Swiss National Bank Reduces Stock Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Swiss National Bank reduced its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 0.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 119,200 shares of the bank’s stock after selling 800 shares during the period. Swiss National Bank’s holdings in Cullen/Frost Bankers were worth $13,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CFR. Boston Trust Walden Corp purchased a new stake in Cullen/Frost Bankers in the 3rd quarter worth about $107,166,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Cullen/Frost Bankers in the third quarter worth about $54,012,000. Deprince Race & Zollo Inc. bought a new stake in shares of Cullen/Frost Bankers in the second quarter valued at approximately $37,813,000. Strategic Financial Concepts LLC lifted its stake in shares of Cullen/Frost Bankers by 7,109.7% during the 2nd quarter. Strategic Financial Concepts LLC now owns 250,896 shares of the bank’s stock valued at $255,000 after buying an additional 247,416 shares in the last quarter. Finally, Natixis Advisors LLC boosted its holdings in Cullen/Frost Bankers by 300.6% in the 3rd quarter. Natixis Advisors LLC now owns 223,655 shares of the bank’s stock worth $25,018,000 after buying an additional 167,828 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Howard L. Kasanoff sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $138.34, for a total value of $553,360.00. Following the transaction, the executive vice president now owns 2,888 shares in the company, valued at approximately $399,525.92. This trade represents a 58.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Phillip D. Green sold 14,358 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $137.96, for a total transaction of $1,980,829.68. Following the sale, the chief executive officer now owns 94,423 shares of the company’s stock, valued at $13,026,597.08. This represents a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,864 shares of company stock valued at $2,977,033. Insiders own 2.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CFR shares. Stephens increased their target price on Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Royal Bank of Canada lifted their target price on Cullen/Frost Bankers from $118.00 to $130.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Maxim Group increased their price target on shares of Cullen/Frost Bankers from $138.00 to $149.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Truist Financial reduced their price objective on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Finally, Citigroup increased their target price on shares of Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a “sell” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Cullen/Frost Bankers currently has a consensus rating of “Hold” and a consensus price target of $123.86.

Cullen/Frost Bankers Price Performance

CFR opened at $142.32 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $9.13 billion, a P/E ratio of 17.66, a PEG ratio of 1.69 and a beta of 0.98. The stock has a 50-day moving average price of $124.07 and a 200-day moving average price of $112.05. Cullen/Frost Bankers, Inc. has a 12-month low of $94.09 and a 12-month high of $144.89.

Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 EPS for the quarter, topping the consensus estimate of $2.17 by $0.07. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The firm had revenue of $518.04 million for the quarter, compared to the consensus estimate of $517.25 million. During the same period last year, the firm posted $2.38 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. Equities analysts predict that Cullen/Frost Bankers, Inc. will post 8.71 earnings per share for the current fiscal year.

Cullen/Frost Bankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.67%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is currently 47.15%.

About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services, as well as originates commercial leasing services.