Bank of America Co. (NYSE:BAC) Shares Purchased by Vanguard Personalized Indexing Management LLC

Vanguard Personalized Indexing Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 19.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 605,226 shares of the financial services provider’s stock after buying an additional 97,515 shares during the quarter. Bank of America accounts for about 0.4% of Vanguard Personalized Indexing Management LLC’s investment portfolio, making the stock its 27th largest 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 SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Barometer Capital Management Inc. purchased a new position in Bank of America during the 4th quarter worth approximately $2,175,000. IMA Wealth Inc. acquired a new stake in shares of Bank of America during the 1st quarter valued at $1,453,000. Johnson Financial Group Inc. boosted its stake in shares of Bank of America by 149.9% during the 4th quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock valued at $715,000 after buying an additional 12,744 shares during the period. Parnassus Investments LLC boosted its stake in shares of Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Bank of America during the 4th quarter valued at $3,601,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Barclays lifted their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Performance

NYSE:BAC opened at $39.58 on Wednesday. The firm’s 50-day moving average is $40.07 and its 200-day moving average is $38.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. 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 market cap of $309.53 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33.

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, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business’s revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding 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 typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

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

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.