United Services Automobile Association Makes New Investment in Cullen/Frost Bankers, Inc. $CFR

Key Points

• United Services Automobile Association has purchased a new position in Cullen/Frost Bankers, acquiring 4,246 shares valued at approximately $528,000 during the first quarter.
• Wall Street analysts are mixed on Cullen/Frost Bankers, with ratings including two "Buy," ten "Hold," and three "Sell," and a consensus target price of $134.00.
• Cullen/Frost Bankers announced a quarterly dividend of $1.00 per share, representing an annualized yield of 3.2%, with a dividend payout ratio of 43.06%.

United Services Automobile Association acquired a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,246 shares of the bank's stock, valued at approximately $528,000.

Several other institutional investors and hedge funds have also made changes to their positions in CFR. GAMMA Investing LLC grew its position in shares of Cullen/Frost Bankers by 122,282.2% during the first quarter. GAMMA Investing LLC now owns 1,005,982 shares of the bank's stock worth $125,949,000 after acquiring an additional 1,005,160 shares during the last quarter. Impax Asset Management Group plc grew its position in Cullen/Frost Bankers by 350.8% during the 1st quarter. Impax Asset Management Group plc now owns 518,387 shares of the bank's stock worth $64,359,000 after purchasing an additional 403,387 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Cullen/Frost Bankers by 61.6% in the first quarter. Goldman Sachs Group Inc. now owns 605,697 shares of the bank's stock valued at $75,833,000 after purchasing an additional 230,993 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cullen/Frost Bankers by 19.3% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 711,527 shares of the bank's stock valued at $89,083,000 after buying an additional 114,910 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Cullen/Frost Bankers during the first quarter worth about $12,885,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays lowered their target price on shares of Cullen/Frost Bankers from $155.00 to $145.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Cantor Fitzgerald began coverage on Cullen/Frost Bankers in a research report on Wednesday. They set a "neutral" rating and a $138.00 target price on the stock. Raymond James Financial reduced their price target on Cullen/Frost Bankers from $150.00 to $145.00 and set an "outperform" rating for the company in a report on Monday, August 4th. Finally, Jefferies Financial Group initiated coverage on Cullen/Frost Bankers in a research note on Wednesday, May 21st. They issued an "underperform" rating and a $105.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Cullen/Frost Bankers currently has a consensus rating of "Reduce" and an average price target of $134.00.

Cullen/Frost Bankers Trading Down 0.4%

CFR traded down $0.46 on Friday, reaching $127.55. 311,366 shares of the company's stock were exchanged, compared to its average volume of 434,970. Cullen/Frost Bankers, Inc. has a twelve month low of $100.31 and a twelve month high of $147.64. The company's 50 day moving average is $130.43 and its 200-day moving average is $125.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.64 and a current ratio of 0.64. The company has a market cap of $8.20 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 2.69 and a beta of 0.74.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last issued its earnings results on Thursday, July 31st. The bank reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.11. Cullen/Frost Bankers had a return on equity of 15.46% and a net margin of 21.20%.The company had revenue of $567.83 million during the quarter, compared to the consensus estimate of $552.04 million. During the same quarter in the prior year, the business earned $2.21 earnings per share. Equities analysts predict that Cullen/Frost Bankers, Inc. will post 8.85 earnings per share for the current year.

Cullen/Frost Bankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, August 29th. Cullen/Frost Bankers's dividend payout ratio is currently 43.06%.

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.