State Board of Administration of Florida Retirement System Boosts Stake in Cullen/Frost Bankers, Inc. (CFR)
State Board of Administration of Florida Retirement System increased its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,758 shares of the bank’s stock after buying an additional 2,040 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.11% of Cullen/Frost Bankers worth $6,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in CFR. Principal Financial Group Inc. increased its stake 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 buying an additional 1,171,078 shares during the period. Crawford Investment Counsel Inc. acquired a new position in shares of Cullen/Frost Bankers in the second quarter valued at approximately $28,037,000. BlackRock Inc. increased its stake in shares of 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 buying an additional 183,302 shares during the period. Davis R M Inc. acquired a new position in shares of Cullen/Frost Bankers in the second quarter valued at approximately $13,407,000. Finally, Vanguard Group Inc. increased its stake in shares of Cullen/Frost Bankers by 1.9% in the second quarter. Vanguard Group Inc. now owns 5,460,000 shares of the bank’s stock valued at $512,749,000 after buying an additional 103,634 shares during the period. 81.38% of the stock is owned by institutional investors.
A number of analysts have weighed in on CFR shares. Zacks Investment Research raised shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research report on Tuesday, October 10th. Citigroup Inc. raised shares of Cullen/Frost Bankers to a “market perform” rating in a research report on Friday, October 27th. Barclays PLC increased their target price on shares of Cullen/Frost Bankers from $97.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, July 28th. Maxim Group reissued a “buy” rating and set a $110.00 target price on shares of Cullen/Frost Bankers in a research report on Thursday, October 26th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $103.00 target price on shares of Cullen/Frost Bankers in a research report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. Cullen/Frost Bankers has a consensus rating of “Hold” and an average target price of $100.58.
Cullen/Frost Bankers, Inc. (NYSE:CFR) opened at $95.20 on Tuesday. The stock has a market capitalization of $5,896.40, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 1.84 and a beta of 1.35. Cullen/Frost Bankers, Inc. has a twelve month low of $79.76 and a twelve month high of $103.37. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.08.
Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.10. The firm had revenue of $300.83 million for 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 period in the prior year, the business earned $1.24 EPS. sell-side analysts anticipate that Cullen/Frost Bankers, Inc. will post 5.35 earnings per share for the current fiscal year.
Cullen/Frost Bankers declared that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Wednesday, November 29th. Cullen/Frost Bankers’s payout ratio is 43.35%.
In other Cullen/Frost Bankers news, insider Bobby Berman sold 41,760 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the transaction, the insider now directly owns 38,596 shares in the company, valued at approximately $3,880,055.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.15% of the stock is currently owned by corporate insiders.
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Cullen/Frost Bankers 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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