Cullen/Frost Bankers, Inc. (NYSE:CFR) – Stock analysts at Jefferies Group upped their FY2017 earnings per share estimates for shares of Cullen/Frost Bankers in a report issued on Tuesday. Jefferies Group analyst C. Haire now expects that the bank will earn $5.43 per share for the year, up from their previous forecast of $5.42. Jefferies Group currently has a “Hold” rating and a $103.00 price target on the stock.
Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.10. Cullen/Frost Bankers had a return on equity of 11.64% and a net margin of 28.86%. The business had revenue of $300.83 million for the quarter, compared to analyst estimates of $329.62 million. During the same period last year, the company earned $1.24 EPS.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research cut Cullen/Frost Bankers from a “buy” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada reiterated a “hold” rating and issued a $100.00 price objective on shares of Cullen/Frost Bankers in a report on Friday, October 27th. Maxim Group reiterated a “buy” rating and issued a $110.00 price objective on shares of Cullen/Frost Bankers in a report on Thursday, October 26th. SunTrust Banks reiterated a “buy” rating and issued a $115.00 price objective on shares of Cullen/Frost Bankers in a report on Sunday, October 29th. Finally, Citigroup upgraded Cullen/Frost Bankers to a “market perform” rating in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $102.19.
Cullen/Frost Bankers (CFR) opened at $99.25 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.08. Cullen/Frost Bankers has a 1 year low of $81.09 and a 1 year high of $103.37. The stock has a market capitalization of $6,270.00, a P/E ratio of 19.01, a P/E/G ratio of 1.74 and a beta of 1.33.
A number of large investors have recently made changes to their positions in CFR. BlackRock Inc. raised its stake in Cullen/Frost Bankers by 3.9% during the second quarter. BlackRock Inc. now owns 4,879,258 shares of the bank’s stock valued at $458,211,000 after buying an additional 183,302 shares during the last quarter. Vanguard Group Inc. raised its stake in Cullen/Frost Bankers by 1.9% during the second quarter. Vanguard Group Inc. now owns 5,460,000 shares of the bank’s stock valued at $512,749,000 after buying an additional 103,634 shares during the last quarter. FMR LLC raised its stake in Cullen/Frost Bankers by 2.0% during the second quarter. FMR LLC now owns 4,090,392 shares of the bank’s stock valued at $384,130,000 after buying an additional 80,709 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Cullen/Frost Bankers by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 983,998 shares of the bank’s stock valued at $92,407,000 after buying an additional 59,463 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Cullen/Frost Bankers by 401.7% during the third quarter. Victory Capital Management Inc. now owns 72,745 shares of the bank’s stock valued at $6,905,000 after buying an additional 58,246 shares during the last quarter. Institutional investors and hedge funds own 80.97% of the company’s stock.
In other news, insider Bobby Berman sold 41,760 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $100.53, for a total value of $4,198,132.80. Following the completion of the transaction, the insider now owns 38,596 shares in the company, valued at approximately $3,880,055.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Candace K. Wolfshohl sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $94.99, for a total value of $664,930.00. Following the completion of the transaction, the insider now owns 9,145 shares of the company’s stock, valued at approximately $868,683.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,760 shares of company stock valued at $6,058,863. 5.15% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Wednesday, November 29th. Cullen/Frost Bankers’s payout ratio is presently 43.68%.
Cullen/Frost Bankers declared that its Board of Directors has initiated a share buyback plan on Thursday, October 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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Cullen/Frost Bankers Company Profile
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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