Comerica Bank Sells 3,809 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

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Comerica Bank lessened its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 8.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,776 shares of the bank’s stock after selling 3,809 shares during the quarter. Comerica Bank owned approximately 0.06% of Cullen/Frost Bankers worth $3,583,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CFR. Nuveen Asset Management LLC bought a new stake in Cullen/Frost Bankers during the 2nd quarter valued at $13,541,000. Invesco Ltd. raised its holdings in Cullen/Frost Bankers by 4.9% during the 2nd quarter. Invesco Ltd. now owns 2,631,373 shares of the bank’s stock valued at $246,454,000 after acquiring an additional 122,087 shares during the period. Nuance Investments LLC bought a new stake in Cullen/Frost Bankers during the 2nd quarter valued at $9,583,000. Lawson Kroeker Investment Management Inc. NE bought a new stake in Cullen/Frost Bankers during the 2nd quarter valued at $5,971,000. Finally, Fidelity National Financial Inc. bought a new stake in Cullen/Frost Bankers during the 2nd quarter valued at $5,784,000. 80.39% of the stock is currently owned by institutional investors.

A number of brokerages have issued reports on CFR. SunTrust Banks lowered their target price on shares of Cullen/Frost Bankers from $108.00 to $105.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Stephens reissued a “hold” rating and set a $86.00 target price on shares of Cullen/Frost Bankers in a report on Thursday. Piper Jaffray Companies set a $91.00 target price on shares of Cullen/Frost Bankers and gave the company a “hold” rating in a report on Friday, November 1st. ValuEngine raised shares of Cullen/Frost Bankers from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Finally, Maxim Group lowered their target price on shares of Cullen/Frost Bankers from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $93.67.

In other news, insider Paul Bracher sold 9,360 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $90.10, for a total value of $843,336.00. Following the transaction, the insider now owns 86,743 shares of the company’s stock, valued at $7,815,544.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Carlos Alvarez purchased 30,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was purchased at an average cost of $85.08 per share, for a total transaction of $2,552,400.00. Following the acquisition, the director now owns 454,000 shares of the company’s stock, valued at approximately $38,626,320. The disclosure for this purchase can be found here. Corporate insiders own 4.84% of the company’s stock.

Cullen/Frost Bankers stock opened at $94.16 on Friday. The stock has a market cap of $5.95 billion, a P/E ratio of 13.65, a PEG ratio of 1.46 and a beta of 1.37. Cullen/Frost Bankers, Inc. has a fifty-two week low of $79.86 and a fifty-two week high of $106.23. The firm’s fifty day moving average price is $89.43 and its 200-day moving average price is $91.59. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.62 and a current ratio of 0.62.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.04. The firm had revenue of $365.84 million for the quarter, compared to analysts’ expectations of $364.56 million. Cullen/Frost Bankers had a net margin of 30.76% and a return on equity of 13.11%. During the same quarter in the prior year, the firm posted $1.78 earnings per share. Sell-side analysts predict that Cullen/Frost Bankers, Inc. will post 6.85 earnings per share for the current year.

Cullen/Frost Bankers declared that its board has authorized a stock repurchase program on Thursday, July 25th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 1.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Cullen/Frost Bankers Company Profile

Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.

Read More: Equity Income

Institutional Ownership by Quarter for Cullen/Frost Bankers (NYSE:CFR)

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