Bank of America Corporation $BAC Stock Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Bank of America stake by 2.8%, selling 53,611 shares in the third quarter. It retained 1,878,938 shares, valued at about $101 million.
• Bank of America’s latest quarterly results fell short of expectations: EPS was $1.08 versus $1.10 forecast, and revenue was $29.96 billion versus $30.58 billion expected, though revenue rose 3.2% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $62.48. The company announced a quarterly dividend of $0.32 per share, equivalent to a 2.5% yield at the quoted share price.

Allspring Global Investments Holdings LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,878,938 shares of the financial services provider's stock after selling 53,611 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Bank of America were worth $100,955,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Legal & General Group Plc acquired a new stake in Bank of America during the 2nd quarter valued at $2,571,060,000. Deutsche Bank AG bought a new position in Bank of America during the second quarter worth $2,359,172,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of America in the second quarter valued at $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Bank of America in the second quarter valued at $939,807,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Bank of America in the second quarter valued at about $916,398,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 2.3%

NYSE BAC opened at $50.57 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The company has a 50 day moving average of $55.01 and a 200-day moving average of $54.88. The company has a market cap of $348.95 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 0.91 and a beta of 1.19.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). The company had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business's revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 earnings per share. On average, equities research analysts expect that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, December 4th. Bank of America's dividend payout ratio is presently 30.40%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial cut their target price on shares of Bank of America from $62.00 to $58.00 and set a "buy" rating for the company in a research note on Thursday, October 15th. Citigroup decreased their price target on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, October 15th. Wells Fargo & Company lowered their price target on shares of Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a report on Thursday, October 15th. Jefferies Financial Group cut their price objective on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, September 24th. Finally, Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $62.48.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Neutral Sentiment: Bank of America’s inflation forecast—monthly headline and core CPI increases of about 0.2%—could reinforce expectations of a December Federal Reserve rate hike. The effect on BAC is uncertain, as higher rates can support lending revenue but may also weigh on borrowers and funding costs. October inflation outlook
• Neutral Sentiment: A filing may indicate Berkshire Hathaway sold more BAC shares in the third quarter, but the report describes this as a possibility, not a confirmed sale. If verified, selling could add pressure to the stock. Berkshire Hathaway holdings report
• Negative Sentiment: Several law firms publicized a securities class action against Bank of America for investors who bought shares from August 1, 2025, through October 13, 2026. The suit alleges securities-law violations; December 15, 2026, is the deadline to seek a lead-plaintiff role. The allegations are not proven, but the case adds potential legal costs and uncertainty. Kaplan Fox class action notice
• Negative Sentiment: Separate coverage says Senator Elizabeth Warren is urging a DOJ criminal probe related to the bank’s anti-money-laundering and sanctions-law violations. Further investigation could increase regulatory, legal, and reputational risks. Report on regulatory scrutiny

Bank of America Profile

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services.

The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

Bank of America traces its history to the Bank of Italy, founded in San Francisco in 1904 by Amadeo Peter Giannini.

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