Sprucegrove Investment Management Ltd. Sells 94,000 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

Sprucegrove Investment Management Ltd. trimmed its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 10.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 849,207 shares of the bank’s stock after selling 94,000 shares during the quarter. Cullen/Frost Bankers comprises approximately 2.3% of Sprucegrove Investment Management Ltd.’s portfolio, making the stock its 16th biggest position. Sprucegrove Investment Management Ltd.’s holdings in Cullen/Frost Bankers were worth $92,360,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Robinson Value Management Ltd. bought a new stake in shares of Cullen/Frost Bankers during the 4th quarter valued at about $44,000. CI Investments Inc. grew its stake in shares of Cullen/Frost Bankers by 21.7% during the 4th quarter. CI Investments Inc. now owns 757 shares of the bank’s stock valued at $66,000 after purchasing an additional 135 shares during the period. Clarus Group Inc. bought a new stake in shares of Cullen/Frost Bankers during the 1st quarter valued at about $117,000. CENTRAL TRUST Co grew its stake in shares of Cullen/Frost Bankers by 9.1% during the 1st quarter. CENTRAL TRUST Co now owns 1,200 shares of the bank’s stock valued at $131,000 after purchasing an additional 100 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Cullen/Frost Bankers during the 4th quarter valued at about $138,000. Institutional investors own 81.06% of the company’s stock.

A number of equities research analysts have issued reports on CFR shares. Maxim Group boosted their price target on Cullen/Frost Bankers from $111.00 to $144.00 and gave the company a “buy” rating in a research note on Friday, April 30th. Truist lifted their price objective on Cullen/Frost Bankers from $111.00 to $134.00 in a research report on Monday, May 3rd. Truist Securities lifted their price objective on Cullen/Frost Bankers from $111.00 to $134.00 and gave the company a “hold” rating in a research report on Monday, May 3rd. Zacks Investment Research raised Cullen/Frost Bankers from a “hold” rating to a “strong-buy” rating and set a $128.00 price objective on the stock in a research report on Tuesday, April 13th. Finally, Morgan Stanley lifted their price objective on Cullen/Frost Bankers from $90.00 to $96.00 and gave the company an “underweight” rating in a research report on Tuesday, May 4th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $112.43.

In related news, EVP Jimmy Stead sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 6th. The stock was sold at an average price of $122.80, for a total value of $368,400.00. Following the transaction, the executive vice president now directly owns 4,045 shares of the company’s stock, valued at approximately $496,726. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.50% of the stock is currently owned by insiders.

NYSE CFR traded up $0.16 during trading hours on Friday, reaching $116.28. The company’s stock had a trading volume of 255 shares, compared to its average volume of 401,120. The business’s 50-day moving average is $117.98. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06. Cullen/Frost Bankers, Inc. has a 1 year low of $61.50 and a 1 year high of $125.00. The stock has a market cap of $7.39 billion, a P/E ratio of 18.97, a price-to-earnings-growth ratio of 1.99 and a beta of 1.48.

Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Wednesday, April 28th. The bank reported $1.77 EPS for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.34. Cullen/Frost Bankers had a return on equity of 9.59% and a net margin of 29.12%. The company had revenue of $357.19 million for the quarter, compared to analysts’ expectations of $358.50 million. During the same period in the previous year, the firm earned $0.75 EPS. Sell-side analysts anticipate that Cullen/Frost Bankers, Inc. will post 6.37 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Friday, May 28th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Thursday, May 27th. This represents a $2.88 dividend on an annualized basis and a yield of 2.48%. Cullen/Frost Bankers’s dividend payout ratio is presently 77.21%.

Cullen/Frost Bankers Profile

Cullen/Frost Bankers, Inc operates as the bank 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.

Further Reading: Market Capitalization – What it Means for Investors

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Institutional Ownership by Quarter for Cullen/Frost Bankers (NYSE:CFR)

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