Norges Bank acquired a new stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR – Free Report) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 733,668 shares of the bank’s stock, valued at approximately $92,904,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CFR. Geode Capital Management LLC increased its holdings in shares of Cullen/Frost Bankers by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,224,265 shares of the bank’s stock worth $155,059,000 after purchasing an additional 10,246 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cullen/Frost Bankers by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,187,406 shares of the bank’s stock worth $150,529,000 after purchasing an additional 77,028 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Cullen/Frost Bankers by 8.5% in the 3rd quarter. Bank of America Corp DE now owns 1,129,673 shares of the bank’s stock worth $143,209,000 after purchasing an additional 88,080 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Cullen/Frost Bankers by 2.3% in the 3rd quarter. Northern Trust Corp now owns 965,821 shares of the bank’s stock worth $122,437,000 after purchasing an additional 21,793 shares in the last quarter. Finally, Impax Asset Management Group plc increased its holdings in shares of Cullen/Frost Bankers by 11.9% in the 3rd quarter. Impax Asset Management Group plc now owns 920,833 shares of the bank’s stock worth $116,734,000 after purchasing an additional 97,955 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.
Cullen/Frost Bankers Price Performance
Shares of Cullen/Frost Bankers stock opened at $140.46 on Friday. The stock’s 50-day simple moving average is $139.44 and its 200-day simple moving average is $135.89. Cullen/Frost Bankers, Inc. has a 52 week low of $119.00 and a 52 week high of $148.97. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 3.50 and a beta of 0.55. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.05.
Cullen/Frost Bankers Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be issued a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 2.9%. This is a positive change from Cullen/Frost Bankers’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, May 29th. Cullen/Frost Bankers’s payout ratio is presently 40.12%.
Wall Street Analyst Weigh In
CFR has been the topic of a number of research reports. Stephens upgraded Cullen/Frost Bankers from an “equal weight” rating to an “overweight” rating and set a $164.00 price target on the stock in a research note on Tuesday, May 5th. Weiss Ratings upgraded Cullen/Frost Bankers from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Citigroup boosted their price objective on Cullen/Frost Bankers from $125.00 to $131.00 and gave the company a “sell” rating in a research report on Thursday, May 7th. Barclays boosted their price objective on Cullen/Frost Bankers from $150.00 to $155.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. Finally, DA Davidson boosted their price objective on Cullen/Frost Bankers from $143.00 to $144.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $148.73.
Check Out Our Latest Analysis on CFR
Cullen/Frost Bankers Profile
Cullen/Frost Bankers, Inc is the holding company for Frost Bank, a Texas-chartered financial institution whose origins date back to 1868 in San Antonio. As one of the oldest banking organizations in the state, it offers a broad range of services to individuals, small and large businesses, and institutional clients. Core banking activities include commercial lending, deposit services, cash management and trade finance, while consumer products cover residential mortgages, personal lines of credit and home equity loans.
Beyond traditional banking, the company provides comprehensive treasury and equipment leasing solutions tailored to support working capital and capital expenditure requirements.
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