Cullen/Frost Bankers, Inc. (NYSE:CFR) to Issue Quarterly Dividend of $0.95

Cullen/Frost Bankers, Inc. (NYSE:CFR) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Stockholders of record on Friday, August 30th will be given a dividend of 0.95 per share by the bank on Friday, September 13th. This represents a $3.80 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.92.

Cullen/Frost Bankers has increased its dividend payment by an average of 7.9% per year over the last three years and has increased its dividend every year for the last 31 years. Cullen/Frost Bankers has a payout ratio of 44.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cullen/Frost Bankers to earn $8.65 per share next year, which means the company should continue to be able to cover its $3.80 annual dividend with an expected future payout ratio of 43.9%.

Cullen/Frost Bankers Stock Performance

Shares of NYSE CFR opened at $112.51 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.64 and a quick ratio of 0.64. Cullen/Frost Bankers has a one year low of $82.25 and a one year high of $123.17. The business’s 50-day moving average price is $107.12 and its two-hundred day moving average price is $106.61. The company has a market capitalization of $7.20 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 1.36 and a beta of 1.03.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, July 25th. The bank reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.14. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. The business had revenue of $528.81 million for the quarter, compared to the consensus estimate of $506.83 million. During the same quarter last year, the firm earned $2.47 EPS. Analysts anticipate that Cullen/Frost Bankers will post 8.62 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of brokerages recently commented on CFR. Wedbush upped their target price on Cullen/Frost Bankers from $106.00 to $124.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Evercore ISI dropped their price target on shares of Cullen/Frost Bankers from $109.00 to $100.00 and set an “underperform” rating for the company in a research report on Tuesday, June 25th. JPMorgan Chase & Co. decreased their price objective on Cullen/Frost Bankers from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. StockNews.com raised Cullen/Frost Bankers to a “sell” rating in a report on Saturday, May 4th. Finally, Truist Financial raised their target price on Cullen/Frost Bankers from $102.00 to $126.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $119.93.

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.