Cullen/Frost Bankers, Inc. (NYSE:CFR) CFO Jerry Salinas sold 12,000 shares of Cullen/Frost Bankers stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $99.65, for a total value of $1,195,800.00. Following the transaction, the chief financial officer now directly owns 24,184 shares of the company’s stock, valued at approximately $2,409,935.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Shares of Cullen/Frost Bankers, Inc. (NYSE CFR) opened at $94.35 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.08. Cullen/Frost Bankers, Inc. has a fifty-two week low of $81.09 and a fifty-two week high of $103.37. The stock has a market capitalization of $6,180.01, a PE ratio of 18.60, a PEG ratio of 1.92 and a beta of 1.33.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.10. Cullen/Frost Bankers had a return on equity of 11.64% and a net margin of 28.86%. The business had revenue of $300.83 million during the quarter, compared to analysts’ expectations of $329.62 million. During the same quarter in the previous year, the business earned $1.24 EPS. research analysts expect that Cullen/Frost Bankers, Inc. will post 5.36 earnings per share for the current fiscal year.
Cullen/Frost Bankers announced that its Board of Directors has initiated a share buyback program on Thursday, October 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Wednesday, November 29th. Cullen/Frost Bankers’s payout ratio is currently 43.35%.
Several large investors have recently modified their holdings of CFR. Vanguard Group Inc. boosted its holdings in Cullen/Frost Bankers by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 5,460,000 shares of the bank’s stock worth $512,749,000 after acquiring an additional 103,634 shares during the period. BlackRock Inc. boosted its holdings in Cullen/Frost Bankers by 3.9% in the 2nd quarter. BlackRock Inc. now owns 4,879,258 shares of the bank’s stock worth $458,211,000 after acquiring an additional 183,302 shares during the period. FMR LLC raised its position in shares of Cullen/Frost Bankers by 2.0% in the 2nd quarter. FMR LLC now owns 4,090,392 shares of the bank’s stock valued at $384,130,000 after purchasing an additional 80,709 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Cullen/Frost Bankers by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,046,915 shares of the bank’s stock valued at $192,225,000 after purchasing an additional 95,236 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Cullen/Frost Bankers by 0.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,838,126 shares of the bank’s stock valued at $174,474,000 after purchasing an additional 7,228 shares in the last quarter. Institutional investors and hedge funds own 81.16% of the company’s stock.
Several research analysts have recently issued reports on the company. Raymond James Financial downgraded Cullen/Frost Bankers from a “market perform” rating to an “underperform” rating in a research note on Thursday, August 10th. Zacks Investment Research downgraded Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Citigroup downgraded shares of Cullen/Frost Bankers to an “underperform” rating in a research note on Thursday, August 10th. They noted that the move was a valuation call. Maxim Group reissued a “buy” rating and issued a $110.00 target price on shares of Cullen/Frost Bankers in a research note on Thursday, October 26th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $100.00 target price on shares of Cullen/Frost Bankers in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $100.65.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc is a financial holding company and a bank holding company. The Company, through its subsidiaries, provides a range of products and services throughout Texas markets. The Company’s segments include Banking, Frost Wealth Advisors and Non-Banks. The Banking segment includes both commercial and consumer banking services, and Frost Insurance Agency.
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