Cullen/Frost Bankers, Inc. (CFR) Shares Bought by Legal & General Group Plc
Legal & General Group Plc increased its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 12.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,903 shares of the bank’s stock after buying an additional 7,910 shares during the quarter. Legal & General Group Plc owned 0.11% of Cullen/Frost Bankers worth $6,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also made changes to their positions in the company. Parallax Volatility Advisers L.P. grew its stake in Cullen/Frost Bankers by 124.1% during the 2nd quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock worth $102,000 after buying an additional 602 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Cullen/Frost Bankers during the 2nd quarter worth $114,000. Westwood Holdings Group Inc. purchased a new position in Cullen/Frost Bankers during the 2nd quarter worth $131,000. Fiduciary Trust Co. purchased a new position in Cullen/Frost Bankers during the 2nd quarter worth $136,000. Finally, Meeder Asset Management Inc. grew its stake in Cullen/Frost Bankers by 50.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock worth $150,000 after buying an additional 531 shares during the last quarter. Hedge funds and other institutional investors own 81.16% of the company’s stock.
Several research analysts recently weighed in on the company. Zacks Investment Research downgraded Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Maxim Group reaffirmed a “buy” rating and set a $110.00 price target on shares of Cullen/Frost Bankers in a research report on Thursday, October 26th. Royal Bank of Canada reaffirmed a “hold” rating and set a $100.00 price target on shares of Cullen/Frost Bankers in a research report on Friday, October 27th. Citigroup raised Cullen/Frost Bankers to a “market perform” rating in a research report on Friday, October 27th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $115.00 price target on shares of Cullen/Frost Bankers in a research report on Sunday, October 29th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $101.73.
Cullen/Frost Bankers (NYSE:CFR) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $1.41 EPS for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.10. The company had revenue of $300.83 million during the quarter, compared to analysts’ expectations of $329.62 million. Cullen/Frost Bankers had a return on equity of 11.64% and a net margin of 28.86%. During the same quarter in the previous year, the firm posted $1.24 EPS. equities analysts forecast that Cullen/Frost Bankers, Inc. will post 5.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were issued a $0.57 dividend. The ex-dividend date was Wednesday, November 29th. This represents a $2.28 annualized dividend and a dividend yield of 2.41%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 43.35%.
Cullen/Frost Bankers declared that its Board of Directors has initiated a stock buyback plan on Thursday, October 26th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, CFO Jerry Salinas sold 12,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 24,184 shares of the company’s stock, valued at approximately $2,409,935.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bobby Berman sold 41,760 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $100.53, for a total value of $4,198,132.80. Following the completion of the transaction, the insider now directly owns 38,596 shares of the company’s stock, valued at approximately $3,880,055.88. The disclosure for this sale can be found here. In the last three months, insiders sold 60,760 shares of company stock valued at $6,058,863. Insiders own 5.15% of the company’s stock.
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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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