Cullen Frost Bankers Inc. Has $37.06 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Cullen Frost Bankers Inc. increased its position in shares of Bank of America Co. (NYSE:BAC) by 7.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 931,789 shares of the financial services provider’s stock after purchasing an additional 64,097 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Bank of America were worth $37,057,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BAC. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Livelsberger Financial Advisory acquired a new position in Bank of America in the fourth quarter valued at about $28,000. POM Investment Strategies LLC lifted its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the first quarter valued at about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Evercore ISI raised their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday. Finally, Royal Bank of Canada raised their price target on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Stock Performance

NYSE:BAC traded down $1.11 during mid-day trading on Friday, hitting $38.76. 47,007,588 shares of the stock were exchanged, compared to its average volume of 39,322,148. The stock has a market capitalization of $303.12 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. The firm’s 50-day simple moving average is $40.30 and its 200 day simple moving average is $38.49. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.88 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.68%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold 112,670,620 shares of company stock valued at $4,651,681,930 in the last three months. Corporate insiders own 0.29% of the company’s stock.

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.