Wedbush Downgrades Cullen/Frost Bankers Inc. (CFR) to Underperform
Cullen/Frost Bankers Inc. (NYSE:CFR) was downgraded by analysts at Wedbush from a “neutral” rating to an “underperform” rating in a report issued on Thursday. They presently have a $78.00 target price on the stock, up from their previous target price of $72.00. Wedbush’s price objective would suggest a potential downside of 6.23% from the stock’s current price.
CFR has been the topic of several other reports. Zacks Investment Research upgraded Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Monday, October 3rd. Maxim Group raised their target price on Cullen/Frost Bankers from $70.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Jefferies Group raised their target price on Cullen/Frost Bankers from $61.00 to $67.00 and gave the company a “hold” rating in a report on Thursday, July 28th. Deutsche Bank AG raised their target price on Cullen/Frost Bankers from $66.00 to $77.00 and gave the company a “hold” rating in a report on Tuesday, October 11th. Finally, Keefe, Bruyette & Woods raised their target price on Cullen/Frost Bankers from $57.00 to $68.00 and gave the company a “market perform” rating in a report on Thursday, July 28th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $69.13.
Cullen/Frost Bankers (NYSE:CFR) opened at 83.18 on Thursday. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of 19.34 and a beta of 1.15. Cullen/Frost Bankers has a one year low of $42.41 and a one year high of $84.00. The firm has a 50-day moving average price of $73.93 and a 200-day moving average price of $68.46.
Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings data on Wednesday, October 26th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.08. The business had revenue of $317.78 million for the quarter, compared to analyst estimates of $301.04 million. Cullen/Frost Bankers had a return on equity of 9.61% and a net margin of 25.06%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. On average, equities analysts predict that Cullen/Frost Bankers will post $4.63 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be given a dividend of $0.54 per share. The ex-dividend date is Monday, November 28th. This represents a $2.16 dividend on an annualized basis and a yield of 2.60%. Cullen/Frost Bankers’s dividend payout ratio is currently 50.00%.
In related news, insider Candace K. Wolfshohl sold 4,500 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $69.88, for a total transaction of $314,460.00. Following the completion of the transaction, the insider now owns 8,145 shares in the company, valued at approximately $569,172.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack A. Wood sold 187,000 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $82.89, for a total value of $15,500,430.00. The disclosure for this sale can be found here. Corporate insiders own 8.03% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Cullen/Frost Bankers by 6.3% in the first quarter. Geode Capital Management LLC now owns 337,276 shares of the company’s stock worth $18,587,000 after buying an additional 20,062 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Cullen/Frost Bankers by 12.7% in the first quarter. Wellington Management Group LLP now owns 599,782 shares of the company’s stock worth $33,053,000 after buying an additional 67,792 shares during the period. AMP Capital Investors Ltd acquired a new position in shares of Cullen/Frost Bankers during the first quarter worth about $640,000. Metropolitan Life Insurance Co. NY raised its position in shares of Cullen/Frost Bankers by 2.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 49,424 shares of the company’s stock worth $2,724,000 after buying an additional 1,144 shares during the period. Finally, LPL Financial LLC raised its position in shares of Cullen/Frost Bankers by 338.4% in the first quarter. LPL Financial LLC now owns 63,849 shares of the company’s stock worth $3,408,000 after buying an additional 49,285 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc is a financial holding and bank holding company. The Company, through its subsidiaries, offers commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services.
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