Sentry Investment Management LLC Decreases Holdings in Bank of America (BAC)

Sentry Investment Management LLC lowered its position in Bank of America (NYSE:BAC) by 9.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 708,618 shares of the financial services provider’s stock after selling 77,849 shares during the period. Bank of America accounts for approximately 1.3% of Sentry Investment Management LLC’s portfolio, making the stock its 11th biggest holding. Sentry Investment Management LLC’s holdings in Bank of America were worth $21,251,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in shares of Bank of America by 5.8% during the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after acquiring an additional 5,720,403 shares during the period. Legal & General Group Plc raised its holdings in shares of Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after acquiring an additional 379,854 shares during the period. UBS Asset Management Americas Inc. raised its holdings in shares of Bank of America by 3.7% during the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock worth $1,175,286,000 after acquiring an additional 1,403,412 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of Bank of America by 2.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 34,266,899 shares of the financial services provider’s stock worth $1,011,383,000 after acquiring an additional 867,039 shares during the period. Finally, Sanders Capital LLC raised its holdings in shares of Bank of America by 1.8% during the 4th quarter. Sanders Capital LLC now owns 30,422,232 shares of the financial services provider’s stock worth $984,107,000 after acquiring an additional 534,000 shares during the period. Institutional investors own 69.96% of the company’s stock.

Several research analysts have recently commented on BAC shares. Credit Suisse Group lifted their price target on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Citigroup lifted their price target on Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, April 24th. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price target on the stock in a report on Thursday, March 1st. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Jefferies Group reiterated a “buy” rating and set a $34.00 price target on shares of Bank of America in a report on Tuesday, April 17th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $32.13.

NYSE BAC opened at $29.64 on Tuesday. The stock has a market capitalization of $300.14 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 1.43 and a beta of 1.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America has a 1-year low of $22.07 and a 1-year high of $33.05.

Bank of America (NYSE:BAC) last released its earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. The company had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. Bank of America’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. sell-side analysts forecast that Bank of America will post 2.55 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, May 31st. Bank of America’s dividend payout ratio is currently 26.23%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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