Palisade Capital Management LP Takes $16.09 Million Position in Cullen/Frost Bankers, Inc. $CFR

Palisade Capital Management LP purchased a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 104,125 shares of the bank’s stock, valued at approximately $16,089,000. Palisade Capital Management LP owned about 0.17% of Cullen/Frost Bankers at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new stake in Cullen/Frost Bankers during the 3rd quarter worth approximately $28,000. Covestor Ltd increased its position in Cullen/Frost Bankers by 67.6% in the 4th quarter. Covestor Ltd now owns 248 shares of the bank’s stock valued at $31,000 after acquiring an additional 100 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Cullen/Frost Bankers during the second quarter valued at $37,000. Global Retirement Partners LLC bought a new position in shares of Cullen/Frost Bankers during the second quarter valued at $38,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of Cullen/Frost Bankers during the first quarter worth $41,000. Institutional investors own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. DA Davidson boosted their price objective on shares of Cullen/Frost Bankers from $143.00 to $144.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised their target price on Cullen/Frost Bankers from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Morgan Stanley lifted their target price on Cullen/Frost Bankers from $133.00 to $141.00 and gave the stock an “underweight” rating in a report on Monday, June 29th. Stephens increased their price target on Cullen/Frost Bankers from $169.00 to $183.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Finally, Zacks Research upgraded Cullen/Frost Bankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cullen/Frost Bankers has an average rating of “Hold” and a consensus target price of $161.75.

Insider Activity at Cullen/Frost Bankers

In related news, EVP Carol Jean Severyn sold 837 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $148.29, for a total transaction of $124,118.73. Following the completion of the sale, the executive vice president owned 12,712 shares of the company’s stock, valued at $1,885,062.48. This trade represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.14% of the stock is currently owned by insiders.

Cullen/Frost Bankers Price Performance

Shares of NYSE CFR opened at $163.43 on Wednesday. The company has a market capitalization of $10.16 billion, a PE ratio of 15.45, a P/E/G ratio of 2.52 and a beta of 0.53. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.05. Cullen/Frost Bankers, Inc. has a twelve month low of $119.00 and a twelve month high of $170.80. The firm has a fifty day simple moving average of $160.36 and a 200 day simple moving average of $147.01.

Cullen/Frost Bankers (NYSE:CFR) last issued its quarterly earnings results on Thursday, July 30th. The bank reported $2.70 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.15. Cullen/Frost Bankers had a net margin of 23.34% and a return on equity of 15.55%. The business had revenue of $576.01 million for the quarter, compared to analysts’ expectations of $589.72 million. During the same quarter in the prior year, the firm posted $2.39 earnings per share. On average, sell-side analysts forecast that Cullen/Frost Bankers, Inc. will post 10.9 EPS for the current year.

Cullen/Frost Bankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $1.03 per share. The ex-dividend date is Monday, August 31st. This represents a $4.12 annualized dividend and a dividend yield of 2.5%. Cullen/Frost Bankers’s dividend payout ratio is presently 38.94%.

Cullen/Frost Bankers Company Profile

Cullen/Frost Bankers, Inc is the holding company for Frost Bank, a Texas-chartered financial institution whose origins date back to 1868 in San Antonio. As one of the oldest banking organizations in the state, it offers a broad range of services to individuals, small and large businesses, and institutional clients. Core banking activities include commercial lending, deposit services, cash management and trade finance, while consumer products cover residential mortgages, personal lines of credit and home equity loans.

Beyond traditional banking, the company provides comprehensive treasury and equipment leasing solutions tailored to support working capital and capital expenditure requirements.