Pacer Advisors Inc. Acquires 16,032 Shares of Bank of America Co. (NYSE:BAC)

Pacer Advisors Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 3.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 500,581 shares of the financial services provider’s stock after purchasing an additional 16,032 shares during the quarter. Pacer Advisors Inc.’s holdings in Bank of America were worth $19,863,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC raised its position in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Christopher J. Hasenberg Inc increased its stake 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 valued at $40,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.2 %

BAC opened at $47.00 on Friday. The company has a market cap 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 twelve month low of $29.32 and a twelve month high of $47.22. The company has a 50-day moving average price of $42.24 and a 200 day moving average price of $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.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 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 during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

Insider Transactions at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value 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. This represents a 48.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now 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. Over the last three months, insiders have sold 96,094,698 shares of company stock valued at $3,876,350,805. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America 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.