Sentry Investment Management LLC Buys 10,839 Shares of Bank of America Co. (NYSE:BAC)

Sentry Investment Management LLC increased its stake in Bank of America Co. (NYSE:BAC) by 49.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,911 shares of the financial services provider’s stock after acquiring an additional 10,839 shares during the period. Sentry Investment Management LLC’s holdings in Bank of America were worth $1,306,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Delos Wealth Advisors LLC raised its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new position in Bank of America during the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC raised its position in Bank of America by 839.0% during 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. Bbjs Financial Advisors LLC bought a new position in Bank of America during the 2nd quarter valued at approximately $30,000. Finally, Clearstead Trust LLC raised its position in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $41.33 on Tuesday. The business’s fifty day moving average price is $40.56 and its 200-day moving average price is $39.89. The stock has a market capitalization of $317.12 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $44.44.

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, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm earned $0.90 EPS. On average, equities analysts predict that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have commented on BAC shares. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

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.