Maxim Group reiterated their buy rating on shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) in a report issued on Thursday morning. The brokerage currently has a $110.00 price objective on the bank’s stock.
A number of other brokerages also recently commented on CFR. Zacks Investment Research downgraded Cullen/Frost Bankers from a hold rating to a sell rating in a research report on Tuesday, October 17th. Stephens set a $97.00 price objective on Cullen/Frost Bankers and gave the company a hold rating in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a hold rating and issued a $103.00 price objective on shares of Cullen/Frost Bankers in a research report on Wednesday, October 11th. BidaskClub upgraded Cullen/Frost Bankers from a sell rating to a hold rating in a report on Wednesday, July 5th. Finally, Raymond James Financial, Inc. reiterated a market perform rating on shares of Cullen/Frost Bankers in a report on Tuesday, July 4th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $98.05.
Shares of Cullen/Frost Bankers (NYSE CFR) traded up 0.93% during trading on Thursday, hitting $101.40. The stock had a trading volume of 749,205 shares. The company has a market cap of $6.51 billion, a PE ratio of 19.98 and a beta of 1.35. The stock’s 50 day moving average is $94.09 and its 200-day moving average is $92.25. Cullen/Frost Bankers has a 12-month low of $72.96 and a 12-month high of $103.37.
Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.10. The business had revenue of $300.83 million during the quarter, compared to the consensus estimate of $329.62 million. Cullen/Frost Bankers had a return on equity of 11.87% and a net margin of 30.96%. During the same quarter in the previous year, the business earned $1.24 earnings per share. Analysts forecast that Cullen/Frost Bankers will post $5.24 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Wednesday, November 29th. Cullen/Frost Bankers’s dividend payout ratio is presently 43.35%.
Cullen/Frost Bankers declared that its Board of Directors has approved a share buyback program on Thursday, October 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in shares of Cullen/Frost Bankers by 401.7% in the third quarter. Victory Capital Management Inc. now owns 72,745 shares of the bank’s stock worth $6,905,000 after acquiring an additional 58,246 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of Cullen/Frost Bankers in the third quarter worth about $770,000. Aperio Group LLC lifted its stake in shares of Cullen/Frost Bankers by 3.9% in the third quarter. Aperio Group LLC now owns 26,806 shares of the bank’s stock worth $2,544,000 after acquiring an additional 1,006 shares in the last quarter. Cornerstone Advisors Inc. acquired a new position in shares of Cullen/Frost Bankers in the third quarter worth about $850,000. Finally, Cardinal Capital Management lifted its stake in shares of Cullen/Frost Bankers by 10.8% in the third quarter. Cardinal Capital Management now owns 7,305 shares of the bank’s stock worth $693,000 after acquiring an additional 713 shares in the last quarter. Institutional investors and hedge funds own 80.62% of the company’s stock.
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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