Cullen/Frost Bankers (NYSE:CFR) Hits New 12-Month High After Analyst Upgrade


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Cullen/Frost Bankers, Inc. (NYSE:CFR)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $90.00 to $96.00. Morgan Stanley currently has an underweight rating on the stock. Cullen/Frost Bankers traded as high as $123.14 and last traded at $123.03, with a volume of 2043 shares. The stock had previously closed at $121.63.

CFR has been the subject of several other research reports. Maxim Group upped their price objective on shares of Cullen/Frost Bankers from $111.00 to $144.00 and gave the stock a “buy” rating in a research report on Friday. Zacks Investment Research upgraded shares of Cullen/Frost Bankers from a “hold” rating to a “strong-buy” rating and set a $128.00 price objective for the company in a research report on Tuesday, April 13th. Truist Securities boosted their price target on Cullen/Frost Bankers from $111.00 to $134.00 and gave the stock a “hold” rating in a report on Monday. Finally, Truist raised their price objective on Cullen/Frost Bankers from $111.00 to $134.00 in a research note on Monday. Four research analysts have rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Cullen/Frost Bankers presently has a consensus rating of “Hold” and a consensus target price of $105.88.

In other Cullen/Frost Bankers news, EVP William L. Perotti sold 12,250 shares of the stock in a transaction that occurred on Tuesday, February 23rd. The shares were sold at an average price of $106.09, for a total transaction of $1,299,602.50. Following the completion of the sale, the executive vice president now owns 105,765 shares of the company’s stock, valued at approximately $11,220,608.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carlos Alvarez sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 9th. The stock was sold at an average price of $99.12, for a total transaction of $3,964,800.00. Following the transaction, the director now owns 414,000 shares of the company’s stock, valued at approximately $41,035,680. The disclosure for this sale can be found here. In the last quarter, insiders have sold 121,752 shares of company stock worth $12,463,335. 4.75% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of Cullen/Frost Bankers in the 4th quarter worth about $2,622,000. Ceredex Value Advisors LLC acquired a new position in shares of Cullen/Frost Bankers during the fourth quarter valued at about $8,714,000. Credit Suisse AG boosted its position in shares of Cullen/Frost Bankers by 9.5% during the 4th quarter. Credit Suisse AG now owns 81,470 shares of the bank’s stock worth $7,107,000 after purchasing an additional 7,078 shares in the last quarter. Telemus Capital LLC grew its stake in shares of Cullen/Frost Bankers by 33.9% in the 1st quarter. Telemus Capital LLC now owns 4,461 shares of the bank’s stock valued at $490,000 after buying an additional 1,130 shares during the period. Finally, Probity Advisors Inc. bought a new stake in Cullen/Frost Bankers in the 1st quarter valued at about $1,454,000. Institutional investors and hedge funds own 81.39% of the company’s stock.

The firm has a market cap of $7.80 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 2.13 and a beta of 1.56. The firm has a fifty day simple moving average of $113.28 and a 200-day simple moving average of $95.88. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.72 and a quick ratio of 0.72.

Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Wednesday, April 28th. The bank reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.34. Cullen/Frost Bankers had a net margin of 22.81% and a return on equity of 6.68%. During the same period in the prior year, the company posted $0.75 earnings per share. On average, equities analysts predict that Cullen/Frost Bankers, Inc. will post 3.43 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Friday, May 28th will be paid a dividend of $0.72 per share. The ex-dividend date is Thursday, May 27th. This represents a $2.88 dividend on an annualized basis and a yield of 2.34%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is currently 42.11%.

About Cullen/Frost Bankers (NYSE:CFR)

Cullen/Frost Bankers, Inc operates as a bank holding company of Frost Bank, which engages in the provision of commercial and consumer banking services, as well as trust and investment management, mutual funds, investment banking, insurance, brokerage, leasing, asset-based lending, treasury management and item processing services.

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