Raymond James Financial, Inc. upgraded shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) from an underperform rating to a market perform rating in a research report report published on Friday, Marketbeat.com reports.
A number of other research firms also recently weighed in on CFR. Zacks Investment Research upgraded Cullen/Frost Bankers from a sell rating to a hold rating in a research report on Tuesday, October 10th. Citigroup Inc. upgraded Cullen/Frost Bankers to a market perform rating in a research report on Friday. BidaskClub upgraded Cullen/Frost Bankers from a sell rating to a hold rating in a research report on Wednesday, July 5th. Morgan Stanley restated an equal weight rating and set a $93.00 target price (up previously from $90.00) on shares of Cullen/Frost Bankers in a research report on Thursday, July 6th. Finally, Barclays PLC boosted their target price on Cullen/Frost Bankers from $97.00 to $100.00 and gave the stock an equal weight rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. Cullen/Frost Bankers currently has a consensus rating of Hold and an average target price of $99.46.
Cullen/Frost Bankers (NYSE CFR) opened at 101.40 on Friday. Cullen/Frost Bankers has a 12-month low of $72.96 and a 12-month high of $103.37. The company’s 50-day moving average price is $94.09 and its 200-day moving average price is $92.25. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of 19.98 and a beta of 1.35.
Cullen/Frost Bankers (NYSE:CFR) last released its earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.10. The company 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 11.64% and a net margin of 28.86%. During the same quarter in the previous year, the company posted $1.24 earnings per share. Equities analysts expect that Cullen/Frost Bankers will post $5.24 EPS for the current fiscal year.
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Cullen/Frost Bankers announced that its Board of Directors has initiated a stock repurchase program on Thursday, October 26th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.57 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $2.28 annualized dividend and a dividend yield of 2.25%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is currently 43.35%.
Several institutional investors have recently made changes to their positions in the business. Alps Advisors Inc. increased its holdings in shares of Cullen/Frost Bankers by 0.3% in the second quarter. Alps Advisors Inc. now owns 5,259 shares of the bank’s stock worth $494,000 after acquiring an additional 14 shares in the last quarter. Somerset Trust Co increased its holdings in shares of Cullen/Frost Bankers by 0.4% in the second quarter. Somerset Trust Co now owns 6,938 shares of the bank’s stock worth $651,000 after acquiring an additional 29 shares in the last quarter. Mosaic Family Wealth LLC increased its holdings in shares of Cullen/Frost Bankers by 4.9% in the second quarter. Mosaic Family Wealth LLC now owns 1,718 shares of the bank’s stock worth $161,000 after acquiring an additional 80 shares in the last quarter. Synovus Financial Corp increased its holdings in shares of Cullen/Frost Bankers by 2.6% in the second quarter. Synovus Financial Corp now owns 3,254 shares of the bank’s stock worth $306,000 after acquiring an additional 84 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its holdings in shares of Cullen/Frost Bankers by 6.4% in the second quarter. Public Employees Retirement Association of Colorado now owns 1,791 shares of the bank’s stock worth $168,000 after acquiring an additional 107 shares in the last quarter. Institutional investors own 80.71% 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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