Allspring Global Investments Holdings LLC Sells 124,827 Shares of Bank of America Co. (NYSE:BAC)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,176,170 shares of the financial services provider’s stock after selling 124,827 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Bank of America were worth $82,520,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Rossmore Private Capital grew its holdings in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 303 shares during the period. Chemistry Wealth Management LLC boosted its holdings in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 310 shares during the last quarter. Regent Peak Wealth Advisors LLC grew its position in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group raised its position in Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares during the period. Finally, Private Ocean LLC boosted its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock traded up $0.21 during trading on Tuesday, hitting $40.22. 4,867,158 shares of the company’s stock traded hands, compared to its average volume of 38,594,188. The stock has a market capitalization of $314.54 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business has a fifty day simple moving average of $38.91 and a 200 day simple moving average of $36.12.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.39%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Piper Sandler raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Finally, Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $39.79.

About Bank of America

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.