Cullen Frost Bankers Inc. Has $46.87 Million Stake in Bank of America Corporation $BAC

Cullen Frost Bankers Inc. boosted its stake in Bank of America Corporation (NYSE:BAC) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 990,527 shares of the financial services provider’s stock after buying an additional 6,590 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Bank of America were worth $46,872,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Wealth Advisory Solutions LLC boosted its stake in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares in the last quarter. Cyndeo Wealth Partners LLC boosted its stake in Bank of America by 0.8% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after buying an additional 221 shares in the last quarter. Centurion Wealth Management LLC boosted its stake in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after buying an additional 225 shares in the last quarter. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Finally, Cape Investment Advisory Inc. boosted its stake in Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after buying an additional 238 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Bank of America Trading Down 1.0%

Shares of BAC opened at $51.52 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a market capitalization of $381.58 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.98 and a beta of 1.33. The stock’s fifty day simple moving average is $50.31 and its 200-day simple moving average is $46.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. JPMorgan Chase & Co. boosted their price objective on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Seaport Global Securities boosted their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.23.

Bank of America Company 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.