Perryman's New Investment Stakes
Perryman Financial Advisory Expands Portfolio with Significant New Positions in Q4, Including Waste Management
Key Points
In its Bank of America buy, the article says BAC is about 1.4% of Perryman’s portfolio and the stock is its 19th-largest holding, with institutional investors owning 70.71% of the company’s shares—plus Perryman’s position is accompanied by reported balance-sheet metrics for BAC (debt-to-equity 1.18; quick ratio 0.81; current ratio 0.81).
For VOO, the coverage highlights that Vanguard’s ETF franchise has overtaken iShares as the largest ETF provider and adds that “VOO was highlighted as the first ETF to hit $1 trillion in assets,” framing the fund’s scale as a driver of continued investor demand.
Waste Management (WM) is described as owned by institutions at a high level (80.40%), and the article also catalogs fresh analyst actions: Weiss Ratings downgraded WM from “buy” (b) to “buy (b-)”, while Wells Fargo cut its price target from $273 to $268 (maintaining an “overweight” rating) and Barclays lifted its price objective from $266 to $270 (also “overweight”).
For VYM, the article notes that BNP Paribas Financial Markets dramatically increased its stake—up 17,493.6% in the fourth quarter to 700,928 shares valued at $100,597,000 (after adding 696,944 shares), signaling unusually large repositioning by another major institutional player alongside Perryman’s new entry.
For QUAL, the coverage points to notable competing institutional activity: it reports that Heck Capital Advisors LLC initiated a new stake worth about $81,990,000 during the fourth quarter, which is far larger than Perryman’s purchase and helps contextualize QUAL’s broader factor-investing demand beyond this single adviser.
Perryman Financial Advisory Inc. has made Waste Management (WM) its biggest new bet of the quarter, snapping up 58,781 shares worth about $12.9 million, according to Ticker Report. The Dallas-based firm also opened fresh positions in Bank of America, two Vanguard ETFs, and the iShares MSCI USA Quality Factor ETF — a broad sweep across large-cap stocks and diversified index funds.
The moves come as the ETF world hits a historic milestone. The Vanguard S&P 500 ETF (VOO) became the first fund ever to reach $1 trillion in assets, according to Morningstar. Vanguard has now overtaken BlackRock as the largest ETF provider in the US, with $4.39 trillion in assets under management versus BlackRock's $4.36 trillion, per The Daily Upside.
Perryman's Waste Management Bet Draws Analyst Attention
Perryman's $12.9 million WM purchase is its largest new position this quarter. Institutions now own 80.40% of Waste Management's shares — a sign of deep, broad conviction in the stock. The company reported record full-year 2025 earnings in January and outlined plans to spend $100 million to $200 million on acquisitions in 2026, according to WM Investor Relations.
Analysts are split on where WM goes from here. Wells Fargo cut its price target from $273 to $268 but kept an "overweight" rating. Barclays went the other way, raising its target from $266 to $270, also "overweight," citing WM's record 2025 as a foundation for growth. Weiss Ratings offered a softer downgrade — from "buy (b)" to "buy (b-)" — signaling caution without abandoning the stock, per Benzinga.
Bank of America Buy Signals Confidence in Big Banking
Perryman bought 167,366 shares of Bank of America for about $9.2 million. That makes BAC the firm's 19th-largest holding, at roughly 1.4% of its total portfolio. Institutional investors own 70.71% of BAC's shares overall — a crowded trade in large-cap finance, per Watchlist News.
BAC's balance sheet carries a debt-to-equity ratio of 1.18 and a current ratio of 0.81. Those numbers suggest leverage, but Perryman's entry signals institutional confidence that the banking sector has stabilized after two years of interest rate turbulence. Large ownership stakes from multiple institutional players reinforce that view.
VOO Hits $1 Trillion as Vanguard Dethrones BlackRock
VOO's $1 trillion milestone is the first time any single ETF has crossed that mark, according to Morningstar. Vanguard's ultra-low 0.03% expense ratio on VOO has drawn decades of steady inflows. Todd Rosenbluth of VettaFi called the milestone a "key milestone" for making investing more accessible to everyday people, per The Daily Upside. Perryman added 1,444 VOO shares worth about $906,000 during the quarter.
Not everyone is cheering. Barchart warned that VOO's scale is a "terrifying testament" to index concentration. Because VOO is weighted by market cap, massive inflows automatically pile more money into the biggest tech stocks — Apple, Microsoft, Nvidia — regardless of their valuations. Critics note the S&P 500's Shiller CAPE ratio has hit 41, matching levels last seen in the 1999 dot-com boom, according to The Motley Fool.
BNP Paribas Makes a Monster VYM Move Alongside Perryman
Perryman opened a small position in the Vanguard High Dividend Yield ETF (VYM) — 6,715 shares worth about $964,000. But it wasn't alone. BNP Paribas Financial Markets added 696,944 VYM shares in the same quarter, a stunning 17,493.6% increase in its stake. That brought BNP Paribas's total VYM position to 700,928 shares valued at $100.6 million, signaling one of the largest single-quarter repositioning moves in the ETF.
On the quality-factor side, Perryman bought 4,028 shares of the iShares MSCI USA Quality Factor ETF (QUAL) for about $800,000. For context, Heck Capital Advisors LLC opened a brand-new QUAL position worth $81.99 million in the same period — more than 100 times Perryman's entry. The wave of institutional buying across QUAL shows strong broader demand for factor-based investing strategies, not just a one-firm call, per Ticker Report.
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