Pacer Advisors Inc. Trims Position in Bank of America Corporation $BAC

Key Points

• Pacer Advisors Inc. reduced its Bank of America stake by 18.4% in the fourth quarter, selling 144,623 shares and ending with 640,361 shares valued at about $35.2 million.
• Several other institutional investors also adjusted positions in BAC, while hedge funds and institutions still hold a large majority of the stock at 70.71%.
• Bank of America beat first-quarter expectations with $1.11 EPS versus $1.00 expected and revenue of $30.27 billion, and it also announced a quarterly dividend of $0.28 per share.

Pacer Advisors Inc. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 18.4% during the 4th quarter, according to its most recent disclosure with the Securities & 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.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Brighton Jones LLC grew its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Sivia Capital Partners LLC boosted its position in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares during the last quarter. Jump Financial LLC boosted its position in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 18,227 shares during the last quarter. Nebula Research & Development LLC purchased a new stake in Bank of America in the second quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP grew its holdings in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Autonomous Res cut their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Jefferies Financial Group upped their price objective on Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Daiwa Securities Group increased their target price on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Finally, Erste Group Bank cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $56.26 on Friday. The company has a market cap of $399.27 billion, a P/E ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The business's 50-day simple moving average is $52.91 and its 200 day simple moving average is $52.54.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the company posted $0.90 EPS. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America's dividend payout ratio is 27.72%.

Key Bank of America News

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

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.

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