Bank of New York Mellon Corp Takes Position in Cullen/Frost Bankers, Inc. $CFR

Key Points

• Bank of New York Mellon acquired 516,735 shares of Cullen/Frost Bankers worth approximately $79.8 million, representing about 0.83% of the bank. Institutional investors and hedge funds collectively own 86.9% of CFR.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $161.75 price target, despite several firms raising targets and Zacks upgrading it to “strong buy.”
• Cullen/Frost exceeded quarterly EPS expectations, reporting $2.70 versus the $2.55 consensus estimate, and declared a quarterly dividend of $1.03, equivalent to a 2.5% annual yield.

Bank of New York Mellon Corp bought a new stake in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 516,735 shares of the bank's stock, valued at approximately $79,846,000. Bank of New York Mellon Corp owned approximately 0.83% of Cullen/Frost Bankers at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CFR. Norges Bank bought a new stake in Cullen/Frost Bankers during the fourth quarter worth $92,904,000. Two Sigma Investments LP lifted its stake in Cullen/Frost Bankers by 2,024.4% during the 3rd quarter. Two Sigma Investments LP now owns 373,977 shares of the bank's stock valued at $47,409,000 after acquiring an additional 356,373 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cullen/Frost Bankers by 16,676.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 353,470 shares of the bank's stock valued at $44,760,000 after acquiring an additional 351,363 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cullen/Frost Bankers by 18.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,530,772 shares of the bank's stock worth $209,833,000 after acquiring an additional 236,808 shares during the last quarter. Finally, Millennium Management LLC purchased a new position in Cullen/Frost Bankers during the 3rd quarter worth $29,687,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cullen/Frost Bankers

In other news, EVP Carol Jean Severyn sold 837 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $148.29, for a total value 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. This trade represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.14% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Cantor Fitzgerald increased their target price on shares of Cullen/Frost Bankers from $158.00 to $175.00 and gave the company a "neutral" rating in a report on Wednesday, August 19th. Weiss Ratings restated a "buy (b)" rating on shares of Cullen/Frost Bankers in a report on Wednesday, July 15th. Keefe, Bruyette & Woods upped their price objective on shares of Cullen/Frost Bankers from $165.00 to $175.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Royal Bank Of Canada increased their price objective on shares of Cullen/Frost Bankers from $168.00 to $176.00 and gave the company a "sector perform" rating in a research note on Friday, July 31st. Finally, Zacks Research raised shares of Cullen/Frost Bankers from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Cullen/Frost Bankers has a consensus rating of "Hold" and a consensus target price of $161.75.

Cullen/Frost Bankers Stock Performance

Shares of CFR opened at $163.43 on Wednesday. Cullen/Frost Bankers, Inc. has a 1 year low of $119.00 and a 1 year high of $170.80. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.63 and a quick ratio of 0.63. The stock's fifty day moving average price is $160.36 and its two-hundred day moving average price is $147.01. The firm has a market cap of $10.16 billion, a PE ratio of 15.45, a PEG ratio of 2.52 and a beta of 0.53.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The bank reported $2.70 EPS for the quarter, beating the consensus estimate of $2.55 by $0.15. The business had revenue of $576.01 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $2.39 earnings per share. On average, equities research analysts forecast that Cullen/Frost Bankers, Inc. will post 10.9 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, August 31st. Cullen/Frost Bankers's payout ratio is currently 38.94%.

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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