Cullen Frost Bankers Inc. Has $41.06 Million Stake in Bank of America Corporation (NYSE:BAC)

Cullen Frost Bankers Inc. reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 983,937 shares of the financial services provider's stock after selling 6,705 shares during the period. Cullen Frost Bankers Inc.'s holdings in Bank of America were worth $41,060,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC grew its stake in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors increased its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Bank of America stock traded up $0.19 during mid-day trading on Friday, reaching $47.21. 12,650,299 shares of the company were exchanged, compared to its average volume of 40,409,843. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31. The firm has a market cap of $355.60 billion, a PE ratio of 13.79, a PEG ratio of 1.26 and a beta of 1.30. The company has a fifty day simple moving average of $45.42 and a 200-day simple moving average of $43.62.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. 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 2.20%. Bank of America's payout ratio is currently 30.95%.

Analysts Set New Price Targets

Several analysts recently issued reports on BAC shares. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Cfra Research increased their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price objective 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. Finally, Robert W. Baird reissued a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $49.55.

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.