Cullen/Frost Bankers, Inc. (CFR) Reaches New 1-Year High Following Strong Earnings

Cullen/Frost Bankers, Inc. (NYSE:CFR)’s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $100.58 and last traded at $100.57, with a volume of 675,672 shares trading hands. The stock had previously closed at $99.52.

The bank reported $1.41 EPS for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.10. The firm had revenue of $300.83 million for the quarter, compared to analysts’ expectations of $329.62 million. Cullen/Frost Bankers had a net margin of 28.49% and a return on equity of 11.23%. During the same period in the prior year, the business posted $1.24 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Wednesday, November 29th. Cullen/Frost Bankers’s payout ratio is presently 44.79%.

Cullen/Frost Bankers declared that its board has approved a share buyback program on Thursday, October 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

A number of research analysts have recently commented on CFR shares. Maxim Group restated a “buy” rating and issued a $105.00 price target on shares of Cullen/Frost Bankers in a report on Thursday, July 27th. Zacks Investment Research upgraded shares of Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $107.00 price target on the stock in a report on Friday, July 7th. ValuEngine upgraded shares of Cullen/Frost Bankers from a “hold” rating to a “buy” rating in a report on Friday, September 22nd. Morgan Stanley restated an “equal weight” rating and issued a $93.00 price target (up from $90.00) on shares of Cullen/Frost Bankers in a report on Thursday, July 6th. Finally, Barclays PLC upped their price target on shares of Cullen/Frost Bankers from $97.00 to $100.00 and gave the stock an “equal weight” rating in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $97.95.

Institutional investors have recently modified their holdings of the business. Parallax Volatility Advisers L.P. grew its holdings in Cullen/Frost Bankers by 124.1% during the 2nd quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock worth $102,000 after acquiring an additional 602 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in Cullen/Frost Bankers during the 2nd quarter worth about $114,000. Westwood Holdings Group Inc. bought a new position in Cullen/Frost Bankers during the 2nd quarter worth about $131,000. Fiduciary Trust Co. bought a new position in Cullen/Frost Bankers during the 2nd quarter worth about $136,000. Finally, Meeder Asset Management Inc. grew its holdings in Cullen/Frost Bankers by 50.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock worth $150,000 after acquiring an additional 531 shares in the last quarter. Institutional investors own 80.62% of the company’s stock.

The stock has a 50-day moving average of $93.08 and a 200 day moving average of $92.10. The firm has a market cap of $6.51 billion, a P/E ratio of 19.98 and a beta of 1.35.

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About Cullen/Frost Bankers

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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