Cullen/Frost Bankers, Inc. (CFR) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research cut shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “Shares of Cullen/Frost have outperformed the industry over the past year. This performance was supported by the company’s impressive earnings surprise history. It hasn’t missed the Zacks Consensus Estimate for earnings in any of the trailing four quarters. With a rising interest rate environment and improving non-interest bearing deposits, the company's net interest income and net interest margin is expected to grow. However, rising costs stemming mainly from expanding franchise are likely to deter bottom-line growth to some extent. Also, the company’s risky loan portfolio keeps us apprehensive.”
CFR has been the subject of several other reports. Maxim Group reissued a buy rating and issued a $105.00 price objective on shares of Cullen/Frost Bankers in a research report on Thursday, July 27th. Raymond James Financial, Inc. cut Cullen/Frost Bankers from a market perform rating to an underperform rating in a research report on Thursday, August 10th. Piper Jaffray Companies reissued a hold rating and issued a $100.00 price objective on shares of Cullen/Frost Bankers in a research report on Friday, July 28th. ValuEngine cut Cullen/Frost Bankers from a buy rating to a hold rating in a research report on Thursday, September 7th. Finally, Jefferies Group LLC reissued a hold rating and issued a $95.00 price objective on shares of Cullen/Frost Bankers in a research report on Friday, August 11th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. Cullen/Frost Bankers presently has an average rating of Hold and an average price target of $95.04.
Shares of Cullen/Frost Bankers (NYSE:CFR) opened at 89.10 on Wednesday. Cullen/Frost Bankers has a 12-month low of $67.86 and a 12-month high of $99.20. The company has a 50-day moving average of $87.27 and a 200 day moving average of $91.03. The firm has a market capitalization of $5.72 billion, a PE ratio of 17.55 and a beta of 1.33.
Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $1.29 earnings per share for the quarter, meeting the consensus estimate of $1.29. Cullen/Frost Bankers had a return on equity of 11.23% and a net margin of 28.49%. The company had revenue of $295.87 million during the quarter, compared to analysts’ expectations of $316.40 million. During the same period in the prior year, the business earned $1.11 earnings per share. On average, analysts predict that Cullen/Frost Bankers will post $5.22 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a $0.57 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $2.28 annualized dividend and a yield of 2.56%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is currently 44.79%.
A number of hedge funds have recently modified their holdings of CFR. BlackRock Inc. lifted its position in Cullen/Frost Bankers by 3,918.0% in the first quarter. BlackRock Inc. now owns 4,695,956 shares of the bank’s stock worth $417,800,000 after purchasing an additional 4,579,082 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Cullen/Frost Bankers by 177.5% during the second quarter. Principal Financial Group Inc. now owns 1,830,898 shares of the bank’s stock valued at $171,940,000 after acquiring an additional 1,171,078 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Cullen/Frost Bankers by 16.5% during the first quarter. Vanguard Group Inc. now owns 5,356,366 shares of the bank’s stock valued at $476,557,000 after acquiring an additional 758,710 shares during the period. Crawford Investment Counsel Inc. bought a new position in shares of Cullen/Frost Bankers during the second quarter valued at $28,037,000. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Cullen/Frost Bankers by 8.8% during the first quarter. Neuberger Berman Group LLC now owns 2,475,461 shares of the bank’s stock valued at $220,242,000 after acquiring an additional 200,811 shares during the period. 82.39% of the stock is owned by hedge funds and other institutional investors.
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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