The Manufacturers Life Insurance Company Invests $80.13 Million in Cullen/Frost Bankers, Inc. $CFR

The Manufacturers Life Insurance Company acquired a new stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 518,552 shares of the bank’s stock, valued at approximately $80,127,000. The Manufacturers Life Insurance Company owned approximately 0.83% of Cullen/Frost Bankers at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in Cullen/Frost Bankers during the 2nd quarter worth approximately $2,420,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cullen/Frost Bankers in the second quarter valued at approximately $5,503,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in Cullen/Frost Bankers in the second quarter valued at approximately $223,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Cullen/Frost Bankers in the second quarter valued at approximately $37,000. Finally, Globeflex Capital L P acquired a new position in shares of Cullen/Frost Bankers in the second quarter valued at approximately $159,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cullen/Frost Bankers

In other news, EVP Carol Jean Severyn sold 837 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $148.29, for a total value of $124,118.73. Following the completion of the transaction, the executive vice president owned 12,712 shares in the company, valued at $1,885,062.48. This trade represents a 6.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.14% of the stock is currently owned by corporate insiders.

Cullen/Frost Bankers Price Performance

NYSE CFR opened at $163.43 on Wednesday. The firm’s 50 day moving average is $160.36 and its 200-day moving average is $147.01. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $10.16 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 2.52 and a beta of 0.53. Cullen/Frost Bankers, Inc. has a 12-month low of $119.00 and a 12-month high of $170.80.

Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, July 30th. The bank reported $2.70 EPS for the quarter, topping the consensus estimate of $2.55 by $0.15. The business had revenue of $576.01 million during the quarter, compared to analysts’ expectations of $589.72 million. Cullen/Frost Bankers had a net margin of 23.34% and a return on equity of 15.55%. During the same quarter in the prior year, the company posted $2.39 earnings per share. Equities research analysts anticipate that Cullen/Frost Bankers, Inc. will post 10.9 earnings per share for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, August 31st. Cullen/Frost Bankers’s dividend payout ratio is currently 38.94%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CFR shares. DA Davidson increased their price objective on shares of Cullen/Frost Bankers from $143.00 to $144.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Morgan Stanley boosted their price objective on shares of Cullen/Frost Bankers from $133.00 to $141.00 and gave the company an “underweight” rating in a research report on Monday, June 29th. Jefferies Financial Group raised shares of Cullen/Frost Bankers from an “underperform” rating to a “hold” rating and upped their target price for the stock from $135.00 to $160.00 in a research note on Monday, July 6th. Keefe, Bruyette & Woods increased their target price on Cullen/Frost Bankers from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Cantor Fitzgerald lifted their price target on Cullen/Frost Bankers from $158.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Cullen/Frost Bankers presently has an average rating of “Hold” and a consensus target price of $161.75.

Cullen/Frost Bankers Profile

Cullen/Frost Bankers, Inc is the holding company for Frost Bank, a Texas-chartered financial institution whose origins date back to 1868 in San Antonio. As one of the oldest banking organizations in the state, it offers a broad range of services to individuals, small and large businesses, and institutional clients. Core banking activities include commercial lending, deposit services, cash management and trade finance, while consumer products cover residential mortgages, personal lines of credit and home equity loans.

Beyond traditional banking, the company provides comprehensive treasury and equipment leasing solutions tailored to support working capital and capital expenditure requirements.