Cullen Frost Bankers Inc. Has $56.64 Million Holdings in Bank of America Corporation $BAC

Key Points

• Cullen Frost Bankers Inc. increased its stake in Bank of America by 4.4% in the fourth quarter, bringing its holdings to 1,029,767 shares worth about $56.64 million.
• Bank of America recently reported strong quarterly results, posting EPS of $1.11 versus the $1.00 consensus estimate and revenue of $30.27 billion, both ahead of expectations.
• The company also announced a quarterly dividend of $0.28 per share, equal to an annualized yield of about 2.2%, while analysts currently rate the stock a Moderate Buy on average.

Cullen Frost Bankers Inc. raised its position in Bank of America Corporation (NYSE:BAC) by 4.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,029,767 shares of the financial services provider's stock after acquiring an additional 43,208 shares during the period. Cullen Frost Bankers Inc.'s holdings in Bank of America were worth $56,637,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. DecisionMap Wealth Management LLC grew its stake in Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after acquiring an additional 182 shares during the period. Money Concepts Capital Corp grew its stake in Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners lifted its holdings in shares of Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after purchasing an additional 183 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in shares of Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock valued at $1,092,000 after purchasing an additional 187 shares in the last quarter. Finally, Riverview Capital Advisers LLC lifted its holdings in shares of Bank of America by 4.2% in the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock valued at $242,000 after purchasing an additional 188 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.67 on Wednesday. The business's fifty day simple moving average is $50.46 and its 200 day simple moving average is $52.41. The firm has a market capitalization of $359.59 billion, a P/E ratio of 12.54, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Trending Headlines about Bank of America

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Insider Transactions at Bank of America

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value 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. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the firm'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 directly 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. Over the last ninety days, insiders sold 354,588 shares of company stock valued at $17,814,296. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. HSBC raised their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. UBS Group raised their target price on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. dropped their target price on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

About Bank of America

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.

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