Palisade Capital Management LP Makes New Investment in Cullen/Frost Bankers, Inc. $CFR

Palisade Capital Management LP purchased a new stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) in the 2nd quarter, HoldingsChannel reports. The fund purchased 104,125 shares of the bank’s stock, valued at approximately $16,089,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CFR. Canada Pension Plan Investment Board acquired a new position in shares of Cullen/Frost Bankers during the second quarter valued at about $1,360,000. Legal & General Group Plc acquired a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at about $12,521,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at about $80,127,000. Sanctuary Advisors LLC bought a new stake in Cullen/Frost Bankers in the 2nd quarter valued at about $2,420,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cullen/Frost Bankers in the 2nd quarter valued at about $5,503,000. 86.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cullen/Frost Bankers news, EVP Carol Jean Severyn sold 837 shares of Cullen/Frost Bankers stock in a transaction on Friday, June 12th. The shares were sold at an average price of $148.29, for a total transaction of $124,118.73. Following the transaction, the executive vice president directly owned 12,712 shares of the company’s stock, valued at $1,885,062.48. The trade was a 6.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.14% of the company’s stock.

Cullen/Frost Bankers Price Performance

CFR stock opened at $163.43 on Wednesday. The company has a market capitalization of $10.16 billion, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 2.52 and a beta of 0.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.63 and a current ratio of 0.63. Cullen/Frost Bankers, Inc. has a 52-week low of $119.00 and a 52-week high of $170.80. The business has a 50-day simple moving average of $160.36 and a two-hundred day simple moving average of $147.01.

Cullen/Frost Bankers (NYSE:CFR) last issued its quarterly earnings data on Thursday, July 30th. The bank reported $2.70 EPS for the quarter, topping the consensus estimate of $2.55 by $0.15. Cullen/Frost Bankers had a return on equity of 15.55% and a net margin of 23.34%.The firm had revenue of $576.01 million during the quarter, compared to the consensus estimate of $589.72 million. During the same period in the prior year, the business posted $2.39 earnings per share. Research analysts expect that Cullen/Frost Bankers, Inc. will post 10.9 EPS for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 31st. Cullen/Frost Bankers’s dividend payout ratio is presently 38.94%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CFR. DA Davidson upped their price target on Cullen/Frost Bankers from $143.00 to $144.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Citigroup boosted their price objective on Cullen/Frost Bankers from $131.00 to $145.00 and gave the company a “sell” rating in a report on Tuesday, June 30th. Morgan Stanley upped their target price on Cullen/Frost Bankers from $133.00 to $141.00 and gave the stock an “underweight” rating in a research report on Monday, June 29th. Barclays increased their target price on Cullen/Frost Bankers from $155.00 to $160.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Finally, TD Cowen lifted their price target on shares of Cullen/Frost Bankers from $169.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $161.75.

Cullen/Frost Bankers Company Profile

Cullen/Frost Bankers, Inc is the holding company for Frost Bank, a Texas-chartered financial institution whose origins date back to 1868 in San Antonio. As one of the oldest banking organizations in the state, it offers a broad range of services to individuals, small and large businesses, and institutional clients. Core banking activities include commercial lending, deposit services, cash management and trade finance, while consumer products cover residential mortgages, personal lines of credit and home equity loans.

Beyond traditional banking, the company provides comprehensive treasury and equipment leasing solutions tailored to support working capital and capital expenditure requirements.