Ontario Teachers Pension Plan Board purchased a new stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 15,681 shares of the bank’s stock, valued at approximately $875,000.
Several other large investors have also made changes to their positions in CFR. Wealth Quarterback LLC purchased a new stake in shares of Cullen/Frost Bankers in the fourth quarter valued at about $22,989,911,000. Norges Bank purchased a new stake in shares of Cullen/Frost Bankers in the fourth quarter valued at about $50,925,000. State Street Corp raised its holdings in shares of Cullen/Frost Bankers by 9.8% in the fourth quarter. State Street Corp now owns 4,937,279 shares of the bank’s stock valued at $482,767,000 after buying an additional 442,307 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Cullen/Frost Bankers by 7.6% in the first quarter. BlackRock Inc. now owns 6,054,374 shares of the bank’s stock valued at $337,773,000 after buying an additional 427,872 shares during the last quarter. Finally, Champlain Investment Partners LLC raised its holdings in shares of Cullen/Frost Bankers by 20.4% in the fourth quarter. Champlain Investment Partners LLC now owns 1,354,450 shares of the bank’s stock valued at $132,438,000 after buying an additional 229,580 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.
CFR has been the subject of a number of research reports. Maxim Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Cullen/Frost Bankers in a report on Saturday, May 2nd. TheStreet cut shares of Cullen/Frost Bankers from a “b-” rating to a “c+” rating in a report on Monday, March 9th. Bank of America reaffirmed an “underperform” rating and issued a $60.00 target price (up from $53.00) on shares of Cullen/Frost Bankers in a report on Friday, May 1st. Keefe, Bruyette & Woods upgraded shares of Cullen/Frost Bankers from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Wednesday, April 1st. Finally, Cfra dropped their price target on shares of Cullen/Frost Bankers from $91.00 to $60.00 and set a “sell” rating on the stock in a research note on Monday, May 18th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $77.50.
In related news, Director Chris Avery bought 3,000 shares of the stock in a transaction on Wednesday, March 4th. The shares were bought at an average cost of $78.59 per share, for a total transaction of $235,770.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $392,950. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Graham M. Weston bought 29,400 shares of the stock in a transaction on Friday, May 1st. The shares were bought at an average price of $68.00 per share, for a total transaction of $1,999,200.00. The disclosure for this purchase can be found here. Corporate insiders own 4.75% of the company’s stock.
Shares of Cullen/Frost Bankers stock opened at $70.39 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.06. The company’s 50-day simple moving average is $64.11 and its 200-day simple moving average is $81.65. Cullen/Frost Bankers, Inc. has a 52-week low of $47.69 and a 52-week high of $100.79. The firm has a market cap of $4.40 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 3.26 and a beta of 1.64.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, April 30th. The bank reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.16). Cullen/Frost Bankers had a return on equity of 10.23% and a net margin of 23.89%. The company had revenue of $481.37 million for the quarter, compared to analyst estimates of $364.53 million. During the same quarter in the previous year, the company posted $1.79 earnings per share. Equities research analysts anticipate that Cullen/Frost Bankers, Inc. will post 2.27 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.84 annualized dividend and a yield of 4.03%. Cullen/Frost Bankers’s payout ratio is currently 41.52%.
Cullen/Frost Bankers Profile
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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