State Treasurer State of Michigan trimmed its position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 5.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,700 shares of the bank’s stock after selling 1,300 shares during the quarter. State Treasurer State of Michigan’s holdings in Cullen/Frost Bankers were worth $1,959,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of CFR. Westwood Holdings Group Inc. bought a new stake in Cullen/Frost Bankers during the second quarter worth about $131,000. Meeder Asset Management Inc. grew its stake in Cullen/Frost Bankers by 50.6% during the third quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock worth $150,000 after buying an additional 531 shares during the last quarter. Brown Advisory Inc. bought a new stake in Cullen/Frost Bankers during the third quarter worth about $212,000. Wright Investors Service Inc. bought a new stake in Cullen/Frost Bankers during the third quarter worth about $242,000. Finally, Jane Street Group LLC bought a new stake in Cullen/Frost Bankers during the third quarter worth about $280,000. 80.12% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Jerry Salinas sold 12,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $99.65, for a total value of $1,195,800.00. Following the transaction, the chief financial officer now directly owns 24,184 shares in the company, valued at $2,409,935.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director R Denny Alexander sold 3,000 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $107.50, for a total transaction of $322,500.00. The disclosure for this sale can be found here. Insiders sold 63,500 shares of company stock worth $6,586,930 over the last 90 days. 5.15% of the stock is currently owned by company insiders.
Several analysts have weighed in on the stock. Stephens set a $110.00 price objective on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a research note on Friday. Zacks Investment Research upgraded shares of Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $109.00 target price on the stock in a research report on Wednesday, January 10th. SunTrust Banks reiterated a “buy” rating and set a $116.00 target price on shares of Cullen/Frost Bankers in a research report on Wednesday, November 29th. Morgan Stanley upped their target price on shares of Cullen/Frost Bankers from $96.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Finally, Citigroup upgraded shares of Cullen/Frost Bankers to a “market perform” rating in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $104.19.
Cullen/Frost Bankers, Inc. (NYSE:CFR) opened at $103.92 on Tuesday. Cullen/Frost Bankers, Inc. has a 12-month low of $81.09 and a 12-month high of $108.77. The stock has a market cap of $6,501.31, a P/E ratio of 18.86, a PEG ratio of 1.70 and a beta of 1.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.65 and a current ratio of 0.65.
Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, January 25th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.08. Cullen/Frost Bankers had a net margin of 29.62% and a return on equity of 11.78%. The company had revenue of $358.69 million for the quarter, compared to analyst estimates of $351.34 million. During the same period in the prior year, the business earned $1.28 earnings per share. Cullen/Frost Bankers’s quarterly revenue was up 6.0% on a year-over-year basis. research analysts anticipate that Cullen/Frost Bankers, Inc. will post 6.32 EPS for the current fiscal year.
Cullen/Frost Bankers declared that its Board of Directors has authorized a stock buyback plan on Thursday, October 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign 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 Thursday, March 15th. Investors of record on Wednesday, February 28th will be issued a $0.57 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $2.28 annualized dividend and a yield of 2.19%. Cullen/Frost Bankers’s dividend payout ratio is currently 41.38%.
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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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