CFR has been the subject of a number of other research reports. Maxim Group restated a buy rating and issued a $105.00 price objective on shares of Cullen/Frost Bankers in a research report on Thursday, July 27th. Zacks Investment Research cut shares of Cullen/Frost Bankers from a hold rating to a sell rating in a report on Wednesday, September 13th. Royal Bank Of Canada reaffirmed a hold rating and issued a $100.00 target price on shares of Cullen/Frost Bankers in a report on Friday, October 27th. Raymond James Financial, Inc. cut shares of Cullen/Frost Bankers from a market perform rating to an underperform rating in a report on Thursday, August 10th. Finally, ValuEngine raised shares of Cullen/Frost Bankers from a hold rating to a buy rating in a report on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $100.46.
Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.10. The firm had revenue of $300.83 million during the quarter, compared to the consensus estimate of $329.62 million. Cullen/Frost Bankers had a net margin of 28.86% and a return on equity of 11.64%. During the same quarter last year, the firm earned $1.24 earnings per share.
Cullen/Frost Bankers declared that its Board of Directors has authorized a share buyback program on Thursday, October 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.57 per share. The ex-dividend date is Wednesday, November 29th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.31%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 43.35%.
In other news, insider Bobby Berman sold 41,760 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the completion of the transaction, the insider now directly owns 38,596 shares of the company’s stock, valued at approximately $3,880,055.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 5.15% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC purchased a new position in shares of Cullen/Frost Bankers during the 2nd quarter worth approximately $5,119,000. HPM Partners LLC acquired a new stake in Cullen/Frost Bankers during the second quarter worth approximately $4,070,000. Morgan Stanley boosted its position in Cullen/Frost Bankers by 9.5% during the first quarter. Morgan Stanley now owns 187,957 shares of the bank’s stock worth $16,723,000 after acquiring an additional 16,275 shares during the last quarter. First National Bank of Omaha boosted its position in Cullen/Frost Bankers by 4.3% during the second quarter. First National Bank of Omaha now owns 19,075 shares of the bank’s stock worth $1,791,000 after acquiring an additional 784 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Cullen/Frost Bankers by 4.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 224,812 shares of the bank’s stock worth $21,113,000 after acquiring an additional 10,325 shares during the last quarter. 80.71% of the stock is owned by institutional investors and hedge funds.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc is a financial holding company and a bank holding company. The Company, through its subsidiaries, provides a range of products and services throughout Texas markets. The Company’s segments include Banking, Frost Wealth Advisors and Non-Banks. The Banking segment includes both commercial and consumer banking services, and Frost Insurance Agency.
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