CIBC Private Wealth Group LLC Sells 53,843 Shares of Cullen/Frost Bankers, Inc. $CFR

Key Points

• CIBC Private Wealth Group LLC reduced its stake in Cullen/Frost Bankers by 60.5% in Q3, selling 53,843 shares and finishing the period with 35,131 shares worth about $4.45 million (~0.05% of the company).
• Cullen/Frost beat Q4 estimates with EPS of $2.56 (vs. $2.47 expected) and revenue of $1.05 billion (vs. $578.05 million expected), posting a 15.49% return on equity and a 22.21% net margin.
• The bank pays a $1.00 quarterly dividend (annualized $4.00, ~3.0% yield), while analysts hold a consensus "Hold" rating with a $142.67 average price target amid mixed Buy/Hold/Sell coverage.

CIBC Private Wealth Group LLC lowered its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 60.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,131 shares of the bank's stock after selling 53,843 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.05% of Cullen/Frost Bankers worth $4,454,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Root Financial Partners LLC purchased a new position in shares of Cullen/Frost Bankers in the third quarter valued at $26,000. GoalVest Advisory LLC bought a new stake in shares of Cullen/Frost Bankers during the 3rd quarter valued at $28,000. Advisory Services Network LLC purchased a new stake in Cullen/Frost Bankers during the 3rd quarter worth about $28,000. Community Bank N.A. bought a new position in Cullen/Frost Bankers in the 3rd quarter worth about $35,000. Finally, Farther Finance Advisors LLC boosted its stake in Cullen/Frost Bankers by 105.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 355 shares of the bank's stock worth $45,000 after purchasing an additional 182 shares during the period. Institutional investors own 86.90% of the company's stock.

Insider Transactions at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, EVP Bobby Berman sold 1,000 shares of the stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $137.07, for a total transaction of $137,070.00. Following the transaction, the executive vice president directly owned 28,406 shares in the company, valued at $3,893,610.42. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CFR has been the topic of several analyst reports. TD Cowen reiterated a "positive" rating on shares of Cullen/Frost Bankers in a research report on Monday, February 2nd. Loop Capital set a $160.00 price objective on shares of Cullen/Frost Bankers in a research report on Monday, February 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Cullen/Frost Bankers from $150.00 to $160.00 and gave the company an "outperform" rating in a research note on Friday, January 30th. DA Davidson upped their target price on shares of Cullen/Frost Bankers from $136.00 to $144.00 and gave the stock a "neutral" rating in a report on Friday, January 30th. Finally, Morgan Stanley increased their target price on shares of Cullen/Frost Bankers from $136.00 to $143.00 and gave the stock an "underweight" rating in a research note on Monday, March 2nd. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $142.67.

Cullen/Frost Bankers Trading Up 1.0%

NYSE CFR opened at $132.34 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.05. The stock's 50-day simple moving average is $139.14 and its two-hundred day simple moving average is $130.89. Cullen/Frost Bankers, Inc. has a twelve month low of $100.31 and a twelve month high of $148.97. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 4.86 and a beta of 0.63.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $2.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.09. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $578.05 million. Cullen/Frost Bankers had a return on equity of 15.49% and a net margin of 22.21%.During the same period in the prior year, the business earned $2.36 EPS. Research analysts forecast that Cullen/Frost Bankers, Inc. will post 8.85 EPS for the current fiscal year.

Cullen/Frost Bankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $4.00 annualized dividend and a yield of 3.0%. Cullen/Frost Bankers's dividend payout ratio is currently 40.32%.

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.

Want to see what other hedge funds are holding CFR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.