Allspring Global Investments Holdings LLC Grows Position in Bank of America Corporation $BAC

Allspring Global Investments Holdings LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,264,245 shares of the financial services provider’s stock after acquiring an additional 281,395 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Bank of America were worth $182,635,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Permanent Capital Management LP purchased a new position in shares of Bank of America in the third quarter valued at $649,000. Meridian Wealth Management LLC raised its stake in Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 20,591 shares in the last quarter. Lockheed Martin Investment Management Co. raised its stake in Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after purchasing an additional 86,290 shares in the last quarter. World Equity Group Inc. lifted its position in Bank of America by 21.8% during the third quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock valued at $3,779,000 after purchasing an additional 13,119 shares during the last quarter. Finally, AdvisorShares Investments LLC bought a new position in Bank of America during the third quarter valued at $482,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $47.20 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $337.26 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28. The firm has a 50-day moving average of $50.91 and a two-hundred day moving average of $52.26. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $57.55.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period last year, the company posted $0.82 earnings per share. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 6th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is presently 29.24%.

Insiders Place Their Bets

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares of the company’s stock, valued at $11,357,614.86. The trade was a 17.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares of the company’s stock, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 227,832 shares of company stock worth $11,094,960 in the last ninety days. 0.30% of the stock is owned by company insiders.

Trending Headlines about Bank of America

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

• Positive Sentiment: Sector momentum: Financial stocks are broadly advancing this morning, which tends to lift large-cap banks like BAC as investors rotate into financials. Sector Update: Financial Stocks Advance Premarket Monday
• Positive Sentiment: “Big bank” safe-haven narrative: Coverage arguing the major banks are safer than private-credit funds has supported demand for systemically important banks, benefiting BAC relative to smaller credit providers. Private-credit crisis or growing pains? Why the ‘Big Six’ banks are a safer bet.
• Neutral Sentiment: BofA research product highlights AI winners — underscores the firm’s visible research franchise but has no direct earnings impact on BAC. These stocks are ‘the place to be’ if you want serious AI growth, says BofA
• Neutral Sentiment: BofA initiated coverage on ProPetro with a Buy — positive for BofA’s institutional-fee generation and research visibility, but indirect for BAC equity moves. ProPetro awarded ‘Buy’ rating in initial coverage from Bank of America
• Negative Sentiment: Legal hit: Reports say BAC will pay about $72.5M to settle a lawsuit by victims of Jeffrey Epstein — a direct expense and reputational headwind that can pressure the stock. Bank of America to pay $72.5M to settle lawsuit by Epstein victims
• Negative Sentiment: Security/reputation risk: French authorities opened a terror probe after a failed attack near BAC’s Paris HQ — an operational/reputational risk that can add short-term uncertainty. France Opens Terror Probe After Failed Attack at Bank of America’s Paris HQ
• Negative Sentiment: Analyst and market caution: Oppenheimer trimmed BAC’s price target, and a BofA technical analyst warned Q2 may be challenging for equities — both increase downside risk and could limit upside. Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $58.00 Bank of America has blunt message on stocks and bonds for Q2
• Negative Sentiment: Geopolitical risk: Middle East strikes and escalation concerns are raising market volatility broadly — a headwind for banks’ trading and loan books. Iran Strikes Spread as US Troop Buildup Spurs Escalation Concern

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BAC shares. The Goldman Sachs Group reduced their target price on shares of Bank of America from $67.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, March 23rd. Piper Sandler lifted their price target on Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Barclays boosted their price objective on Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. HSBC upped their price objective on Bank of America from $55.00 to $57.00 and gave the company a “hold” rating in a research report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, January 27th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $59.67.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.