Cullen/Frost Bankers (NYSE:CFR) Price Target Cut to $104.00

Cullen/Frost Bankers (NYSE:CFR) had its price objective lowered by Citigroup from $107.00 to $104.00 in a research note released on Monday morning, Benzinga reports. The firm currently has a sell rating on the bank’s stock.

CFR has been the topic of several other reports. Truist Financial cut their price objective on Cullen/Frost Bankers from $126.00 to $123.00 and set a hold rating on the stock in a research report on Friday, September 20th. DA Davidson raised their price objective on Cullen/Frost Bankers from $127.00 to $134.00 and gave the company a buy rating in a research report on Friday, July 26th. Jefferies Financial Group lowered their target price on Cullen/Frost Bankers from $117.00 to $108.00 and set a hold rating for the company in a research note on Wednesday, July 3rd. Wedbush lowered their target price on Cullen/Frost Bankers from $124.00 to $123.00 and set a neutral rating for the company in a research note on Tuesday, September 24th. Finally, Maxim Group lifted their price target 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 equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Cullen/Frost Bankers presently has an average rating of Hold and an average price target of $121.14.

Cullen/Frost Bankers Stock Up 0.4 %

Shares of NYSE:CFR opened at $108.42 on Monday. The stock’s 50-day moving average price is $110.58 and its two-hundred day moving average price is $107.04. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.06. Cullen/Frost Bankers has a 12-month low of $82.25 and a 12-month high of $123.17. The firm has a market cap of $6.97 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.36 and a beta of 1.00.

Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, July 25th. The bank reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.14. The business had revenue of $528.81 million for the quarter, compared to analyst estimates 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 company posted $2.47 EPS. On average, research analysts forecast that Cullen/Frost Bankers will post 8.62 EPS for the current year.

Cullen/Frost Bankers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Friday, August 30th. This is a boost from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. Cullen/Frost Bankers’s payout ratio is 44.92%.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Cullen/Frost Bankers by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,412,843 shares of the bank’s stock worth $695,729,000 after buying an additional 19,755 shares during the last quarter. Champlain Investment Partners LLC grew its position in Cullen/Frost Bankers by 18.4% in the first quarter. Champlain Investment Partners LLC now owns 3,192,486 shares of the bank’s stock worth $359,378,000 after buying an additional 495,215 shares during the last quarter. Janus Henderson Group PLC grew its position in Cullen/Frost Bankers by 18.8% in the first quarter. Janus Henderson Group PLC now owns 1,021,559 shares of the bank’s stock worth $114,994,000 after buying an additional 161,580 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Cullen/Frost Bankers by 14.4% in the second quarter. Dimensional Fund Advisors LP now owns 953,098 shares of the bank’s stock worth $96,856,000 after buying an additional 120,333 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Cullen/Frost Bankers by 1.6% in the first quarter. Principal Financial Group Inc. now owns 821,103 shares of the bank’s stock worth $92,432,000 after buying an additional 12,897 shares during 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.