Cullen/Frost Bankers, Inc. $CFR Shares Newly Acquired by Convergence Financial LLC

Convergence Financial LLC bought a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,407 shares of the bank’s stock, valued at approximately $673,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CFR. Symphony Financial Ltd. Co. grew its holdings in shares of Cullen/Frost Bankers by 2.2% during the second quarter. Symphony Financial Ltd. Co. now owns 3,482 shares of the bank’s stock worth $539,000 after buying an additional 75 shares during the last quarter. Reyes Financial Architecture Inc. raised its stake in Cullen/Frost Bankers by 14.4% during the 3rd quarter. Reyes Financial Architecture Inc. now owns 611 shares of the bank’s stock valued at $93,000 after acquiring an additional 77 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Cullen/Frost Bankers by 0.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 12,921 shares of the bank’s stock valued at $1,771,000 after acquiring an additional 100 shares during the last quarter. State of Michigan Retirement System raised its stake in Cullen/Frost Bankers by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 15,164 shares of the bank’s stock valued at $2,079,000 after acquiring an additional 100 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Cullen/Frost Bankers by 17.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 704 shares of the bank’s stock worth $97,000 after acquiring an additional 107 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Cullen/Frost Bankers Stock Up 0.5%

CFR opened at $157.76 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.63 and a quick ratio of 0.63. Cullen/Frost Bankers, Inc. has a 12 month low of $119.14 and a 12 month high of $170.80. The stock has a market capitalization of $9.80 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.83 and a beta of 0.56. The business has a 50 day simple moving average of $157.94 and a 200-day simple moving average of $148.72.

Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 29th. The bank reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Cullen/Frost Bankers had a return on equity of 15.55% and a net margin of 23.34%. The firm had revenue of $603.83 million for the quarter, compared to analyst estimates of $610.19 million. During the same quarter in the prior year, the company posted $2.67 earnings per share. On average, equities analysts anticipate that Cullen/Frost Bankers, Inc. will post 10.94 earnings per share for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a $1.03 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $4.12 dividend on an annualized basis and a yield of 2.6%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 38.94%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Barclays lifted their target price on Cullen/Frost Bankers from $160.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 5th. Royal Bank Of Canada cut their price target on Cullen/Frost Bankers from $176.00 to $175.00 and set a “sector perform” rating for the company in a research note on Friday, October 9th. TD Cowen cut their price target on Cullen/Frost Bankers from $185.00 to $178.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Jefferies Financial Group raised Cullen/Frost Bankers from an “underperform” rating to a “hold” rating and increased their price target for the stock from $135.00 to $160.00 in a report on Monday, July 6th. Finally, Cantor Fitzgerald lowered their price objective on shares of Cullen/Frost Bankers from $175.00 to $167.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 14th. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cullen/Frost Bankers has an average rating of “Hold” and an average target price of $169.36.

Key Cullen/Frost Bankers News

Here are the key news stories impacting Cullen/Frost Bankers this week:

• Positive Sentiment: Third-quarter earnings beat expectations. Cullen/Frost reported $2.84 in diluted EPS, up from $2.67 a year earlier and above the $2.80 consensus estimate. Net income available to common shareholders increased to $178.5 million from $172.7 million. Cullen/Frost Reports Third Quarter Results
• Positive Sentiment: Loan growth and fee income remained solid. Average loans rose 9.0% year over year to $23.4 billion, while non-interest income increased 8.2% to $136.0 million. Deposits also grew 3.6% to $43.6 billion, supporting the bank’s expansion. Cullen Frost Reports Third Quarter Net Income
• Positive Sentiment: The quarterly dividend was maintained. The board declared a $1.03-per-share common dividend, or $4.12 annualized, representing an indicated yield of approximately 2.6%. The payment is scheduled for December 15 for shareholders of record November 30. Cullen/Frost Dividend Announcement
• Neutral Sentiment: Cullen/Frost will move its primary listings from the NYSE to the Texas Stock Exchange. The CFR and CFR.PrB ticker symbols will remain unchanged. The move may strengthen the bank’s Texas-focused identity and support the emerging exchange, but it does not immediately alter the company’s fundamentals. Cullen/Frost TXSE Listing Announcement
• Negative Sentiment: Revenue fell short of expectations. Reported revenue was $603.83 million versus the $610.19 million analyst consensus, tempering the earnings beat. Non-interest expense also rose 7.0% year over year to $377.2 million.
• Neutral Sentiment: Credit costs remain a monitoring point. Third-quarter credit loss expense was $12.1 million and net charge-offs totaled $8.4 million, though the available reports did not indicate a major deterioration in credit quality. Cullen/Frost Net Charge-Off Report

About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc is a financial holding company headquartered in San Antonio, Texas. Its principal subsidiary, Frost Bank, provides banking and financial services to individuals, businesses and institutions throughout Texas.

Frost Bank offers personal and commercial deposit accounts, loans, mortgages, treasury management, payments and other business banking services. The company also provides wealth management, trust and investment services, brokerage services and insurance solutions through its related businesses.

Frost traces its history to 1868, when Thomas Claiborne Frost founded the bank in San Antonio.