Palisade Capital Management LLC NJ Purchases 8,690 Shares of Cullen/Frost Bankers, Inc. (CFR)
Palisade Capital Management LLC NJ increased its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 3.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 267,045 shares of the bank’s stock after buying an additional 8,690 shares during the quarter. Cullen/Frost Bankers accounts for about 0.9% of Palisade Capital Management LLC NJ’s investment portfolio, making the stock its 22nd largest position. Palisade Capital Management LLC NJ owned 0.42% of Cullen/Frost Bankers worth $25,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position 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 valued at $512,749,000 after purchasing an additional 103,634 shares during the last quarter. BlackRock Inc. grew its stake in Cullen/Frost Bankers by 3.9% in the second quarter. BlackRock Inc. now owns 4,879,258 shares of the bank’s stock valued at $458,211,000 after acquiring an additional 183,302 shares during the period. FMR LLC grew its stake in Cullen/Frost Bankers by 2.0% in the second quarter. FMR LLC now owns 4,090,392 shares of the bank’s stock valued at $384,130,000 after acquiring an additional 80,709 shares during the period. JPMorgan Chase & Co. grew its stake in Cullen/Frost Bankers by 4.9% in the second quarter. JPMorgan Chase & Co. now owns 2,046,915 shares of the bank’s stock valued at $192,225,000 after acquiring an additional 95,236 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Cullen/Frost Bankers by 177.5% in the second quarter. Principal Financial Group Inc. now owns 1,830,898 shares of the bank’s stock valued at $171,940,000 after purchasing an additional 1,171,078 shares in the last quarter. Institutional investors and hedge funds own 80.71% of the company’s stock.
In other news, insider Bobby Berman sold 41,760 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the sale, the insider now directly owns 38,596 shares in the company, valued at approximately $3,880,055.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.15% of the stock is owned by company insiders.
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Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.10. The firm had revenue of $300.83 million for the quarter, compared to the consensus estimate of $329.62 million. Cullen/Frost Bankers had a net margin of 28.86% and a return on equity of 11.64%. During the same period last year, the firm earned $1.24 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $2.28 annualized dividend and a dividend yield of 2.34%. Cullen/Frost Bankers’s payout ratio is 43.35%.
Cullen/Frost Bankers announced that its Board of Directors has initiated a share repurchase plan on Thursday, October 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Several research firms recently issued reports on CFR. Barclays PLC upped their target price on Cullen/Frost Bankers from $97.00 to $106.00 and gave the stock an “equal weight” rating in a report on Monday. J P Morgan Chase & Co upped their target price on Cullen/Frost Bankers from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Monday. SunTrust Banks, Inc. reissued a “buy” rating and set a $115.00 price target on shares of Cullen/Frost Bankers in a research report on Sunday, October 29th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $100.00 target price on shares of Cullen/Frost Bankers in a report on Friday, October 27th. Finally, Zacks Investment Research raised Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. Cullen/Frost Bankers currently has a consensus rating of “Hold” and a consensus target price of $100.46.
Cullen/Frost Bankers Company Profile
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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