Bartlett & CO. Wealth Management LLC Sells 60,458 Shares of Cullen/Frost Bankers, Inc. $CFR

Key Points

• Bartlett & CO. Wealth Management reduced its Cullen/Frost Bankers stake by 33.3% in the first quarter, selling 60,458 shares and leaving it with 121,037 shares valued at about $16.86 million.
• Cullen/Frost Bankers reported strong quarterly earnings, posting $2.65 per share versus estimates of $2.49, though revenue came in slightly below expectations at $574.84 million.
• The bank raised its quarterly dividend to $1.03 per share from $1.00, bringing the annualized payout to $4.12 and the dividend yield to 2.6%.

Bartlett & CO. Wealth Management LLC cut its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 33.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 121,037 shares of the bank's stock after selling 60,458 shares during the period. Bartlett & CO. Wealth Management LLC owned about 0.19% of Cullen/Frost Bankers worth $16,860,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisory Services Network LLC purchased a new position in shares of Cullen/Frost Bankers in the 3rd quarter worth $28,000. Covestor Ltd grew its holdings in shares of Cullen/Frost Bankers by 67.6% in the fourth quarter. Covestor Ltd now owns 248 shares of the bank's stock worth $31,000 after acquiring an additional 100 shares during the period. Blue Trust Inc. increased its position in Cullen/Frost Bankers by 252.1% during the fourth quarter. Blue Trust Inc. now owns 257 shares of the bank's stock valued at $33,000 after acquiring an additional 184 shares during the last quarter. Matrix Trust Co increased its position in Cullen/Frost Bankers by 40.4% during the fourth quarter. Matrix Trust Co now owns 320 shares of the bank's stock valued at $41,000 after acquiring an additional 92 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in Cullen/Frost Bankers by 40.8% in the first quarter. Geneos Wealth Management Inc. now owns 366 shares of the bank's stock valued at $46,000 after acquiring an additional 106 shares during the period. 86.90% of the stock is owned by institutional investors.

Cullen/Frost Bankers Price Performance

Shares of Cullen/Frost Bankers stock opened at $161.48 on Friday. The stock has a market cap of $10.14 billion, a P/E ratio of 15.72, a P/E/G ratio of 2.92 and a beta of 0.54. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.65 and a current ratio of 0.65. The stock's fifty day moving average is $146.08 and its 200 day moving average is $141.34. Cullen/Frost Bankers, Inc. has a one year low of $119.00 and a one year high of $163.80.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The bank reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.49 by $0.16. The business had revenue of $574.84 million during the quarter, compared to analyst estimates of $587.28 million. Cullen/Frost Bankers had a return on equity of 15.58% and a net margin of 22.86%.During the same quarter in the previous year, the company posted $2.30 earnings per share. Sell-side analysts anticipate that Cullen/Frost Bankers, Inc. will post 10.57 earnings per share for the current year.

Cullen/Frost Bankers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, May 29th. This is an increase from Cullen/Frost Bankers's previous quarterly dividend of $1.00. Cullen/Frost Bankers's payout ratio is presently 40.12%.

Insider Buying and Selling at Cullen/Frost Bankers

In related news, EVP Carol Jean Severyn sold 837 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was 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 in the company, valued at approximately $1,885,062.48. The trade was a 6.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.14% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Barclays raised their target price on Cullen/Frost Bankers from $155.00 to $160.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. DA Davidson upped their price target on shares of Cullen/Frost Bankers from $143.00 to $144.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. Raymond James Financial reiterated a "market perform" rating on shares of Cullen/Frost Bankers in a research note on Wednesday, July 1st. TD Cowen raised shares of Cullen/Frost Bankers to a "strong-buy" rating in a report on Monday, April 13th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Cullen/Frost Bankers in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $152.42.

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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