Alberta Investment Management Corp Grows Stock Holdings in Cullen/Frost Bankers, Inc. $CFR

Key Points

• Alberta Investment Management Corp increased its Cullen/Frost Bankers stake by 21.2% in the fourth quarter, ending with 400,000 shares valued at about $50.7 million.
• Cullen/Frost Bankers reported better-than-expected quarterly earnings of $2.65 per share, beating estimates, while revenue came in slightly below consensus.
• The company raised its quarterly dividend to $1.03 per share, giving it an annualized yield of 2.8%; analysts currently rate the stock a consensus Hold with an average target price of $148.73.

Alberta Investment Management Corp boosted its position in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 21.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 400,000 shares of the bank's stock after acquiring an additional 70,000 shares during the period. Alberta Investment Management Corp owned about 0.63% of Cullen/Frost Bankers worth $50,652,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CFR. Goldman Sachs Group Inc. boosted its holdings in shares of Cullen/Frost Bankers by 61.6% in the 1st 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Cullen/Frost Bankers by 9.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 166,900 shares of the bank's stock valued at $20,896,000 after purchasing an additional 15,063 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Cullen/Frost Bankers by 40.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 366 shares of the bank's stock valued at $46,000 after purchasing an additional 106 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Cullen/Frost Bankers by 12.2% in the 2nd quarter. Invesco Ltd. now owns 126,040 shares of the bank's stock valued at $16,201,000 after purchasing an additional 13,718 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Cullen/Frost Bankers by 82.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,174 shares of the bank's stock valued at $151,000 after purchasing an additional 532 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Cullen/Frost Bankers Stock Performance

Cullen/Frost Bankers stock opened at $145.02 on Tuesday. Cullen/Frost Bankers, Inc. has a 12-month low of $119.00 and a 12-month high of $148.97. The company has a market capitalization of $9.11 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 3.75 and a beta of 0.55. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.65 and a quick ratio of 0.65. The firm's fifty day moving average price is $140.41 and its 200 day moving average price is $136.95.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its earnings results on Thursday, April 30th. The bank reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.49 by $0.16. Cullen/Frost Bankers had a net margin of 22.86% and a return on equity of 15.58%. The company had revenue of $574.84 million during the quarter, compared to the consensus estimate of $587.29 million. During the same quarter in the previous year, the firm earned $2.30 EPS. On average, research analysts forecast that Cullen/Frost Bankers, Inc. will post 10.46 EPS for the current fiscal year.

Cullen/Frost Bankers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Friday, May 29th. This is a positive change from Cullen/Frost Bankers's previous quarterly dividend of $1.00. Cullen/Frost Bankers's dividend payout ratio (DPR) is presently 40.12%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Royal Bank Of Canada lifted their price target on shares of Cullen/Frost Bankers from $150.00 to $155.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. Cantor Fitzgerald reiterated a "neutral" rating on shares of Cullen/Frost Bankers in a report on Monday, June 1st. TD Cowen upgraded shares of Cullen/Frost Bankers to a "strong-buy" rating in a report on Monday, April 13th. Stephens upgraded shares of Cullen/Frost Bankers from an "equal weight" rating to an "overweight" rating and set a $164.00 target price on the stock in a report on Tuesday, May 5th. Finally, Morgan Stanley reduced their target price on shares of Cullen/Frost Bankers from $143.00 to $133.00 and set an "underweight" rating on the stock in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Cullen/Frost Bankers presently has an average rating of "Hold" and an average target price of $148.73.

Insider Transactions at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, EVP Carol Jean Severyn sold 837 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $148.29, for a total transaction of $124,118.73. Following the completion of the transaction, the executive vice president directly owned 12,712 shares of the company's stock, valued at $1,885,062.48. The trade was a 6.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.14% of the stock is owned by insiders.

Cullen/Frost Bankers Company 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.

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