Pacer Advisors Inc. Has $19.27 Million Holdings in Bank of America Co. (NYSE:BAC)

Pacer Advisors Inc. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 484,549 shares of the financial services provider’s stock after buying an additional 12,611 shares during the quarter. Pacer Advisors Inc.’s holdings in Bank of America were worth $19,271,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Skandinaviska Enskilda Banken AB publ raised its position in shares of Bank of America by 1.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,427,016 shares of the financial services provider’s stock valued at $56,724,000 after acquiring an additional 18,800 shares during the last quarter. AE Wealth Management LLC grew its stake in shares of Bank of America by 15.3% during the second quarter. AE Wealth Management LLC now owns 592,582 shares of the financial services provider’s stock worth $23,567,000 after purchasing an additional 78,578 shares during the period. Bridges Investment Management Inc. bought a new stake in Bank of America in the second quarter valued at about $1,796,000. Callan Capital LLC lifted its stake in Bank of America by 8.1% in the second quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock valued at $1,069,000 after buying an additional 2,019 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Bank of America by 7.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after buying an additional 6,385 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,780,724 shares of company stock worth $5,342,589,705. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada lifted their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Barclays lifted their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Jefferies Financial Group increased their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Trading Down 1.5 %

Shares of NYSE:BAC opened at $40.27 on Monday. The stock has a market capitalization of $314.93 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The company’s 50-day moving average price is $39.98 and its two-hundred day moving average price is $38.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.58%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.