Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 44.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,768 shares of the bank’s stock after acquiring an additional 3,300 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Cullen/Frost Bankers were worth $1,045,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of CFR. JPMorgan Chase & Co. lifted its stake in Cullen/Frost Bankers by 3.6% in the third quarter. JPMorgan Chase & Co. now owns 1,846,928 shares of the bank’s stock valued at $192,894,000 after buying an additional 64,878 shares during the period. Federated Investors Inc. PA lifted its stake in Cullen/Frost Bankers by 7.8% in the third quarter. Federated Investors Inc. PA now owns 28,154 shares of the bank’s stock valued at $2,940,000 after buying an additional 2,032 shares during the period. Vanguard Group Inc lifted its stake in Cullen/Frost Bankers by 3.0% in the third quarter. Vanguard Group Inc now owns 5,964,830 shares of the bank’s stock valued at $622,968,000 after buying an additional 171,180 shares during the period. State of Alaska Department of Revenue lifted its stake in Cullen/Frost Bankers by 2.0% in the fourth quarter. State of Alaska Department of Revenue now owns 6,069 shares of the bank’s stock valued at $533,000 after buying an additional 117 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in shares of Cullen/Frost Bankers during the fourth quarter worth approximately $225,000. 82.26% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Jerry Salinas sold 12,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.98, for a total transaction of $1,211,760.00. Following the completion of the sale, the chief financial officer now owns 24,856 shares in the company, valued at $2,509,958.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Phillip D. Green sold 14,210 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $101.91, for a total value of $1,448,141.10. Following the sale, the chairman now owns 34,337 shares of the company’s stock, valued at approximately $3,499,283.67. The disclosure for this sale can be found here. Corporate insiders own 4.84% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research lowered Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research report on Monday, May 6th. Wedbush upped their target price on Cullen/Frost Bankers from $94.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Maxim Group reaffirmed a “buy” rating and set a $110.00 target price (down from $115.00) on shares of Cullen/Frost Bankers in a research report on Friday, April 26th. Finally, Stephens set a $100.00 target price on Cullen/Frost Bankers and gave the stock a “hold” rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Cullen/Frost Bankers has an average rating of “Hold” and a consensus price target of $102.89.
Shares of NYSE:CFR traded down $1.39 during trading on Wednesday, reaching $98.36. 861 shares of the stock were exchanged, compared to its average volume of 296,833. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.07. Cullen/Frost Bankers, Inc. has a 1-year low of $81.87 and a 1-year high of $121.66. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 1.47 and a beta of 1.38.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, April 25th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.04. Cullen/Frost Bankers had a return on equity of 14.30% and a net margin of 32.16%. The company had revenue of $367.96 million for the quarter, compared to analyst estimates of $366.47 million. During the same period in the prior year, the firm earned $1.61 earnings per share. Cullen/Frost Bankers’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts anticipate that Cullen/Frost Bankers, Inc. will post 7.01 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a dividend of $0.71 per share. The ex-dividend date is Thursday, May 30th. This represents a $2.84 annualized dividend and a yield of 2.89%. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.67. Cullen/Frost Bankers’s dividend payout ratio is 38.84%.
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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. 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.
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