Bank of America Corporation $BAC Stock Holdings Boosted by Vanguard Personalized Indexing Management LLC

Key Points

• Vanguard Personalized Indexing Management LLC increased its stake in Bank of America by 23.0%, owning a total of 864,230 shares valued at approximately $40.9 million.
• Bank of America recently declared a quarterly dividend of $0.28 per share, reflecting an increase from the previous dividend of $0.26, representing a 2.3% dividend yield.
• Analysts have varying ratings for Bank of America, with a consensus average price target of $54.64 and the stock rated as a "Moderate Buy" by 21 analysts.

Vanguard Personalized Indexing Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 23.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 864,230 shares of the financial services provider's stock after purchasing an additional 161,435 shares during the quarter. Bank of America comprises 0.5% of Vanguard Personalized Indexing Management LLC's portfolio, making the stock its 25th largest holding. Vanguard Personalized Indexing Management LLC's holdings in Bank of America were worth $40,918,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $28,000. Acima Private Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $33,000. Cloud Capital Management LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at $40,000. Finally, HighMark Wealth Management LLC lifted its position in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 743 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $48.62 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The business has a fifty day simple moving average of $49.61 and a 200 day simple moving average of $45.52. The firm has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company earned $0.83 earnings per share. Bank of America's quarterly revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 5th. Bank of America's dividend payout ratio is 32.75%.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. Seaport Global Securities increased their price objective on Bank of America from $59.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, October 6th. Phillip Securities downgraded Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Daiwa Capital Markets increased their target price on Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday. Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Bank of America from $56.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.64.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company's stock.

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.

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