Allspring Global Investments Holdings LLC Sells 68,569 Shares of Bank of America Co. (NYSE:BAC)

Allspring Global Investments Holdings LLC cut its stake in Bank of America Co. (NYSE:BAC) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. CX Institutional lifted its holdings in Bank of America by 5.3% in the third quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock valued at $1,320,000 after buying an additional 1,667 shares during the period. Wesbanco Bank Inc. raised its position in shares of Bank of America by 0.9% in the 3rd quarter. Wesbanco Bank Inc. now owns 39,790 shares of the financial services provider’s stock worth $1,579,000 after acquiring an additional 348 shares in the last quarter. Occidental Asset Management LLC lifted its stake in shares of Bank of America by 13.7% in the 3rd quarter. Occidental Asset Management LLC now owns 9,787 shares of the financial services provider’s stock valued at $388,000 after purchasing an additional 1,183 shares during the period. Swedbank AB boosted its position in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Finally, Lynch & Associates IN boosted its position in shares of Bank of America by 0.6% during the 3rd quarter. Lynch & Associates IN now owns 146,957 shares of the financial services provider’s stock valued at $5,831,000 after purchasing an additional 906 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.2 %

NYSE BAC opened at $46.21 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $45.77 and a 200 day simple moving average of $43.00. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The firm has a market capitalization of $354.56 billion, a P/E ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33.

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

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BAC shares. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target 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.