Cullen/Frost Bankers, Inc. (NYSE:CFR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, October 27th.
According to Zacks, “Shares of Cullen/Frost have underperformed the industry over the last six months. However, the company boasts an impressive earnings surprise history. It has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company’s earnings surpassed the Zacks Consensus Estimate on high revenues. Increase in loans and deposits reflected organic growth. With a rising interest rate environment and improving non-interest bearing deposits, the company's net interest income and net interest margin is expected to grow. However, rising costs stemming mainly from expanding franchise are likely to deter bottom-line growth to some extent. Also, the company’s risky loan portfolio keeps us apprehensive.”
Several other analysts have also issued reports on CFR. Citigroup Inc. raised Cullen/Frost Bankers to a “market perform” rating in a report on Friday, October 27th. BidaskClub raised Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Barclays PLC boosted their price objective on Cullen/Frost Bankers from $97.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, July 28th. Morgan Stanley restated an “equal weight” rating and issued a $93.00 price objective (up from $90.00) on shares of Cullen/Frost Bankers in a research report on Thursday, July 6th. Finally, Maxim Group reiterated a “buy” rating and issued a $110.00 target price on shares of Cullen/Frost Bankers in a research report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $100.58.
Shares of Cullen/Frost Bankers (NYSE CFR) opened at $93.35 on Friday. The firm has a market capitalization of $5,879.35, a P/E ratio of 17.70, a PEG ratio of 1.83 and a beta of 1.35. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.65 and a quick ratio of 0.65. Cullen/Frost Bankers has a 1 year low of $79.76 and a 1 year high of $103.37.
Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.10. The business had revenue of $300.83 million during the quarter, compared to analysts’ expectations of $329.62 million. Cullen/Frost Bankers had a return on equity of 11.64% and a net margin of 28.86%. During the same quarter in the previous year, the business earned $1.24 earnings per share. equities research analysts anticipate that Cullen/Frost Bankers will post 5.35 earnings per share for the current year.
Cullen/Frost Bankers declared that its Board of Directors has initiated a share buyback program on Thursday, October 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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In other Cullen/Frost Bankers news, insider Bobby Berman sold 41,760 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the sale, the insider now directly owns 38,596 shares of the company’s stock, valued at approximately $3,880,055.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.15% of the company’s stock.
Large investors have recently bought and sold shares of the company. Parallax Volatility Advisers L.P. boosted its holdings in Cullen/Frost Bankers by 124.1% in the 2nd quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock worth $102,000 after buying an additional 602 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in Cullen/Frost Bankers in the 2nd quarter worth about $114,000. Westwood Holdings Group Inc. acquired a new stake in Cullen/Frost Bankers in the 2nd quarter worth about $131,000. Fiduciary Trust Co. acquired a new stake in Cullen/Frost Bankers in the 2nd quarter worth about $136,000. Finally, Meeder Asset Management Inc. boosted its holdings in Cullen/Frost Bankers by 50.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock worth $150,000 after buying an additional 531 shares during the last quarter. Hedge funds and other institutional investors own 81.98% of the company’s stock.
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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