Cullen/Frost Bankers, Inc. (NYSE:CFR) insider Bobby Berman sold 41,760 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $100.53, for a total value of $4,198,132.80. Following the transaction, the insider now owns 38,596 shares of the company’s stock, valued at $3,880,055.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Cullen/Frost Bankers, Inc. (CFR) traded down 0.49% during trading on Tuesday, hitting $98.50. The stock had a trading volume of 705,806 shares. The firm has a market cap of $6.33 billion, a P/E ratio of 19.41 and a beta of 1.35. Cullen/Frost Bankers, Inc. has a 52-week low of $72.96 and a 52-week high of $103.37. The company has a 50-day moving average of $94.51 and a 200 day moving average of $92.40.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.10. Cullen/Frost Bankers had a return on equity of 11.64% and a net margin of 28.86%. The firm had revenue of $300.83 million for the quarter, compared to analysts’ expectations of $329.62 million. During the same period in the previous year, the firm posted $1.24 earnings per share. On average, equities research analysts predict that Cullen/Frost Bankers, Inc. will post $5.32 earnings per share for the current fiscal year.
Cullen/Frost Bankers announced that its Board of Directors has initiated a stock buyback program on Thursday, October 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders 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 2.31%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 43.35%.
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Several hedge funds have recently modified their holdings of CFR. UBS Asset Management Americas Inc. increased its holdings in shares of Cullen/Frost Bankers by 15.1% in the first quarter. UBS Asset Management Americas Inc. now owns 34,111 shares of the bank’s stock worth $3,035,000 after purchasing an additional 4,463 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in shares of Cullen/Frost Bankers by 21.4% in the first quarter. OppenheimerFunds Inc. now owns 3,044 shares of the bank’s stock worth $271,000 after purchasing an additional 536 shares during the last quarter. Teachers Advisors LLC increased its holdings in shares of Cullen/Frost Bankers by 4.1% in the first quarter. Teachers Advisors LLC now owns 73,324 shares of the bank’s stock worth $6,524,000 after purchasing an additional 2,879 shares during the last quarter. Thrivent Financial For Lutherans increased its holdings in shares of Cullen/Frost Bankers by 12.4% in the first quarter. Thrivent Financial For Lutherans now owns 10,750 shares of the bank’s stock worth $956,000 after purchasing an additional 1,190 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cullen/Frost Bankers by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 537,021 shares of the bank’s stock worth $47,779,000 after purchasing an additional 12,482 shares during the last quarter. 80.71% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently commented on the company. Royal Bank Of Canada restated a “hold” rating and set a $100.00 target price on shares of Cullen/Frost Bankers in a research report on Friday. SunTrust Banks, Inc. restated a “buy” rating and set a $115.00 target price on shares of Cullen/Frost Bankers in a research report on Sunday. J P Morgan Chase & Co boosted their target price on Cullen/Frost Bankers from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Monday. Barclays PLC boosted their target price on Cullen/Frost Bankers from $97.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Citigroup Inc. upgraded Cullen/Frost Bankers to a “market perform” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. Cullen/Frost Bankers presently has a consensus rating of “Hold” and a consensus target price of $100.46.
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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