Vanguard Personalized Indexing Management LLC Has $23.27 Million Stake in Bank of America Co. (NYSE:BAC)

Vanguard Personalized Indexing Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 19.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 605,226 shares of the financial services provider’s stock after purchasing an additional 97,515 shares during the period. Bank of America makes up about 0.4% of Vanguard Personalized Indexing Management LLC’s investment portfolio, making the stock its 27th biggest position. Vanguard Personalized Indexing Management LLC’s holdings in Bank of America were worth $23,265,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Fairway Wealth LLC bought a new position in Bank of America in the second quarter valued at approximately $27,000. Delos Wealth Advisors LLC boosted its stake in Bank of America by 402.2% in 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 during the last quarter. POM Investment Strategies LLC boosted 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 valued at $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory bought a new position in Bank of America in the fourth quarter valued at approximately $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Jefferies Financial Group increased their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Morgan Stanley increased their target price on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada increased their target price on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Finally, BMO Capital Markets raised their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders sold 114,391,986 shares of company stock valued at $4,719,796,383 in the last quarter. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $39.58 on Wednesday. The company has a market capitalization of $309.53 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50-day simple moving average of $40.07 and a 200 day simple moving average of $38.80. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.63%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

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

Bank of America Company 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.