Allspring Global Investments Holdings LLC Acquires 442,280 Shares of Bank of America Corporation (NYSE:BAC)

Allspring Global Investments Holdings LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 21.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,495,379 shares of the financial services provider's stock after acquiring an additional 442,280 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Bank of America were worth $103,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. 3Chopt Investment Partners LLC raised its holdings in Bank of America by 11.1% during the 1st quarter. 3Chopt Investment Partners LLC now owns 50,394 shares of the financial services provider's stock valued at $2,103,000 after acquiring an additional 5,040 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Bank of America by 15.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,007,867 shares of the financial services provider's stock worth $39,119,000 after purchasing an additional 133,813 shares during the period. Oakworth Capital Inc. increased its holdings in shares of Bank of America by 1.7% in the first quarter. Oakworth Capital Inc. now owns 19,315 shares of the financial services provider's stock worth $806,000 after purchasing an additional 325 shares during the period. Achmea Investment Management B.V. increased its holdings in shares of Bank of America by 48.2% in the first quarter. Achmea Investment Management B.V. now owns 620,375 shares of the financial services provider's stock worth $25,888,000 after purchasing an additional 201,826 shares during the period. Finally, Waverton Investment Management Ltd increased its holdings in shares of Bank of America by 5.0% in the first quarter. Waverton Investment Management Ltd now owns 6,532 shares of the financial services provider's stock worth $273,000 after purchasing an additional 310 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Bank of America stock opened at $47.11 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a 50-day moving average of $43.31 and a 200-day moving average of $43.33. The firm has a market cap of $354.85 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. TD Cowen began coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target on the stock. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.65.

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.

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