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

Pacer Advisors Inc. grew its position in shares of Bank of America Co. (NYSE:BAC) by 2.7% during the 2nd quarter, Holdings Channel reports. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ increased its position in Bank of America by 1.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,427,016 shares of the financial services provider’s stock worth $56,724,000 after acquiring an additional 18,800 shares during the period. AE Wealth Management LLC increased its holdings 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. acquired a new stake in shares of Bank of America in the second quarter valued at approximately $1,796,000. Callan Capital LLC boosted its stake in shares of 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. grew its position 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 in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders sold 129,780,724 shares of company stock worth $5,342,589,705 over the last three months. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $40.27 on Monday. The company has a market capitalization of $314.93 billion, a PE ratio of 13.93, a P/E/G ratio of 1.40 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $39.98 and a two-hundred day moving average price of $38.91. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 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 the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.88 EPS. Analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed 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. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.58%. Bank of America’s payout ratio is currently 35.99%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada boosted their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Evercore ISI increased their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.22.

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.