Cullen/Frost Bankers, Inc. (NYSE:CFR) – Jefferies Financial Group lowered their FY2018 earnings estimates for shares of Cullen/Frost Bankers in a report issued on Tuesday, January 8th. Jefferies Financial Group analyst C. Haire now anticipates that the bank will earn $6.80 per share for the year, down from their prior forecast of $6.83.
Other equities analysts also recently issued research reports about the company. Morgan Stanley restated a “hold” rating and set a $115.00 target price on shares of Cullen/Frost Bankers in a report on Tuesday, September 18th. SunTrust Banks decreased their target price on Cullen/Frost Bankers from $124.00 to $105.00 and set a “buy” rating for the company in a report on Monday, October 29th. Stephens set a $101.00 target price on Cullen/Frost Bankers and gave the company a “hold” rating in a report on Monday, October 29th. Zacks Investment Research upgraded Cullen/Frost Bankers from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a report on Wednesday, January 2nd. Finally, Bank of America downgraded Cullen/Frost Bankers from a “buy” rating to a “neutral” rating in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $112.00.
Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 25th. The bank reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.72 by $0.06. Cullen/Frost Bankers had a return on equity of 13.74% and a net margin of 32.11%. The firm had revenue of $353.34 million during the quarter, compared to the consensus estimate of $337.41 million. During the same quarter in the previous year, the company posted $1.41 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 14th. Investors of record on Friday, November 30th were issued a dividend of $0.67 per share. The ex-dividend date of this dividend was Thursday, November 29th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.86%. Cullen/Frost Bankers’s dividend payout ratio is presently 49.17%.
In other news, Director Samuel G. Dawson purchased 3,441 shares of Cullen/Frost Bankers stock in a transaction that occurred on Wednesday, November 7th. The shares were bought at an average cost of $101.63 per share, with a total value of $349,708.83. Following the completion of the purchase, the director now directly owns 4,300 shares in the company, valued at $437,009. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bobby Berman sold 1,391 shares of the company’s stock in a transaction on Monday, November 19th. The stock was sold at an average price of $101.12, for a total value of $140,657.92. Following the completion of the sale, the insider now directly owns 28,112 shares in the company, valued at $2,842,685.44. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 58,441 shares of company stock worth $5,503,429. 4.64% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Cullen/Frost Bankers by 6.4% in the third quarter. BlackRock Inc. now owns 5,546,455 shares of the bank’s stock worth $579,270,000 after acquiring an additional 334,343 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Cullen/Frost Bankers by 964.9% in the third quarter. First Trust Advisors LP now owns 280,056 shares of the bank’s stock worth $29,249,000 after acquiring an additional 253,758 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Cullen/Frost Bankers in the second quarter worth $21,089,000. Vanguard Group Inc. grew its stake in shares of Cullen/Frost Bankers by 3.0% in the third quarter. Vanguard Group Inc. now owns 5,964,830 shares of the bank’s stock worth $622,968,000 after acquiring an additional 171,180 shares during the last quarter. Finally, Vanguard Group Inc grew its stake in shares of Cullen/Frost Bankers by 3.0% in the third quarter. Vanguard Group Inc now owns 5,964,830 shares of the bank’s stock worth $622,968,000 after acquiring an additional 171,180 shares during the last quarter. 78.50% of the stock is currently owned by institutional investors.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. The company operates in two segments, Banking and Frost Wealth Advisors. It provides commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction, equipment, inventories and accounts receivable, and acquisition financing; commercial leasing; and treasury management services.
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