Allspring Global Investments Holdings LLC Has $90.91 Million Stock Position in Bank of America Co. (NYSE:BAC)

Allspring Global Investments Holdings LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,053,099 shares of the financial services provider’s stock after selling 68,569 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Bank of America were worth $90,914,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Collier Financial acquired a new position in Bank of America in the fourth quarter worth about $25,000. Kennebec Savings Bank bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 3rd quarter valued at $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.21 on Thursday. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock has a market capitalization of $354.56 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $45.77 and a 200-day moving average of $43.00.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.