Cullen/Frost Bankers, Inc. (NYSE: CFR – GET RATING) insider Patrick B. Frost sold 18,000 shares of the company’s stock in a transaction that took place on Thursday, August 4th. The stock sold at an average price of $128.19 for a total value of $2,307,420.00. Following the transaction, the insider now directly owns 206,676 shares of the company’s stock valued at $26,493,796.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC’s website.
Cullen/Frost Bankers stock performance
Shares of NYSE: CFR rose $131.26 during Monday afternoon trade, down $0.31. The company had a trading volume of 219,948 shares versus an average volume of 387,272. The company has a 50-day moving average price of $121.85 and a 200-day moving average price of $131.30. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt to equity ratio of 0.07. The stock has a market cap of $8.42 billion, a P/E of 20.21, a P/E of 1.72, and a beta of 1.21. Cullen/Frost Bankers, Inc. 52-week low of $106.66 and 52-week high of $147.39.
Cullen/Frost Bankers (NYSE: CFR – GET RATINGS) last released its quarterly earnings results on Thursday, July 28th. The bank reported earnings per share of $1.81 for the quarter, up $0.04 significantly from analyst consensus estimates of $1.77. Cullen/Frost Bankers’ net margin was 29.19% and its return on equity was 11.13%. In the same period last year, the company reported earnings per share of $1.80. As a group, sell-off analysts estimate that Cullen/Frost Bankers, Inc. will post 8.04 EPS for the current fiscal year.
Cullen/Frost bankers raise dividend
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The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. A dividend of $0.87 will be paid to investors of record on Wednesday, August 31. This is a $0.75 increase in the Cullen/Frost Bankers dividend for the most recent quarter. That equates to a dividend of $3.48 on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Tuesday August 30th. The Cullen/Frost Bankers payout ratio is 46.08%.
Hedge funds weigh on Cullen/Frost bankers
Hedge funds and other institutional investors recently changed their positions in the stock. Walleye Capital LLC acquired a new interest in Cullen/Frost Bankers during the second quarter for approximately $7,878,000. Monterusco Bolton Investments Inc. increased its stake in Cullen/Frost Bankers by 6.1% in the second quarter. After purchasing an additional 29,308 shares during the period, Monterusco Bolton Investments Inc. now owns 510,885 shares of the bank for $59,493,000. Baird Financial Group Inc. increased its holding in Cullen/Frost Bankers by 7.7% in the second quarter. After purchasing an additional 483 shares during the period, Baird Financial Group Inc. now owns 6,760 shares of the bank for $787,000. Hilton Capital Management LLC increased its stake in Cullen/Frost Bankers to 29.7% in the second quarter. After purchasing an additional 479 shares during the period, Hilton Capital Management LLC now owns 2,094 shares of the bank, valued at $244,000. Finally, the Texas Permanent School Fund increased its holding in Cullen/Frost Bankers by 2.1% during the second quarter. After acquiring an additional 835 shares during this period, the Texas Permanent School Fund now holds 41,232 shares of the bank, valued at $4,801,000. 81.69% of the shares are owned by hedge funds and other institutional investors.
Analysts set new price targets
Several research companies have recently commented on CFR. Compass Point upgraded Cullen/Frost Bankers to a neutral rating from a “sell” rating and set a price target for the stock of $128.00 in a research note on Wednesday, July 13. Raymond James lowered his target price on Cullen/Frost Bankers from $160.00 to $145.00 and issued a research note on Thursday, July 7th, rating the stock as “outperform”. JPMorgan Chase & Co. upgraded Cullen/Frost Bankers from an “underweight” rating to an “overweight” rating and raised its price target on the stock to $155.00 from $143.00 in a research note on Wednesday, May 22 15th June. Stephens raised his target price on Cullen/Frost Bankers to $145.00 from $133.00 and gave the stock a breakeven weight rating in a research note on Tuesday, August 2. Finally, Wolfe Research lowered its price target on Cullen/Frost Bankers to $161.00 to $132.00 from $161.00 and gave the stock an outperform rating in a research note issued Thursday, May 26. One investment analyst has assigned a sell rating to the stock, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $137.75.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc. serves as the banking holding company for Frost Bank, which provides commercial and consumer banking services in Texas. It operates through two segments, Banking and Frost Wealth Advisors. The Company provides commercial banking services to corporations and other business clients, including industrial and commercial real estate financing, industrial and commercial real estate interim construction, equipment, inventory and receivables, and acquisitions; commercial rent; and treasury management services.
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