17,339,974 Shares in Entergy Corporation $ETR Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 17.34 million Entergy shares worth approximately $1.99 billion, giving it a 3.72% stake. Institutional investors collectively own 88.07% of the utility company.
• Analyst sentiment remains favorable, with 17 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $120.84.
• Entergy reported quarterly EPS of $1.03, slightly above estimates, and maintained a quarterly dividend of $0.64 per share, equivalent to a 2.5% annual yield. Shares opened at $103.58, below their 50-day and 200-day moving averages.

Bank of America Corp DE purchased a new stake in Entergy Corporation (NYSE:ETR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 17,339,974 shares of the utilities provider's stock, valued at approximately $1,991,669,000. Bank of America Corp DE owned 3.72% of Entergy as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of ETR. BlackRock Inc. acquired a new position in shares of Entergy in the second quarter worth about $4,861,376,000. JPMorgan Chase & Co. raised its stake in Entergy by 54.9% during the 4th quarter. JPMorgan Chase & Co. now owns 22,694,994 shares of the utilities provider's stock valued at $2,097,699,000 after acquiring an additional 8,046,287 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Entergy by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 11,607,806 shares of the utilities provider's stock valued at $1,068,725,000 after acquiring an additional 126,625 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Entergy in the second quarter worth about $633,338,000. Finally, Norges Bank bought a new stake in shares of Entergy in the 4th quarter worth approximately $528,313,000. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on ETR shares. Truist Financial set a $122.00 price objective on shares of Entergy and gave the stock a "buy" rating in a research note on Thursday, August 13th. Wall Street Zen cut shares of Entergy from a "hold" rating to a "sell" rating in a report on Sunday, August 9th. Jefferies Financial Group reissued a "buy" rating on shares of Entergy in a research report on Wednesday, June 10th. BMO Capital Markets raised their price target on shares of Entergy from $123.00 to $124.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. raised their target price on Entergy from $129.00 to $139.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $120.84.

Insiders Place Their Bets

In other news, Director Ralph Lewis Ropp bought 1,000 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $106.08 per share, with a total value of $106,080.00. Following the completion of the acquisition, the director owned 3,423 shares of the company's stock, valued at $363,111.84. This represents a 41.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Laura R. Landreaux sold 5,600 shares of Entergy stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $106.20, for a total transaction of $594,720.00. Following the completion of the sale, the insider owned 22,589 shares of the company's stock, valued at approximately $2,398,951.80. The trade was a 19.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by corporate insiders.

Entergy Stock Down 1.7%

Entergy stock opened at $103.58 on Tuesday. The company has a 50 day moving average of $109.32 and a 200-day moving average of $110.23. The stock has a market capitalization of $48.33 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 2.36 and a beta of 0.49. The company has a quick ratio of 0.70, a current ratio of 0.91 and a debt-to-equity ratio of 1.73. Entergy Corporation has a twelve month low of $87.38 and a twelve month high of $118.44.

Entergy (NYSE:ETR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.02. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.49 billion. Entergy had a return on equity of 10.53% and a net margin of 13.40%.During the same period in the previous year, the company posted $1.05 earnings per share. Entergy has set its FY 2026 guidance at 4.250-4.450 EPS. On average, equities research analysts anticipate that Entergy Corporation will post 4.39 EPS for the current fiscal year.

Entergy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Thursday, August 13th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, August 13th. Entergy's dividend payout ratio is presently 65.64%.

Entergy Profile

Entergy Corporation is an integrated energy company headquartered in New Orleans, Louisiana. Through its regulated utility subsidiaries, the company generates, transmits, distributes and sells electricity to residential, commercial, industrial and governmental customers. Entergy also operates natural gas distribution businesses in parts of its service territory and provides related energy services.

Entergy serves customers across Arkansas, Louisiana, Mississippi and portions of Texas, including the greater New Orleans area.

Want to see what other hedge funds are holding ETR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Entergy Corporation (NYSE:ETR - Free Report).

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.