US Bancorp DE trimmed its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 7.1% in the first quarter, Holdings Channel reports. The institutional investor owned 3,925 shares of the bank’s stock after selling 301 shares during the period. US Bancorp DE’s holdings in Cullen/Frost Bankers were worth $381,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc lifted its stake in Cullen/Frost Bankers by 3.0% in the 3rd quarter. Vanguard Group Inc now owns 5,964,830 shares of the bank’s stock worth $622,968,000 after purchasing an additional 171,180 shares in the last quarter. First Mercantile Trust Co. lifted its stake in Cullen/Frost Bankers by 48.4% in the 4th quarter. First Mercantile Trust Co. now owns 460 shares of the bank’s stock worth $41,000 after purchasing an additional 150 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Cullen/Frost Bankers by 6.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,482 shares of the bank’s stock worth $1,010,000 after purchasing an additional 692 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Cullen/Frost Bankers by 9,679.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,249,329 shares of the bank’s stock worth $26,000 after purchasing an additional 2,226,329 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in Cullen/Frost Bankers in the 4th quarter worth approximately $278,000. Institutional investors and hedge funds own 80.77% of the company’s stock.
A number of research analysts have weighed in on CFR shares. Stephens set a $100.00 target price on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a research note on Friday, April 26th. Wedbush raised their target price on shares of Cullen/Frost Bankers from $94.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. Zacks Investment Research raised shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Finally, Maxim Group reissued a “buy” rating and issued a $110.00 target price (down from $115.00) on shares of Cullen/Frost Bankers in a research note on Friday, April 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $102.89.
Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, April 25th. The bank reported $1.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.04. The firm had revenue of $367.96 million for the quarter, compared to analyst estimates of $366.47 million. Cullen/Frost Bankers had a net margin of 32.16% and a return on equity of 14.30%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.61 EPS. Analysts forecast that Cullen/Frost Bankers, Inc. will post 7 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Thursday, May 30th. This is a positive change from Cullen/Frost Bankers’s previous quarterly dividend of $0.67. Cullen/Frost Bankers’s payout ratio is presently 41.16%.
In other news, CFO Jerry Salinas sold 12,000 shares of Cullen/Frost Bankers stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.98, for a total transaction of $1,211,760.00. Following the sale, the chief financial officer now owns 24,856 shares of the company’s stock, valued at approximately $2,509,958.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Phillip D. Green sold 14,210 shares of Cullen/Frost Bankers stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $101.91, for a total transaction of $1,448,141.10. Following the sale, the chairman now directly owns 34,337 shares in the company, valued at approximately $3,499,283.67. The disclosure for this sale can be found here. 4.84% of the stock is currently owned by insiders.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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