SunTrust Banks, Inc. reissued their buy rating on shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) in a research report released on Sunday. The brokerage currently has a $115.00 price objective on the bank’s stock. SunTrust Banks also issued estimates for Cullen/Frost Bankers’ Q4 2017 earnings at $1.42 EPS, FY2017 earnings at $5.40 EPS, Q1 2018 earnings at $1.38 EPS, Q2 2018 earnings at $1.37 EPS, Q3 2018 earnings at $1.44 EPS, Q4 2018 earnings at $1.46 EPS, FY2018 earnings at $5.65 EPS and FY2019 earnings at $6.04 EPS.
Several other analysts have also issued reports on the company. Zacks Investment Research upgraded Cullen/Frost Bankers from a hold rating to a buy rating and set a $107.00 target price on the stock in a report on Friday, July 7th. Morgan Stanley reiterated an equal weight rating and set a $93.00 target price (up previously from $90.00) on shares of Cullen/Frost Bankers in a report on Thursday, July 6th. Maxim Group reiterated a buy rating and set a $110.00 target price on shares of Cullen/Frost Bankers in a report on Thursday, October 26th. BidaskClub upgraded Cullen/Frost Bankers from a sell rating to a hold rating in a report on Wednesday, July 5th. Finally, Barclays PLC set a $97.00 target price on Cullen/Frost Bankers and gave the stock a hold rating in a report on Sunday, July 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $100.46.
Cullen/Frost Bankers (NYSE:CFR) last released its earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.10. Cullen/Frost Bankers had a return on equity of 11.64% and a net margin of 28.86%. The business had revenue of $300.83 million for the quarter, compared to analyst estimates of $329.62 million. During the same quarter in the prior year, the company posted $1.24 earnings per share.
Cullen/Frost Bankers declared that its board has approved a stock repurchase plan on Thursday, October 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Wednesday, November 29th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 43.35%.
In other news, insider Bobby Berman sold 41,760 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $100.53, for a total value of $4,198,132.80. Following the transaction, the insider now owns 38,596 shares of the company’s stock, valued at $3,880,055.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.15% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Parallax Volatility Advisers L.P. grew its position in shares of Cullen/Frost Bankers by 124.1% in the second quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock valued at $102,000 after purchasing an additional 602 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Cullen/Frost Bankers in the second quarter valued at approximately $114,000. Westwood Holdings Group Inc. acquired a new position in shares of Cullen/Frost Bankers in the second quarter valued at approximately $131,000. Fiduciary Trust Co. acquired a new position in shares of Cullen/Frost Bankers in the second quarter valued at approximately $136,000. Finally, Meeder Asset Management Inc. grew its position in shares of Cullen/Frost Bankers by 50.6% in the third quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock valued at $150,000 after purchasing an additional 531 shares during the last quarter. 80.71% of the stock is currently owned by institutional investors.
About Cullen/Frost Bankers
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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