Bank of America Co. (NYSE:BAC) Shares Bought by Pacer Advisors Inc.

Pacer Advisors Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 3.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 500,581 shares of the financial services provider’s stock after purchasing an additional 16,032 shares during the period. Pacer Advisors Inc.’s holdings in Bank of America were worth $19,863,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC increased its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,094,698 shares of company stock valued at $3,876,350,805 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Barclays boosted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Performance

Shares of BAC stock opened at $47.00 on Friday. The stock’s 50-day moving average price is $42.24 and its 200 day moving average price is $40.65. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $360.63 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.22.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

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.