Bank of America Corporation $BAC Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 18.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 640,361 shares of the financial services provider’s stock after selling 144,623 shares during the quarter. Pacer Advisors Inc.’s holdings in Bank of America were worth $35,220,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Abound Financial LLC bought a new position in Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the 3rd quarter worth about $27,000. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares in the last quarter. CrossGen Wealth LLC bought a new position in shares of Bank of America during the fourth quarter worth about $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $56.26 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm’s 50-day moving average price is $52.91 and its two-hundred day moving average price is $52.54. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $57.98. The stock has a market capitalization of $399.27 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is currently owned by insiders.

Bank of America News Roundup

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. UBS Group boosted their price objective on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Jefferies Financial Group increased their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Autonomous Res lowered their price target on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Truist Financial upped their price target on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Daiwa Securities Group upped their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.06.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.