Cullen Frost Bankers Inc. Has $12.02 Million Stake in Bank of America Corporation (BAC)

Cullen Frost Bankers Inc. increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 377.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 495,523 shares of the financial services provider’s stock after acquiring an additional 391,808 shares during the period. Cullen Frost Bankers Inc.’s holdings in Bank of America Corporation were worth $12,022,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BAC. Waldron LP grew its position in shares of Bank of America Corporation by 112.2% during the 1st quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after acquiring an additional 12,978 shares during the period. 1ST Source Bank grew its position in shares of Bank of America Corporation by 47.6% during the 1st quarter. 1ST Source Bank now owns 68,616 shares of the financial services provider’s stock valued at $1,619,000 after acquiring an additional 22,141 shares during the period. K.J. Harrison & Partners Inc grew its position in shares of Bank of America Corporation by 57.5% during the 1st quarter. K.J. Harrison & Partners Inc now owns 48,510 shares of the financial services provider’s stock valued at $1,144,000 after acquiring an additional 17,705 shares during the period. Strs Ohio grew its position in shares of Bank of America Corporation by 4.2% during the 1st quarter. Strs Ohio now owns 9,015,821 shares of the financial services provider’s stock valued at $212,683,000 after acquiring an additional 360,441 shares during the period. Finally, Capital Management Corp VA grew its position in shares of Bank of America Corporation by 0.3% during the 1st quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 33 shares during the period. Hedge funds and other institutional investors own 61.64% of the company’s stock.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.18% of the stock is currently owned by company insiders.

COPYRIGHT VIOLATION NOTICE: “Cullen Frost Bankers Inc. Has $12.02 Million Stake in Bank of America Corporation (BAC)” was published by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this piece of content can be viewed at https://transcriptdaily.com/2017/10/09/cullen-frost-bankers-inc-has-12-02-million-stake-in-bank-of-america-corporation-bac.html.

A number of equities research analysts have recently commented on the company. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 target price on the stock. in a research report on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and set a $24.00 target price on shares of Bank of America Corporation in a research report on Sunday, October 1st. Deutsche Bank AG restated a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America Corporation in a research report on Tuesday, September 26th. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.80.

Shares of Bank of America Corporation (NYSE BAC) opened at 26.21 on Monday. Bank of America Corporation has a 52-week low of $15.60 and a 52-week high of $26.30. The stock’s 50 day moving average is $24.41 and its 200 day moving average is $23.83. The stock has a market cap of $275.64 billion, a price-to-earnings ratio of 15.61 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the business earned $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corporation will post $1.80 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.83%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

Bank of America Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply