Bank of America cut shares of Cullen/Frost Bankers (NYSE:CFR) from a neutral rating to an underperform rating in a research report released on Thursday, BenzingaRatingsTable reports. The brokerage currently has $87.00 target price on the bank’s stock, down from their previous target price of $102.00. The analysts noted that the move was a valuation call.
Other research analysts have also issued research reports about the company. Stephens set a $100.00 price objective on Cullen/Frost Bankers and gave the stock a hold rating in a report on Friday, April 26th. Maxim Group set a $73.00 price objective on Emcor Group and gave the stock a hold rating in a report on Friday, April 26th. Zacks Investment Research lowered GreenTree Hospitality Group from a buy rating to a hold rating in a report on Monday, May 20th. Finally, Wedbush set a $100.00 price objective on GrubHub and gave the stock a buy rating in a report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Cullen/Frost Bankers currently has a consensus rating of Hold and a consensus target price of $101.89.
Shares of CFR stock opened at $93.86 on Thursday. The business’s fifty day simple moving average is $93.29. Cullen/Frost Bankers has a 1-year low of $81.87 and a 1-year high of $116.45. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.42 and a beta of 1.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.61 and a quick ratio of 0.61.
Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.75 by $0.04. Cullen/Frost Bankers had a return on equity of 14.30% and a net margin of 32.16%. The firm had revenue of $367.96 million for the quarter, compared to analyst estimates of $366.47 million. During the same quarter in the prior year, the company posted $1.61 earnings per share. Cullen/Frost Bankers’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts anticipate that Cullen/Frost Bankers will post 6.94 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.03%. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, May 30th. Cullen/Frost Bankers’s payout ratio is presently 41.16%.
In other Cullen/Frost Bankers news, Chairman Phillip D. Green sold 14,210 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $101.91, for a total transaction of $1,448,141.10. Following the sale, the chairman now directly owns 34,337 shares in the company, valued at $3,499,283.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles W. Matthews bought 1,000 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were purchased at an average price of $94.32 per share, for a total transaction of $94,320.00. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at approximately $282,960. The disclosure for this purchase can be found here. 4.84% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of CFR. Icon Wealth Partners LLC purchased a new stake in Cullen/Frost Bankers during the first quarter worth $33,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cullen/Frost Bankers during the first quarter worth $35,000. Vigilant Capital Management LLC purchased a new stake in Cullen/Frost Bankers during the first quarter worth $85,000. Ellis Investment Partners LLC purchased a new stake in shares of Cullen/Frost Bankers in the first quarter valued at $89,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Cullen/Frost Bankers by 42.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 983 shares of the bank’s stock valued at $95,000 after acquiring an additional 295 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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