Cullen/Frost Bankers, Inc. (NYSE:CFR) had its target price hoisted by J P Morgan Chase & Co from $88.00 to $91.00 in a research report sent to investors on Monday. The brokerage currently has a neutral rating on the bank’s stock.
Several other equities research analysts also recently weighed in on CFR. Zacks Investment Research downgraded shares of Cullen/Frost Bankers from a buy rating to a hold rating in a research report on Tuesday, July 4th. Raymond James Financial, Inc. reissued a market perform rating on shares of Cullen/Frost Bankers in a research report on Tuesday, July 4th. BidaskClub raised shares of Cullen/Frost Bankers from a sell rating to a hold rating in a research report on Wednesday, July 5th. Morgan Stanley reissued an equal weight rating and issued 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, Jefferies Group LLC reissued a hold rating and issued a $95.00 target price on shares of Cullen/Frost Bankers in a research report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. Cullen/Frost Bankers currently has a consensus rating of Hold and a consensus target price of $100.46.
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 the Thomson Reuters’ consensus estimate 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 net margin of 28.86% and a return on equity of 11.64%. During the same quarter in the previous year, the firm earned $1.24 EPS.
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The company also recently announced 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 yield of 2.31%. The ex-dividend date of this dividend is Wednesday, November 29th. Cullen/Frost Bankers’s payout ratio is 43.35%.
Cullen/Frost Bankers declared that its board has initiated a share repurchase plan on Thursday, October 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Cullen/Frost Bankers news, insider Bobby Berman sold 41,760 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the completion of the transaction, the insider now directly owns 38,596 shares of the company’s stock, valued at approximately $3,880,055.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.15% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC acquired a new position in Cullen/Frost Bankers during the 2nd quarter valued at about $5,119,000. HPM Partners LLC acquired a new position in Cullen/Frost Bankers during the 2nd quarter valued at about $4,070,000. Morgan Stanley boosted its stake in Cullen/Frost Bankers by 9.5% during the 1st quarter. Morgan Stanley now owns 187,957 shares of the bank’s stock valued at $16,723,000 after purchasing an additional 16,275 shares during the period. First National Bank of Omaha boosted its stake in Cullen/Frost Bankers by 4.3% during the 2nd quarter. First National Bank of Omaha now owns 19,075 shares of the bank’s stock valued at $1,791,000 after purchasing an additional 784 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in Cullen/Frost Bankers by 4.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 224,812 shares of the bank’s stock valued at $21,113,000 after purchasing an additional 10,325 shares during the period. 80.71% of the stock is owned by hedge funds and other institutional investors.
Cullen/Frost Bankers Company Profile
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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