Pan American Silver Corp. $PAAS Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Pan American Silver stake by 28.3% in the first quarter, selling 731,134 shares and retaining 1.86 million shares valued at approximately $101.4 million.
• Pan American Silver reported first-quarter EPS of $1.09, beating estimates of $1.06, while revenue rose 49.3% year over year to $1.33 billion. The stock was trading at $51.25, up 6.7%.
• Analyst sentiment remains broadly positive, with eight Buy ratings, one Hold and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $70.43.

Bank of America Corp DE lowered its stake in Pan American Silver Corp. (NYSE:PAAS - Free Report) TSE: PAAS by 28.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,855,201 shares of the basic materials company's stock after selling 731,134 shares during the period. Bank of America Corp DE owned approximately 0.44% of Pan American Silver worth $101,350,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of PAAS. Fifth Third Bancorp raised its position in shares of Pan American Silver by 1,336.1% during the first quarter. Fifth Third Bancorp now owns 517 shares of the basic materials company's stock worth $28,000 after purchasing an additional 481 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Pan American Silver by 151.8% in the third quarter. Parallel Advisors LLC now owns 642 shares of the basic materials company's stock worth $25,000 after buying an additional 387 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Pan American Silver in the fourth quarter worth approximately $34,000. Laurel Wealth Advisors LLC purchased a new position in shares of Pan American Silver in the fourth quarter worth approximately $41,000. Finally, Harbor Investment Advisory LLC purchased a new position in Pan American Silver during the 1st quarter worth approximately $44,000. Institutional investors and hedge funds own 55.43% of the company's stock.

Pan American Silver Trading Up 6.7%

NYSE:PAAS opened at $51.25 on Friday. Pan American Silver Corp. has a 12 month low of $30.59 and a 12 month high of $69.99. The company's 50 day moving average is $46.21 and its 200-day moving average is $53.51. The company has a quick ratio of 2.11, a current ratio of 2.84 and a debt-to-equity ratio of 0.11. The firm has a market cap of $21.38 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 4.16 and a beta of 0.73.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS last posted its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.03. Pan American Silver had a return on equity of 19.50% and a net margin of 31.66%.The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the company posted $0.42 earnings per share. The firm's revenue for the quarter was up 49.3% on a year-over-year basis. Equities analysts anticipate that Pan American Silver Corp. will post 4.11 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on PAAS. Zacks Research lowered Pan American Silver from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. TD Cowen upgraded shares of Pan American Silver from a "hold" rating to a "buy" rating and increased their target price for the stock from $67.00 to $72.00 in a research report on Tuesday, May 12th. TD Securities upgraded shares of Pan American Silver from a "hold" rating to a "buy" rating and set a $72.00 price target on the stock in a report on Monday, May 11th. Scotiabank reaffirmed an "outperform" rating on shares of Pan American Silver in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group dropped their target price on Pan American Silver from $54.00 to $53.00 and set a "hold" rating on the stock in a research report on Monday, July 6th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Pan American Silver currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.43.

Pan American Silver Profile

Pan American Silver Corp. NYSE: PAAS is a Vancouver-based mining company and one of the world’s largest primary silver producers. The company’s core activities encompass the exploration, development, extraction and processing of silver, with significant by-product production of gold, zinc and lead. Pan American Silver maintains a vertically integrated operating model, covering the full mining value chain from resource discovery through to refined metal production.

With a geographic footprint concentrated across the Americas, Pan American Silver operates multiple mines in Mexico, Peru, Argentina and Bolivia, and is advancing several development and exploration projects in Chile and Ecuador.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source