Cullen/Frost Bankers, Inc. (NYSE:CFR) Director Carlos Alvarez bought 54,000 shares of the stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $93.71 per share, with a total value of $5,060,340.00. Following the completion of the acquisition, the director now directly owns 386,500 shares of the company’s stock, valued at approximately $36,218,915. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of CFR stock opened at $99.30 on Friday. Cullen/Frost Bankers, Inc. has a 12-month low of $90.02 and a 12-month high of $121.66. The company has a market capitalization of $6.21 billion, a P/E ratio of 18.22, a price-to-earnings-growth ratio of 1.50 and a beta of 1.32. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.63 and a quick ratio of 0.63.
Cullen/Frost Bankers (NYSE:CFR) last issued its quarterly earnings data on Thursday, October 25th. The bank reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Cullen/Frost Bankers had a return on equity of 13.74% and a net margin of 32.11%. The business had revenue of $353.34 million during the quarter, compared to analyst estimates of $337.41 million. During the same period in the prior year, the company posted $1.41 EPS. Equities research analysts forecast that Cullen/Frost Bankers, Inc. will post 6.82 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, November 29th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 49.17%.
A number of hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. grew its holdings in Cullen/Frost Bankers by 27.2% in the 3rd quarter. Victory Capital Management Inc. now owns 37,913 shares of the bank’s stock worth $3,960,000 after buying an additional 8,100 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Cullen/Frost Bankers by 2.0% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 69,363 shares of the bank’s stock worth $7,244,000 after buying an additional 1,373 shares in the last quarter. Moody National Bank Trust Division bought a new position in Cullen/Frost Bankers in the 3rd quarter worth approximately $187,000. Arizona State Retirement System grew its holdings in Cullen/Frost Bankers by 12.6% in the 3rd quarter. Arizona State Retirement System now owns 45,378 shares of the bank’s stock worth $4,739,000 after buying an additional 5,072 shares in the last quarter. Finally, State Treasurer State of Michigan grew its holdings in Cullen/Frost Bankers by 10.3% in the 3rd quarter. State Treasurer State of Michigan now owns 23,600 shares of the bank’s stock worth $2,465,000 after buying an additional 2,200 shares in the last quarter. 78.97% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently commented on CFR. SunTrust Banks lowered their target price on Cullen/Frost Bankers from $124.00 to $105.00 and set a “buy” rating for the company in a report on Monday. Stephens set a $101.00 target price on Cullen/Frost Bankers and gave the company a “hold” rating in a report on Monday. ValuEngine lowered Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a report on Friday, October 26th. Morgan Stanley reaffirmed a “hold” rating and set a $115.00 target price on shares of Cullen/Frost Bankers in a report on Tuesday, September 18th. Finally, Zacks Investment Research lowered Cullen/Frost Bankers from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Three equities research analysts have rated the stock with a sell rating, six 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 a consensus target price of $116.89.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. The company operates in two segments, Banking and Frost Wealth Advisors. It provides commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction, equipment, inventories and accounts receivable, and acquisition financing; commercial leasing; and treasury management services.
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