Cullen/Frost Bankers, Inc. to Post Q3 2024 Earnings of $2.09 Per Share, Zacks Research Forecasts (NYSE:CFR)

Cullen/Frost Bankers, Inc. (NYSE:CFR) – Equities researchers at Zacks Research lifted their Q3 2024 earnings estimates for Cullen/Frost Bankers in a research note issued to investors on Wednesday, August 14th. Zacks Research analyst R. Department now anticipates that the bank will earn $2.09 per share for the quarter, up from their previous forecast of $2.04. The consensus estimate for Cullen/Frost Bankers’ current full-year earnings is $8.62 per share. Zacks Research also issued estimates for Cullen/Frost Bankers’ FY2024 earnings at $8.55 EPS and Q1 2025 earnings at $2.06 EPS.

Cullen/Frost Bankers (NYSE:CFR) last released its earnings results on Thursday, July 25th. The bank reported $2.21 EPS for the quarter, beating the consensus estimate of $2.07 by $0.14. The company had revenue of $528.81 million during the quarter, compared to analysts’ expectations of $506.83 million. Cullen/Frost Bankers had a return on equity of 17.43% and a net margin of 19.51%. During the same period last year, the firm earned $2.47 EPS.

Other research analysts also recently issued reports about the stock. DA Davidson upped their target price on shares of Cullen/Frost Bankers from $127.00 to $134.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Evercore ISI cut their price objective on shares of Cullen/Frost Bankers from $109.00 to $100.00 and set an “underperform” rating on the stock in a report on Tuesday, June 25th. Wedbush lifted their target price on shares of Cullen/Frost Bankers from $106.00 to $124.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. StockNews.com raised Cullen/Frost Bankers to a “sell” rating in a research note on Saturday, May 4th. Finally, Maxim Group lifted their price objective on Cullen/Frost Bankers from $132.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $119.93.

Cullen/Frost Bankers Price Performance

Cullen/Frost Bankers stock opened at $107.90 on Monday. The business’s 50-day simple moving average is $105.48 and its 200 day simple moving average is $106.28. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.06. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 1.34 and a beta of 1.03. Cullen/Frost Bankers has a 12-month low of $82.25 and a 12-month high of $123.17.

Cullen/Frost Bankers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. Cullen/Frost Bankers’s dividend payout ratio is 44.92%.

Insider Transactions at Cullen/Frost Bankers

In related news, EVP Howard L. Kasanoff sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total value of $357,600.00. Following the sale, the executive vice president now directly owns 1,598 shares of the company’s stock, valued at approximately $190,481.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cullen/Frost Bankers news, EVP Candace K. Wolfshohl sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $119.65, for a total transaction of $598,250.00. Following the completion of the transaction, the executive vice president now owns 18,753 shares of the company’s stock, valued at approximately $2,243,796.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Howard L. Kasanoff sold 3,000 shares of Cullen/Frost Bankers stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total transaction of $357,600.00. Following the completion of the sale, the executive vice president now owns 1,598 shares in the company, valued at $190,481.60. The disclosure for this sale can be found here. 2.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CFR. Norges Bank bought a new stake in Cullen/Frost Bankers during the 4th quarter worth about $72,627,000. Champlain Investment Partners LLC raised its holdings in Cullen/Frost Bankers by 18.4% during the first quarter. Champlain Investment Partners LLC now owns 3,192,486 shares of the bank’s stock worth $359,378,000 after acquiring an additional 495,215 shares in the last quarter. Deprince Race & Zollo Inc. bought a new stake in Cullen/Frost Bankers during the second quarter worth about $37,813,000. Strategic Financial Concepts LLC boosted its position in Cullen/Frost Bankers by 7,109.7% during the second quarter. Strategic Financial Concepts LLC now owns 250,896 shares of the bank’s stock valued at $255,000 after purchasing an additional 247,416 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Cullen/Frost Bankers by 44.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 798,403 shares of the bank’s stock valued at $86,619,000 after purchasing an additional 244,197 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services, as well as originates commercial leasing services.