California Public Employees Retirement System increased its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 33.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,384 shares of the bank’s stock after buying an additional 30,849 shares during the quarter. California Public Employees Retirement System owned 0.20% of Cullen/Frost Bankers worth $10,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Hilltop Holdings Inc. lifted its position in Cullen/Frost Bankers by 3.7% in the 2nd quarter. Hilltop Holdings Inc. now owns 5,640 shares of the bank’s stock worth $528,000 after buying an additional 200 shares during the last quarter. Brinker Capital Inc. increased its stake in Cullen/Frost Bankers by 19.7% in the 3rd quarter. Brinker Capital Inc. now owns 4,058 shares of the bank’s stock worth $359,000 after purchasing an additional 667 shares during the period. First Merchants Corp increased its stake in Cullen/Frost Bankers by 9.6% in the 3rd quarter. First Merchants Corp now owns 24,547 shares of the bank’s stock worth $2,174,000 after purchasing an additional 2,154 shares during the period. Fidelity National Financial Inc. purchased a new position in Cullen/Frost Bankers in the 2nd quarter worth approximately $5,784,000. Finally, Commerce Bank increased its stake in Cullen/Frost Bankers by 3.1% in the 2nd quarter. Commerce Bank now owns 18,098 shares of the bank’s stock worth $1,695,000 after purchasing an additional 540 shares during the period. Institutional investors own 80.59% of the company’s stock.
Shares of Cullen/Frost Bankers stock opened at $93.55 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.62 and a quick ratio of 0.62. The business’s 50 day simple moving average is $89.64 and its two-hundred day simple moving average is $91.51. The stock has a market capitalization of $5.89 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.45 and a beta of 1.37. Cullen/Frost Bankers, Inc. has a one year low of $79.86 and a one year high of $106.23.
Cullen/Frost Bankers declared that its board has initiated a stock buyback plan on Thursday, July 25th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 1.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In other news, insider Paul Bracher sold 9,360 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $90.10, for a total transaction of $843,336.00. Following the transaction, the insider now directly owns 86,743 shares of the company’s stock, valued at $7,815,544.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carlos Alvarez bought 30,000 shares of Cullen/Frost Bankers stock in a transaction dated Friday, August 16th. The shares were acquired at an average cost of $85.08 per share, for a total transaction of $2,552,400.00. Following the completion of the purchase, the director now directly owns 454,000 shares of the company’s stock, valued at approximately $38,626,320. The disclosure for this purchase can be found here. 4.84% of the stock is currently owned by insiders.
CFR has been the topic of a number of analyst reports. SunTrust Banks decreased their price target on Cullen/Frost Bankers from $108.00 to $105.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Wedbush cut Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $87.00 to $82.00 in a research note on Friday, November 1st. Stephens reaffirmed a “hold” rating and issued a $86.00 price target on shares of Cullen/Frost Bankers in a research note on Thursday, November 7th. ValuEngine raised Cullen/Frost Bankers from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Finally, Maxim Group decreased their price target on Cullen/Frost Bankers from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $93.67.
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. 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.
Further Reading: Fundamental Analysis
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