Tower Bridge Advisors Acquires 1,325 Shares of Cullen/Frost Bankers, Inc. (CFR)
Tower Bridge Advisors increased its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 3.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,670 shares of the bank’s stock after acquiring an additional 1,325 shares during the period. Tower Bridge Advisors owned about 0.07% of Cullen/Frost Bankers worth $4,240,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Janus Henderson Group PLC acquired a new stake in shares of Cullen/Frost Bankers during the 2nd quarter valued at about $5,119,000. HPM Partners LLC acquired a new stake in shares of Cullen/Frost Bankers during the 2nd quarter valued at about $4,070,000. Morgan Stanley boosted its position in shares of Cullen/Frost Bankers by 9.5% during the 1st quarter. Morgan Stanley now owns 187,957 shares of the bank’s stock valued at $16,723,000 after acquiring an additional 16,275 shares in the last quarter. First National Bank of Omaha boosted its position in shares of Cullen/Frost Bankers by 4.3% during the 2nd quarter. First National Bank of Omaha now owns 19,075 shares of the bank’s stock valued at $1,791,000 after acquiring an additional 784 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Cullen/Frost Bankers by 4.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 224,812 shares of the bank’s stock valued at $21,113,000 after acquiring an additional 10,325 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.
Several analysts have recently weighed in on the stock. Barclays PLC lifted their target price on shares of Cullen/Frost Bankers from $97.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, July 28th. Raymond James Financial, Inc. lowered shares of Cullen/Frost Bankers from a “market perform” rating to an “underperform” rating in a research report on Thursday, August 10th. Zacks Investment Research lowered shares of Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Citigroup Inc. lowered shares of Cullen/Frost Bankers to an “underperform” rating in a research report on Thursday, August 10th. They noted that the move was a valuation call. Finally, Maxim Group reiterated a “buy” rating and set a $105.00 target price on shares of Cullen/Frost Bankers in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $100.58.
In other news, insider Bobby Berman sold 41,760 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the transaction, the insider now directly owns 38,596 shares in the company, valued at $3,880,055.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.15% of the stock is currently owned by corporate insiders.
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Cullen/Frost Bankers, Inc. (NYSE:CFR) traded up $0.27 during trading hours on Monday, reaching $93.35. 218,000 shares of the company’s stock were exchanged, compared to its average volume of 461,745. The firm has a market capitalization of $5,900.00, a price-to-earnings ratio of 17.75, a PEG ratio of 1.84 and a beta of 1.35. Cullen/Frost Bankers, Inc. has a 52-week low of $79.76 and a 52-week high of $103.37. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.65 and a current ratio of 0.65.
Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.10. Cullen/Frost Bankers had a net margin of 28.86% and a return on equity of 11.64%. The company had revenue of $300.83 million for the quarter, compared to analyst estimates of $329.62 million. During the same period in the prior year, the business earned $1.24 earnings per share. analysts expect that Cullen/Frost Bankers, Inc. will post 5.35 earnings per share for the current fiscal year.
Cullen/Frost Bankers announced that its Board of Directors has approved a stock buyback plan on Thursday, October 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.44%. Cullen/Frost Bankers’s payout ratio is 43.68%.
About Cullen/Frost Bankers
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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