Cullen Frost Bankers Inc. Grows Stock Position in Bank of America Corporation $BAC

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

Other large investors have also bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Capital World Investors grew its position in shares of Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares in the last quarter. American Assets Investment Management LLC grew its position in shares of Bank of America by 1,248.5% in the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock valued at $837,338,000 after purchasing an additional 14,095,375 shares in the last quarter. Finally, Danske Bank A S purchased a new position in Bank of America during the third quarter worth about $224,863,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.0%

BAC stock opened at $50.67 on Wednesday. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55. The business’s 50 day moving average price is $50.46 and its two-hundred day moving average price is $52.41. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $359.59 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is 27.72%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BAC shares. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Jefferies Financial Group raised their price objective on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $59.00 price objective on shares of Bank of America in a report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

Key Headlines Impacting 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 related news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 over the last quarter. Insiders own 0.27% of the company’s stock.

Bank of America 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.