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

Sentry Investment Management LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 49.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in Bank of America in the second quarter worth approximately $27,000. POM Investment Strategies LLC raised its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC raised its stake in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $369,952,591.90. Following the sale, the insider now directly 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by company insiders.

Bank of America Price Performance

NYSE:BAC opened at $41.33 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $317.12 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. The company has a 50 day moving average price of $40.56 and a 200-day moving average price of $39.89. 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 posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Equities research analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. Bank of America’s dividend payout ratio is currently 37.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Oppenheimer lifted their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.69.

About Bank of America

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.