market Valuation Declined While Qci Asset Management Has Decreased …



July 13, 2018 – By Matthew Richard

Bank of America Corporation (NYSE:BAC) Logo

Andrew Feldstein decreased its stake in Renaissancere Holdings Ltd (RNR) by 96.93% based on its latest 2018Q1 regulatory filing with the SEC. Bluemountain Capital Management Llc sold 2,809 shares as the company’s stock declined 4.26% with the market. The hedge fund run by Andrew Feldstein held 89 shares of the property-casualty insurers company at the end of 2018Q1, valued at $12,000, down from 2,898 at the end of the previous reported quarter. Bluemountain Capital Management Llc who had been investing in Renaissancere Holdings Ltd for a number of months, seems to be less bullish one the $4.91B market cap company. The stock decreased 0.10% or $0.12 during the last trading session, reaching $121.96. About 65,063 shares traded. RenaissanceRe Holdings Ltd. (NYSE:RNR) has declined 11.43% since July 13, 2017 and is downtrending. It has underperformed by 24.00% the S&P500. Some Historical RNR News: 01/05/2018 – RenaissanceRe 1Q Net $62.3M; 01/05/2018 – RenaissanceRe Reports Net Income of $56.7 Million for the First Quarter of 2018, or $1.42 Per Diluted Common Share; Quarterly; 09/04/2018 – AIR Worldwide Collaborates with RenaissanceRe to Develop Industry’s First Probabilistic Model for Extreme Liability Events; 01/05/2018 – RenaissanceRe 1Q Underwriting Income $129.6 Million; 10/05/2018 – Boost Insurance Secures Dedicated Reinsurance Capacity Built To Power lnsurtech Startups; 27/03/2018 – RENAISSANCERE SAYS HAS SUFFICIENT CAPACITY TO MEET FUTURE NEEDS; 01/05/2018 – RenaissanceRe: Book Value $100.29/Share at 1Q End; 27/03/2018 – RENAISSANCERE TERMINATED LETTER OF CREDIT AGREEMENT; 01/05/2018 – RENAISSANCERE 1Q OPER EPS $3.40, EST. $2.65; 10/04/2018 – RENAISSANCERE HOLDINGS LTD RNR.N : CITIGROUP RAISES TARGET PRICE TO $161 FROM $152

Qci Asset Management Inc decreased its stake in Bank Of America Corp (BAC) by 10.09% based on its latest 2018Q1 regulatory filing with the SEC. Qci Asset Management Inc sold 66,059 shares as the company’s stock declined 6.97% with the market. The institutional investor held 588,465 shares of the major banks company at the end of 2018Q1, valued at $17.65 million, down from 654,524 at the end of the previous reported quarter. Qci Asset Management Inc who had been investing in Bank Of America Corp for a number of months, seems to be less bullish one the $289.78 billion market cap company. The stock decreased 0.66% or $0.19 during the last trading session, reaching $28.58. About 46.33M shares traded. Bank of America Corporation (NYSE:BAC) has risen 29.72% since July 13, 2017 and is uptrending. It has outperformed by 17.15% the S&P500. Some Historical BAC News: 15/05/2018 – Genomic Health at Bank of America Conference Tomorrow; 08/05/2018 – BofA names Nancy Fahmy to head its newly combined group; 20/03/2018 – The Morning Risk Report: BofA Whistlebowers Win Record Awards; 16/04/2018 – Bank of America 1Q Consumer Banking Rev $9B, Up 9%; 17/04/2018 – Bank of America Goes for Biggest Maple Bond Offering Since Apple; 01/05/2018 – Bank of America: Two-Thirds of Boston Entrepreneurs Foresee Long-Term Growth – Highest Since 2015; 08/05/2018 – Sage Therapeutics at Bank of America Conference May 15; 09/05/2018 – BofA faces class-action lawsuit over appraisals; 07/05/2018 – CNN Money: Bank of America is still working with gunmaker Remington; 16/04/2018 – BANK OF AMERICA CORP – QTRLY NONINTEREST INCOME INCREASED $327 MILLION, OR 3%, TO $11.5 BILLION

Among 15 analysts covering RenaissanceRe (NYSE:RNR), 2 have Buy rating, 0 Sell and 13 Hold. Therefore 13% are positive. RenaissanceRe had 34 analyst reports since October 14, 2015 according to SRatingsIntel. The rating was maintained by RBC Capital Markets with “Sector Perform” on Thursday, February 4. The stock of RenaissanceRe Holdings Ltd. (NYSE:RNR) has “Hold” rating given on Thursday, August 17 by Keefe Bruyette & Woods. As per Tuesday, January 9, the company rating was maintained by Wells Fargo. The stock of RenaissanceRe Holdings Ltd. (NYSE:RNR) has “Neutral” rating given on Friday, July 28 by JP Morgan. The firm has “Hold” rating given on Wednesday, September 20 by Keefe Bruyette & Woods. Citigroup maintained RenaissanceRe Holdings Ltd. (NYSE:RNR) rating on Friday, April 8. Citigroup has “Buy” rating and $138 target. The rating was maintained by UBS on Tuesday, September 19 with “Neutral”. The stock of RenaissanceRe Holdings Ltd. (NYSE:RNR) earned “Hold” rating by Keefe Bruyette & Woods on Monday, December 4. The rating was maintained by Keefe Bruyette & Woods on Thursday, February 1 with “Hold”. The rating was maintained by UBS with “Neutral” on Monday, October 2.

More news for RenaissanceRe Holdings Ltd. (NYSE:RNR) were recently published by: Seekingalpha.com, which released: “RenaissanceRe Holdings: This 5.75% Preferred Stock Has Begun Trading On The NYSE” on June 23, 2018. Businesswire.com‘s article titled: “RenaissanceRe Celebrates 25” and published on June 14, 2018 is yet another important article.

Investors sentiment increased to 0.9 in Q1 2018. Its up 0.17, from 0.73 in 2017Q4. It increased, as 28 investors sold RNR shares while 98 reduced holdings. 36 funds opened positions while 77 raised stakes. 37.68 million shares or 1.48% more from 37.13 million shares in 2017Q4 were reported. Moreover, Glenmede Trust Co Na has 0.04% invested in RenaissanceRe Holdings Ltd. (NYSE:RNR). Dynamic Capital Management Ltd invested 3.54% of its portfolio in RenaissanceRe Holdings Ltd. (NYSE:RNR). Brandywine Global Invest Limited Liability Corporation accumulated 119,506 shares or 0.1% of the stock. Pub Employees Retirement Association Of Colorado has 8,513 shares for 0.01% of their portfolio. Metropolitan Life Ins Co Ny has 11,664 shares for 0% of their portfolio. Teachers Retirement Sys Of The State Of Kentucky has invested 0.02% in RenaissanceRe Holdings Ltd. (NYSE:RNR). 9,675 were accumulated by Keybank Natl Association Oh. Virginia Retirement Systems Et Al holds 0.2% or 119,100 shares in its portfolio. Swiss Comml Bank has invested 0.06% in RenaissanceRe Holdings Ltd. (NYSE:RNR). Tdam Usa has 6,100 shares. Lpl Lc holds 0% or 3,215 shares. Shine Inv Advisory Svcs Incorporated stated it has 193 shares or 0.01% of all its holdings. Envestnet Asset Mgmt Inc holds 0% or 1,194 shares in its portfolio. Royal Bank Of Canada owns 5,767 shares. Baldwin Brothers Ma holds 0% in RenaissanceRe Holdings Ltd. (NYSE:RNR) or 210 shares.

Since May 29, 2018, it had 0 insider buys, and 1 sale for $289,853 activity.

Analysts await RenaissanceRe Holdings Ltd. (NYSE:RNR) to report earnings on July, 24 after the close. They expect $2.50 EPS, down 10.39% or $0.29 from last year’s $2.79 per share. RNR’s profit will be $100.61 million for 12.20 P/E if the $2.50 EPS becomes a reality. After $3.40 actual EPS reported by RenaissanceRe Holdings Ltd. for the previous quarter, Wall Street now forecasts -26.47% negative EPS growth.

Bluemountain Capital Management Llc, which manages about $27.77 billion and $4.37B US Long portfolio, upped its stake in Torchmark Corp (NYSE:TMK) by 39,477 shares to 130,829 shares, valued at $11.01M in 2018Q1, according to the filing. It also increased its holding in Spdr Index Shs Fds (FEZ) by 7,800 shares in the quarter, for a total of 9,472 shares, and has risen its stake in Citrix Sys Inc (NASDAQ:CTXS).

Among 33 analysts covering Bank of America (NYSE:BAC), 22 have Buy rating, 0 Sell and 11 Hold. Therefore 67% are positive. Bank of America had 114 analyst reports since July 21, 2015 according to SRatingsIntel. Jefferies maintained it with “Buy” rating and $3400 target in Monday, April 16 report. As per Monday, October 16, the company rating was maintained by Nomura. CLSA maintained Bank of America Corporation (NYSE:BAC) on Friday, September 23 with “Outperform” rating. As per Tuesday, November 8, the company rating was downgraded by Deutsche Bank. The firm earned “Hold” rating on Friday, October 13 by BMO Capital Markets. The firm has “Hold” rating given on Tuesday, January 2 by Robert W. Baird. The firm earned “Buy” rating on Wednesday, July 13 by Berenberg. The firm has “Buy” rating given on Tuesday, July 18 by Oppenheimer. As per Tuesday, August 25, the company rating was upgraded by Robert W. Baird. The firm earned “Buy” rating on Friday, October 13 by RBC Capital Markets.

More notable recent Bank of America Corporation (NYSE:BAC) news were published by: Finance.Yahoo.com which released: “Bank of America Stock Looks Good on Paper, but That’s About It” on July 11, 2018, also Seekingalpha.com with their article: “How Bank Of America’s Growth Will Drive The Stock Higher” published on July 10, 2018, Seekingalpha.com published: “Buybacks set for record, but share gains don’t match” on July 09, 2018. More interesting news about Bank of America Corporation (NYSE:BAC) were released by: Seekingalpha.com and their article: “Bank Of America: The Other Parts Matter” published on July 09, 2018 as well as Seekingalpha.com‘s news article titled: “Bank Of America: Downside Protection” with publication date: July 05, 2018.

Qci Asset Management Inc, which manages about $2.52 billion and $943.17 million US Long portfolio, upped its stake in Altria Group Inc Com (NYSE:MO) by 4,906 shares to 232,536 shares, valued at $14.49M in 2018Q1, according to the filing. It also increased its holding in Berkshire Hathaway Inc (BRKB) by 5,038 shares in the quarter, for a total of 100,008 shares, and has risen its stake in Schwab U.S. Mid (SCHM).

Investors sentiment decreased to 0.95 in Q1 2018. Its down 0.24, from 1.19 in 2017Q4. It is negative, as 73 investors sold BAC shares while 633 reduced holdings. 134 funds opened positions while 535 raised stakes. 6.66 billion shares or 2.67% less from 6.85 billion shares in 2017Q4 were reported. 21,258 are held by Tiemann Inv Advisors Ltd Limited Liability Company. Wunderlich Managemnt stated it has 5,329 shares or 0.11% of all its holdings. Clark Grp stated it has 1.24M shares or 1.16% of all its holdings. Murphy Capital Mgmt has invested 0.16% of its portfolio in Bank of America Corporation (NYSE:BAC). Mitsubishi Ufj Ltd has 0.89% invested in Bank of America Corporation (NYSE:BAC) for 7,740 shares. Meridian Counsel stated it has 3.26% in Bank of America Corporation (NYSE:BAC). Vantage Invest Llc owns 1.26% invested in Bank of America Corporation (NYSE:BAC) for 509,914 shares. 107,900 are owned by Hourglass Cap Ltd Com. Meiji Yasuda Asset Mgmt Limited holds 0.7% of its portfolio in Bank of America Corporation (NYSE:BAC) for 246,878 shares. Moreover, Mercer Capital Advisers has 0.48% invested in Bank of America Corporation (NYSE:BAC) for 21,526 shares. Gibraltar Cap Mgmt reported 5.74% stake. Rmb Capital Management Ltd Llc holds 0.03% of its portfolio in Bank of America Corporation (NYSE:BAC) for 43,469 shares. Rocky Mountain Advisers Ltd Liability accumulated 2,631 shares. Wellington Management Gp Llp has invested 1.43% in Bank of America Corporation (NYSE:BAC). Rampart Inv Management Limited Liability Corp has invested 0.59% in Bank of America Corporation (NYSE:BAC).

Bank of America Corporation (NYSE:BAC) Institutional Positions Chart

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