Wedge Capital Management L L P NC Sells 398,441 Shares of Cullen/Frost Bankers, Inc. (CFR)
Wedge Capital Management L L P NC cut its position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 24.9% during the second quarter, Holdings Channel reports. The institutional investor owned 1,201,244 shares of the bank’s stock after selling 398,441 shares during the period. Cullen/Frost Bankers accounts for about 1.1% of Wedge Capital Management L L P NC’s portfolio, making the stock its 21st largest position. Wedge Capital Management L L P NC’s holdings in Cullen/Frost Bankers were worth $112,809,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its position in shares of Cullen/Frost Bankers by 1.7% in the first quarter. Bank of Montreal Can now owns 7,333 shares of the bank’s stock worth $652,000 after buying an additional 124 shares during the period. Parametrica Management Ltd acquired a new position in shares of Cullen/Frost Bankers during the first quarter worth $414,000. Americafirst Capital Management LLC acquired a new position in shares of Cullen/Frost Bankers during the first quarter worth $156,000. Louisiana State Employees Retirement System increased its position in shares of Cullen/Frost Bankers by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock worth $1,272,000 after buying an additional 400 shares during the period. Finally, Palisade Capital Management LLC NJ increased its position in shares of Cullen/Frost Bankers by 4.7% in the first quarter. Palisade Capital Management LLC NJ now owns 218,975 shares of the bank’s stock worth $19,482,000 after buying an additional 9,844 shares during the period. 80.80% of the stock is currently owned by institutional investors and hedge funds.
Cullen/Frost Bankers, Inc. (NYSE:CFR) opened at 87.21 on Friday. Cullen/Frost Bankers, Inc. has a 52 week low of $67.86 and a 52 week high of $99.20. The stock has a 50 day moving average price of $93.65 and a 200-day moving average price of $92.02. The company has a market capitalization of $5.60 billion, a PE ratio of 17.18 and a beta of 1.32.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, July 27th. The bank reported $1.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.29. The firm had revenue of $295.87 million for the quarter, compared to the consensus estimate of $316.40 million. Cullen/Frost Bankers had a net margin of 28.49% and a return on equity of 11.23%. During the same quarter in the prior year, the firm posted $1.11 earnings per share. On average, equities analysts predict that Cullen/Frost Bankers, Inc. will post $5.27 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.57 per share. The ex-dividend date is Tuesday, August 29th. This represents a $2.28 dividend on an annualized basis and a yield of 2.61%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 44.79%.
A number of equities analysts have weighed in on CFR shares. Royal Bank Of Canada reissued a “sector perform” rating and set a $99.00 price target (up previously from $93.00) on shares of Cullen/Frost Bankers in a research report on Thursday, April 27th. Zacks Investment Research raised Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a research report on Tuesday, May 2nd. Wedbush raised Cullen/Frost Bankers from an “underperform” rating to a “neutral” rating and set a $92.00 target price on the stock in a research report on Friday, May 19th. Morgan Stanley upped their target price on Cullen/Frost Bankers from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 6th. Finally, BidaskClub downgraded Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $95.33.
In related news, Director Graham M. Weston acquired 22,081 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were bought at an average price of $90.56 per share, for a total transaction of $1,999,655.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.15% of the stock is owned by corporate insiders.
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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