Cullen Frost Bankers Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Cullen Frost Bankers Inc. increased its position in shares of Bank of America Co. (NYSE:BAC) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 990,642 shares of the financial services provider’s stock after purchasing an additional 29,015 shares during the period. Cullen Frost Bankers Inc.’s holdings in Bank of America were worth $43,539,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Arizona State Retirement System boosted its position in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares during the period. Verdence Capital Advisors LLC boosted its position in Bank of America by 0.6% in the 4th quarter. Verdence Capital Advisors LLC now owns 91,890 shares of the financial services provider’s stock valued at $4,039,000 after buying an additional 513 shares during the period. Proficio Capital Partners LLC boosted its position in Bank of America by 65.3% in the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider’s stock valued at $890,000 after buying an additional 7,999 shares during the period. Seizert Capital Partners LLC boosted its position in Bank of America by 9.2% in the 4th quarter. Seizert Capital Partners LLC now owns 946,976 shares of the financial services provider’s stock valued at $41,620,000 after buying an additional 79,736 shares during the period. Finally, SPC Financial Inc. boosted its position in Bank of America by 7.4% in the 4th quarter. SPC Financial Inc. now owns 31,977 shares of the financial services provider’s stock valued at $1,405,000 after buying an additional 2,205 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Truist Financial upped their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 0.9 %

Shares of Bank of America stock opened at $42.27 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The firm has a market capitalization of $321.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.21 and a beta of 1.33. The firm’s 50 day simple moving average is $45.73 and its two-hundred day simple moving average is $43.69.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 earnings per share. Analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is currently 32.30%.

About Bank of America

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.