Bank of America Corp DE Has $165.97 Million Stake in Cullen/Frost Bankers, Inc. $CFR

Key Points

• Bank of America increased its Cullen/Frost Bankers stake by 11.8% in the first quarter, owning 1.21 million shares worth approximately $165.97 million, or 1.93% of the company. Institutional investors and hedge funds collectively own 86.9% of CFR.
• Cullen/Frost reported quarterly EPS of $2.70, beating estimates by $0.15, while revenue of $608.65 million also exceeded expectations. Analysts’ average rating remains “Hold,” with an average price target of $160.33.
• The bank declared a quarterly dividend of $1.03 per share, equivalent to $4.12 annually and a 2.5% yield. CFR recently traded at $166.18, near its 12-month high of $170.29.

Bank of America Corp DE increased its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 11.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,210,722 shares of the bank's stock after buying an additional 127,483 shares during the period. Bank of America Corp DE owned 1.93% of Cullen/Frost Bankers worth $165,966,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Private Advisor Group LLC boosted its position in shares of Cullen/Frost Bankers by 2.9% in the 3rd quarter. Private Advisor Group LLC now owns 3,283 shares of the bank's stock worth $416,000 after purchasing an additional 94 shares during the last quarter. Cardinal Capital Management increased its holdings in Cullen/Frost Bankers by 0.5% in the fourth quarter. Cardinal Capital Management now owns 18,134 shares of the bank's stock valued at $2,296,000 after purchasing an additional 98 shares during the last quarter. Evolve Private Wealth LLC lifted its stake in Cullen/Frost Bankers by 6.0% in the first quarter. Evolve Private Wealth LLC now owns 1,726 shares of the bank's stock valued at $237,000 after buying an additional 98 shares during the period. Covestor Ltd lifted its stake in Cullen/Frost Bankers by 67.6% in the fourth quarter. Covestor Ltd now owns 248 shares of the bank's stock valued at $31,000 after buying an additional 100 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Cullen/Frost Bankers by 0.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 12,921 shares of the bank's stock worth $1,771,000 after buying an additional 100 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cullen/Frost Bankers

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price target on Cullen/Frost Bankers from $165.00 to $175.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings restated a "buy (b)" rating on shares of Cullen/Frost Bankers in a report on Wednesday, July 15th. TD Cowen upped their target price on shares of Cullen/Frost Bankers from $169.00 to $185.00 and gave the company a "buy" rating in a research note on Monday. Cantor Fitzgerald increased their target price on shares of Cullen/Frost Bankers from $154.00 to $158.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Cullen/Frost Bankers in a report on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $160.33.

Cullen/Frost Bankers Stock Down 1.2%

Cullen/Frost Bankers stock opened at $166.18 on Thursday. The company has a 50 day moving average of $153.24 and a 200-day moving average of $144.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.05. Cullen/Frost Bankers, Inc. has a twelve month low of $119.00 and a twelve month high of $170.29. The stock has a market capitalization of $10.33 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 2.60 and a beta of 0.53.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The bank reported $2.70 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.15. The business had revenue of $608.65 million for the quarter, compared to analyst estimates of $589.72 million. Cullen/Frost Bankers had a net margin of 23.34% and a return on equity of 15.55%. During the same period last year, the business posted $2.39 earnings per share. On average, equities research analysts anticipate that Cullen/Frost Bankers, Inc. will post 10.79 EPS for the current fiscal year.

Cullen/Frost Bankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $1.03 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.12 annualized dividend and a dividend yield of 2.5%. Cullen/Frost Bankers's dividend payout ratio (DPR) is currently 38.94%.

Cullen/Frost Bankers 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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