Wall Street brokerages expect Cullen/Frost Bankers, Inc. (NYSE:CFR) to report $361.29 million in sales for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Cullen/Frost Bankers’ earnings. The lowest sales estimate is $340.40 million and the highest is $369.00 million. Cullen/Frost Bankers reported sales of $353.34 million in the same quarter last year, which would suggest a positive year over year growth rate of 2.2%. The business is scheduled to report its next earnings results on Thursday, October 24th.
According to Zacks, analysts expect that Cullen/Frost Bankers will report full-year sales of $1.44 billion for the current year, with estimates ranging from $1.36 billion to $1.47 billion. For the next year, analysts forecast that the firm will post sales of $1.48 billion, with estimates ranging from $1.38 billion to $1.53 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Cullen/Frost Bankers.
Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, July 25th. The bank reported $1.72 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.72. Cullen/Frost Bankers had a net margin of 31.57% and a return on equity of 13.85%. The business had revenue of $360.39 million for the quarter, compared to analysts’ expectations of $364.59 million. During the same quarter in the prior year, the business earned $1.68 EPS.
CFR has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Bank of America cut shares of Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $102.00 to $87.00 in a research note on Thursday, July 11th. They noted that the move was a valuation call. Stephens set a $100.00 price objective on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a research note on Friday, April 26th. Piper Jaffray Companies set a $100.00 price objective on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, ValuEngine upgraded shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $99.33.
Shares of NYSE:CFR traded down $1.00 during trading on Friday, hitting $88.95. The company’s stock had a trading volume of 292,629 shares, compared to its average volume of 336,793. The company has a 50-day simple moving average of $93.05. Cullen/Frost Bankers has a 12 month low of $81.87 and a 12 month high of $114.86. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.46 and a beta of 1.33.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.19%. The ex-dividend date is Thursday, August 29th. Cullen/Frost Bankers’s dividend payout ratio is 41.16%.
Cullen/Frost Bankers announced that its board has initiated a stock buyback program on Thursday, July 25th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to purchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
In other Cullen/Frost Bankers news, CFO Jerry Salinas sold 12,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were 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 directly owns 24,856 shares of the company’s stock, valued at approximately $2,509,958.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick B. Frost sold 9,360 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $94.26, for a total transaction of $882,273.60. Following the sale, the insider now directly owns 157,433 shares of the company’s stock, valued at $14,839,634.58. The disclosure for this sale can be found here. Corporate insiders own 4.84% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CFR. Icon Wealth Partners LLC bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at approximately $33,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at approximately $35,000. Machina Capital S.A.S. bought a new position in shares of Cullen/Frost Bankers during the 2nd quarter valued at approximately $47,000. Coastal Investment Advisors Inc. bought a new position in shares of Cullen/Frost Bankers during the 2nd quarter valued at approximately $49,000. Finally, Vigilant Capital Management LLC bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at approximately $85,000. 80.74% of the stock is owned by institutional investors and hedge funds.
About Cullen/Frost Bankers
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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