Bank of America Corporation $BAC Shares Acquired by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Wealth Advisory Solutions LLC grew its position in shares of Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after buying an additional 214 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its stake in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC lifted its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. lifted its stake in Bank of America by 75.2% in the second 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 during the last quarter. Finally, Cape Investment Advisory Inc. lifted its stake in Bank of America by 1.9% in the first 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 during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAC. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. The Goldman Sachs Group raised their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Phillip Securities raised their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.23.

Bank of America Stock Down 1.0%

Shares of Bank of America stock opened at $51.52 on Wednesday. The stock has a 50-day simple moving average of $50.31 and a 200-day simple moving average of $46.04. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $381.58 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 1.98 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 EPS. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% 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.