SunTrust Banks Trims Cullen/Frost Bankers (NYSE:CFR) Target Price to $105.00

Cullen/Frost Bankers (NYSE:CFR) had its price target cut by SunTrust Banks from $108.00 to $105.00 in a report issued on Monday morning, The Fly reports. They currently have a buy rating on the bank’s stock. SunTrust Banks also issued estimates for Cullen/Frost Bankers’ Q3 2019 earnings at $1.71 EPS, Q4 2019 earnings at $1.54 EPS, FY2019 earnings at $6.77 EPS, Q1 2020 earnings at $1.67 EPS, Q2 2020 earnings at $1.53 EPS, Q3 2020 earnings at $1.62 EPS, Q4 2020 earnings at $1.61 EPS and FY2020 earnings at $6.43 EPS.

Several other research firms have also recently weighed in on CFR. Zacks Investment Research upgraded Cullen/Frost Bankers from a sell rating to a hold rating in a report on Monday, May 20th. Piper Jaffray Companies set a $100.00 price target on Cullen/Frost Bankers and gave the stock a hold rating in a report on Friday, July 26th. ValuEngine upgraded Cullen/Frost Bankers from a sell rating to a hold rating in a report on Monday, July 29th. Maxim Group restated a buy rating and set a $105.00 price target (down from $110.00) on shares of Cullen/Frost Bankers in a report on Monday, July 29th. Finally, Bank of America cut Cullen/Frost Bankers from a neutral rating to an underperform rating and reduced their price target for the stock from $102.00 to $87.00 in a report on Thursday, July 11th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $99.33.

NYSE:CFR opened at $88.46 on Monday. The stock has a market cap of $5.70 billion, a P/E ratio of 12.82, a price-to-earnings-growth ratio of 1.40 and a beta of 1.38. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average is $85.85 and its 200-day moving average is $94.43. Cullen/Frost Bankers has a 1-year low of $79.86 and a 1-year high of $111.24.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, July 25th. The bank reported $1.72 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.72. The company had revenue of $360.39 million for the quarter, compared to analysts’ expectations of $364.59 million. Cullen/Frost Bankers had a return on equity of 13.85% and a net margin of 31.57%. During the same period in the previous year, the business posted $1.68 earnings per share. As a group, equities analysts forecast that Cullen/Frost Bankers will post 6.84 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date was Thursday, August 29th. Cullen/Frost Bankers’s dividend payout ratio is currently 41.16%.

Cullen/Frost Bankers declared that its board has approved a share buyback program on Thursday, July 25th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

In other Cullen/Frost Bankers news, insider Patrick B. Frost sold 9,360 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $94.26, for a total value of $882,273.60. Following the transaction, the insider now directly owns 157,433 shares of the company’s stock, valued at $14,839,634.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carlos Alvarez purchased 30,000 shares of the company’s stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $85.08 per share, for a total transaction of $2,552,400.00. Following the completion of the purchase, the director now owns 454,000 shares of the company’s stock, valued at approximately $38,626,320. The disclosure for this purchase can be found here. 4.84% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. WealthPLAN Partners LLC lifted its stake in Cullen/Frost Bankers by 10.4% in the second quarter. WealthPLAN Partners LLC now owns 65,743 shares of the bank’s stock valued at $5,720,000 after buying an additional 6,192 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its stake in Cullen/Frost Bankers by 10.1% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 31,069 shares of the bank’s stock valued at $2,911,000 after buying an additional 2,852 shares during the period. Eaton Vance Management lifted its stake in Cullen/Frost Bankers by 0.9% in the second quarter. Eaton Vance Management now owns 25,570 shares of the bank’s stock valued at $2,395,000 after buying an additional 240 shares during the period. Nuveen Asset Management LLC acquired a new position in Cullen/Frost Bankers in the second quarter valued at approximately $13,541,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Cullen/Frost Bankers by 5.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 27,125 shares of the bank’s stock valued at $2,541,000 after buying an additional 1,504 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

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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