Bank of America Co. (NYSE:BAC) Shares Bought by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. raised its stake in Bank of America Co. (NYSE:BAC) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 931,789 shares of the financial services provider’s stock after buying 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.

A number of other large investors also recently bought and sold shares of the stock. McAdam LLC lifted its stake in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. raised its stake in shares of Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares in the last quarter. SNS Financial Group LLC raised its stake in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its stake in shares of Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC traded down $1.11 on Friday, hitting $38.76. The company had a trading volume of 47,007,588 shares, compared to its average volume of 39,322,148. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The stock has a market cap 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 company’s fifty day moving average price is $40.30 and its 200 day moving average price is $38.49. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. Equities analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Jefferies Financial Group lifted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Evercore ISI boosted their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,670,620 shares of company stock worth $4,651,681,930. Company insiders own 0.29% of the company’s stock.

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.