Cullen/Frost Bankers, Inc. (NYSE:CFR) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Friday, May 31st will be given a dividend of 0.71 per share by the bank on Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Thursday, May 30th. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.67.

Cullen/Frost Bankers has increased its dividend by an average of 7.1% annually over the last three years and has raised its dividend every year for the last 26 years. Cullen/Frost Bankers has a payout ratio of 41.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cullen/Frost Bankers to earn $7.16 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 39.7%.

CFR opened at $96.49 on Friday. Cullen/Frost Bankers has a twelve month low of $81.87 and a twelve month high of $118.89. The company has a market cap of $6.09 billion, a PE ratio of 13.98, a P/E/G ratio of 1.50 and a beta of 1.38. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.61 and a quick ratio of 0.61.

Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, April 25th. The bank reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.04. Cullen/Frost Bankers had a net margin of 32.16% and a return on equity of 14.30%. The business had revenue of $367.96 million during the quarter, compared to analysts’ expectations of $366.47 million. During the same period in the prior year, the company earned $1.61 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. As a group, research analysts predict that Cullen/Frost Bankers will post 7.01 EPS for the current fiscal year.

CFR has been the subject of a number of research reports. Stephens set a $104.00 target price on shares of Cullen/Frost Bankers and gave the company a “hold” rating in a report on Friday, February 8th. Zacks Investment Research cut shares of Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a report on Wednesday, February 6th. Wedbush upped their target price on shares of Cullen/Frost Bankers from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, April 26th. Finally, Maxim Group reaffirmed a “buy” rating and set a $110.00 target price (down from $115.00) on shares of Cullen/Frost Bankers in a report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $102.89.

In other Cullen/Frost Bankers news, Chairman Phillip D. Green sold 14,210 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $101.91, for a total value of $1,448,141.10. Following the completion of the transaction, the chairman now directly owns 34,337 shares in the company, valued at $3,499,283.67. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jerry Salinas sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.98, for a total transaction of $1,211,760.00. Following the completion of the transaction, the chief financial officer now owns 24,856 shares of the company’s stock, valued at $2,509,958.88. The disclosure for this sale can be found here. 4.84% of the stock is currently owned by corporate insiders.

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About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.

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Dividend History for Cullen/Frost Bankers (NYSE:CFR)

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