Cullen/Frost Bankers, Inc. (NYSE:CFR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 3.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,074,651 shares of the bank's stock after selling 44,065 shares during the period. Bank of America Corp DE owned 1.68% of Cullen/Frost Bankers worth $144,272,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CFR. Wilmington Savings Fund Society FSB purchased a new stake in Cullen/Frost Bankers during the 3rd quarter valued at approximately $29,000. UMB Bank n.a. increased its position in Cullen/Frost Bankers by 45.8% during the 4th quarter. UMB Bank n.a. now owns 245 shares of the bank's stock worth $33,000 after purchasing an additional 77 shares during the period. Blue Trust Inc. increased its position in Cullen/Frost Bankers by 239.0% during the 4th quarter. Blue Trust Inc. now owns 339 shares of the bank's stock worth $46,000 after purchasing an additional 239 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Cullen/Frost Bankers by 35.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 460 shares of the bank's stock worth $62,000 after purchasing an additional 120 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in Cullen/Frost Bankers during the 4th quarter worth approximately $106,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CFR. Evercore ISI upgraded Cullen/Frost Bankers from an "underperform" rating to an "in-line" rating and set a $132.00 target price on the stock in a research report on Friday, May 2nd. Stephens upped their price target on Cullen/Frost Bankers from $138.00 to $141.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Royal Bank of Canada lowered their price target on Cullen/Frost Bankers from $147.00 to $140.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. DA Davidson cut Cullen/Frost Bankers from a "buy" rating to a "neutral" rating and upped their price target for the stock from $138.00 to $143.00 in a report on Monday, February 3rd. Finally, Morgan Stanley reduced their target price on Cullen/Frost Bankers from $132.00 to $120.00 and set an "underweight" rating on the stock in a research note on Thursday, March 13th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $132.14.

Insider Activity at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, CAO Matthew Bradley Henson bought 1,870 shares of the stock in a transaction dated Friday, May 2nd. The stock was bought at an average cost of $16.93 per share, for a total transaction of $31,659.10. Following the completion of the purchase, the chief accounting officer now directly owns 5,545 shares of the company's stock, valued at approximately $93,876.85. The trade was a 50.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.89% of the stock is owned by insiders.

Cullen/Frost Bankers Trading Down 0.2%

Shares of Cullen/Frost Bankers stock traded down $0.29 during trading hours on Thursday, reaching $129.93. 36,733 shares of the company's stock were exchanged, compared to its average volume of 464,389. Cullen/Frost Bankers, Inc. has a 52-week low of $94.09 and a 52-week high of $147.64. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 6.46 and a beta of 0.67. The company has a fifty day moving average of $118.80 and a 200-day moving average of $131.10. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.06.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The bank reported $2.30 EPS for the quarter, topping analysts' consensus estimates of $2.17 by $0.13. Cullen/Frost Bankers had a return on equity of 15.95% and a net margin of 20.44%. The business had revenue of $560.42 million during the quarter, compared to the consensus estimate of $540.57 million. During the same period in the prior year, the firm posted $2.15 EPS. Sell-side analysts forecast that Cullen/Frost Bankers, Inc. will post 8.85 EPS for the current fiscal year.

Cullen/Frost Bankers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $1.00 dividend. This is an increase from Cullen/Frost Bankers's previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a yield of 3.08%. The ex-dividend date is Friday, May 30th. Cullen/Frost Bankers's dividend payout ratio is currently 43.91%.

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.