State Street Corp Trims Stake in Cullen/Frost Bankers, Inc. (CFR)
State Street Corp reduced its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 4.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,880,979 shares of the bank’s stock after selling 207,474 shares during the period. State Street Corp owned about 7.60% of Cullen/Frost Bankers worth $458,376,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Parallax Volatility Advisers L.P. grew its position in shares of Cullen/Frost Bankers by 124.1% during the 2nd quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock valued at $102,000 after acquiring an additional 602 shares during the period. Invictus RG bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at approximately $109,000. Fiduciary Trust Co. bought a new position in shares of Cullen/Frost Bankers during the 2nd quarter valued at approximately $136,000. Mosaic Family Wealth LLC grew its position in shares of Cullen/Frost Bankers by 4.9% during the 2nd quarter. Mosaic Family Wealth LLC now owns 1,718 shares of the bank’s stock valued at $161,000 after acquiring an additional 80 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its position in shares of Cullen/Frost Bankers by 6.4% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 1,791 shares of the bank’s stock valued at $168,000 after acquiring an additional 107 shares during the period. 80.72% of the stock is owned by hedge funds and other institutional investors.
CFR has been the subject of a number of research reports. Zacks Investment Research raised shares of Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $107.00 target price for the company in a research report on Friday, July 7th. Morgan Stanley reissued an “equal weight” rating and set a $93.00 target price (up from $90.00) on shares of Cullen/Frost Bankers in a research report on Thursday, July 6th. BidaskClub downgraded shares of Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Barclays PLC set a $97.00 target price on shares of Cullen/Frost Bankers and gave the company a “hold” rating in a research report on Sunday, July 30th. Finally, ValuEngine downgraded shares of Cullen/Frost Bankers from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $97.50.
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Cullen/Frost Bankers, Inc. (NYSE CFR) opened at 95.09 on Friday. The company has a 50-day moving average of $89.93 and a 200 day moving average of $91.43. Cullen/Frost Bankers, Inc. has a 12-month low of $71.27 and a 12-month high of $99.20. The company has a market capitalization of $6.11 billion, a P/E ratio of 18.73 and a beta of 1.35.
Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, July 27th. The bank reported $1.29 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.29. Cullen/Frost Bankers had a net margin of 28.49% and a return on equity of 11.23%. The business 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 company earned $1.11 earnings per share. Equities research analysts forecast that Cullen/Frost Bankers, Inc. will post $5.23 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a dividend of $0.57 per share. The ex-dividend date was Tuesday, August 29th. This represents a $2.28 dividend on an annualized basis and a yield of 2.37%. Cullen/Frost Bankers’s dividend payout ratio is currently 44.79%.
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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