First Merchants Corp cut its stake in shares of Cullen/Frost Bankers Inc. (NYSE:CFR) by 3.4% during the second quarter, Holdings Channel reports. The fund owned 6,142 shares of the company’s stock after selling 215 shares during the period. First Merchants Corp’s holdings in Cullen/Frost Bankers were worth $391,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CFR. Bessemer Group Inc. boosted its stake in shares of Cullen/Frost Bankers by 5.3% in the first quarter. Bessemer Group Inc. now owns 2,033 shares of the company’s stock valued at $112,000 after buying an additional 103 shares during the period. First Manhattan Co. boosted its stake in shares of Cullen/Frost Bankers by 0.3% in the second quarter. First Manhattan Co. now owns 64,353 shares of the company’s stock valued at $4,101,000 after buying an additional 200 shares during the period. Howland Capital Management LLC boosted its stake in shares of Cullen/Frost Bankers by 0.6% in the second quarter. Howland Capital Management LLC now owns 64,704 shares of the company’s stock valued at $4,124,000 after buying an additional 397 shares during the period. Ramsey Quantitative Systems boosted its stake in shares of Cullen/Frost Bankers by 5.5% in the first quarter. Ramsey Quantitative Systems now owns 9,214 shares of the company’s stock valued at $508,000 after buying an additional 477 shares during the period. Finally, Trust Co boosted its stake in shares of Cullen/Frost Bankers by 2.2% in the first quarter. Trust Co now owns 33,120 shares of the company’s stock valued at $1,825,000 after buying an additional 720 shares during the period. 84.81% of the stock is owned by institutional investors and hedge funds.

Cullen/Frost Bankers Inc. (NYSE:CFR) traded up 0.21% during trading on Wednesday, reaching $69.93. 373,013 shares of the company were exchanged. The stock has a market capitalization of $4.34 billion, a PE ratio of 16.52 and a beta of 1.13. Cullen/Frost Bankers Inc. has a 52-week low of $42.41 and a 52-week high of $73.99. The firm’s 50 day moving average is $70.62 and its 200 day moving average is $64.07.

Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Wednesday, July 27th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.06. Cullen/Frost Bankers had a return on equity of 9.67% and a net margin of 24.81%. During the same period last year, the business posted $1.11 EPS. Analysts expect that Cullen/Frost Bankers Inc. will post $4.56 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Monday, August 29th. Cullen/Frost Bankers’s payout ratio is 50.82%.

Several brokerages recently weighed in on CFR. Keefe, Bruyette & Woods raised their target price on shares of Cullen/Frost Bankers from $57.00 to $68.00 and gave the company a “market perform” rating in a report on Thursday, July 28th. Jefferies Group raised their price objective on shares of Cullen/Frost Bankers from $61.00 to $67.00 and gave the stock a “hold” rating in a report on Thursday, July 28th. RBC Capital Markets reissued a “sector perform” rating and set a $70.00 price objective (up previously from $63.00) on shares of Cullen/Frost Bankers in a report on Thursday, July 28th. Barclays PLC raised their price objective on shares of Cullen/Frost Bankers from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Thursday, July 28th. Finally, Maxim Group raised their price objective on shares of Cullen/Frost Bankers from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $66.38.

In other Cullen/Frost Bankers news, insider Patrick B. Frost sold 10,500 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $67.73, for a total value of $711,165.00. Following the transaction, the insider now directly owns 160,147 shares of the company’s stock, valued at approximately $10,846,756.31. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Richard Kardys sold 25,500 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $69.54, for a total value of $1,773,270.00. Following the completion of the transaction, the insider now directly owns 128,078 shares in the company, valued at $8,906,544.12. The disclosure for this sale can be found here. 8.03% of the stock is owned by company insiders.

About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc is a financial holding and bank holding company. The Company, through its subsidiaries, offers commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services.

5 Day Chart for NYSE:CFR

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