BlackRock Inc. reduced its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 2.6% during the second quarter, HoldingsChannel reports. The fund owned 5,678,835 shares of the bank’s stock after selling 151,090 shares during the period. BlackRock Inc. owned about 0.09% of Cullen/Frost Bankers worth $531,879,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hilltop Holdings Inc. boosted its position in shares of Cullen/Frost Bankers by 3.7% during the second quarter. Hilltop Holdings Inc. now owns 5,640 shares of the bank’s stock valued at $528,000 after buying an additional 200 shares during the last quarter. Fidelity National Financial Inc. purchased a new stake in shares of Cullen/Frost Bankers during the second quarter valued at $5,784,000. Commerce Bank boosted its position in shares of Cullen/Frost Bankers by 3.1% during the second quarter. Commerce Bank now owns 18,098 shares of the bank’s stock valued at $1,695,000 after buying an additional 540 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Cullen/Frost Bankers during the second quarter valued at $205,000. Finally, Acadian Asset Management LLC boosted its position in shares of Cullen/Frost Bankers by 654.4% during the second quarter. Acadian Asset Management LLC now owns 31,362 shares of the bank’s stock valued at $2,938,000 after buying an additional 27,205 shares during the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on the company. Maxim Group dropped their price objective on Cullen/Frost Bankers from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Stephens reaffirmed a “hold” rating and set a $86.00 price objective on shares of Cullen/Frost Bankers in a research report on Thursday. Piper Jaffray Companies set a $91.00 price objective on Cullen/Frost Bankers and gave the company a “hold” rating in a research report on Friday, November 1st. ValuEngine raised Cullen/Frost Bankers from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Finally, Morgan Stanley dropped their price objective on Cullen/Frost Bankers from $92.00 to $89.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $93.67.
Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, October 31st. The bank reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.04. The business had revenue of $365.84 million for the quarter, compared to analysts’ expectations of $364.56 million. Cullen/Frost Bankers had a return on equity of 13.11% and a net margin of 30.76%. During the same period last year, the firm posted $1.78 earnings per share. As a group, equities analysts forecast that Cullen/Frost Bankers, Inc. will post 6.85 earnings per share for the current fiscal year.
Cullen/Frost Bankers declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 25th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, Director Carlos Alvarez bought 30,000 shares of the company’s stock in a transaction on Friday, August 16th. The shares were acquired at an average cost of $85.08 per share, with a total value of $2,552,400.00. Following the completion of the transaction, the director now owns 454,000 shares of the company’s stock, valued at approximately $38,626,320. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Bracher sold 9,360 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $90.10, for a total value of $843,336.00. Following the completion of the transaction, the insider now directly owns 86,743 shares in the company, valued at $7,815,544.30. The disclosure for this sale can be found here. Company insiders own 4.84% of the company’s stock.
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.
Read More: Cost of Capital Explained
Want to see what other hedge funds are holding CFR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cullen/Frost Bankers, Inc. (NYSE:CFR).
Receive News & Ratings for Cullen/Frost Bankers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cullen/Frost Bankers and related companies with MarketBeat.com's FREE daily email newsletter.