First Trust Advisors LP lifted its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 6.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 462,255 shares of the bank’s stock after purchasing an additional 27,291 shares during the quarter. First Trust Advisors LP’s holdings in Cullen/Frost Bankers were worth $43,752,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Sei Investments Co. boosted its holdings in shares of Cullen/Frost Bankers by 0.6% in the 4th quarter. Sei Investments Co. now owns 89,313 shares of the bank’s stock worth $8,454,000 after purchasing an additional 522 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Cullen/Frost Bankers by 50.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock worth $150,000 after purchasing an additional 531 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Cullen/Frost Bankers by 3.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,077 shares of the bank’s stock worth $1,906,000 after purchasing an additional 619 shares in the last quarter. Cardinal Capital Management boosted its holdings in shares of Cullen/Frost Bankers by 10.8% in the 3rd quarter. Cardinal Capital Management now owns 7,305 shares of the bank’s stock worth $693,000 after purchasing an additional 713 shares in the last quarter. Finally, Callahan Advisors LLC boosted its holdings in shares of Cullen/Frost Bankers by 2.6% in the 4th quarter. Callahan Advisors LLC now owns 30,749 shares of the bank’s stock worth $2,910,000 after purchasing an additional 772 shares in the last quarter. Hedge funds and other institutional investors own 80.12% of the company’s stock.
A number of research firms have recently issued reports on CFR. Stephens set a $110.00 price objective on Cullen/Frost Bankers and gave the stock a “hold” rating in a report on Friday, February 9th. Zacks Investment Research upgraded Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a report on Wednesday, January 10th. SunTrust Banks reiterated a “buy” rating and issued a $116.00 price objective on shares of Cullen/Frost Bankers in a report on Wednesday, November 29th. Morgan Stanley upped their price objective on Cullen/Frost Bankers from $96.00 to $107.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Finally, Citigroup upgraded Cullen/Frost Bankers to a “market perform” rating in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. Cullen/Frost Bankers presently has a consensus rating of “Hold” and an average target price of $104.19.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, January 25th. The bank reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The company had revenue of $358.69 million during the quarter, compared to analysts’ expectations of $351.34 million. Cullen/Frost Bankers had a return on equity of 11.78% and a net margin of 29.62%. Cullen/Frost Bankers’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 EPS. equities analysts predict that Cullen/Frost Bankers, Inc. will post 6.3 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Tuesday, February 27th. Cullen/Frost Bankers’s payout ratio is 41.38%.
Cullen/Frost Bankers declared that its board has approved a share repurchase plan on Thursday, October 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Cullen/Frost Bankers news, EVP William L. Perotti sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $105.57, for a total transaction of $1,372,410.00. Following the completion of the transaction, the executive vice president now owns 92,382 shares of the company’s stock, valued at approximately $9,752,767.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Denny Alexander sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $107.50, for a total value of $322,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 63,500 shares of company stock valued at $6,586,930 in the last ninety days. 5.15% of the stock is currently owned by corporate insiders.
Cullen/Frost Bankers 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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