Allspring Global Investments Holdings LLC Buys 32,949 Shares of Bank of America Co. (NYSE:BAC)

Allspring Global Investments Holdings LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the third quarter, Holdings Channel.com reports. The firm owned 2,121,668 shares of the financial services provider’s stock after purchasing an additional 32,949 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Bank of America were worth $84,188,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. POM Investment Strategies LLC boosted its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 138,284,099 shares of company stock valued at $5,593,609,660 over the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Performance

Shares of BAC stock opened at $42.32 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The business’s 50 day moving average is $39.89 and its two-hundred day moving average is $39.44. The company has a market capitalization of $330.96 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.