Cullen/Frost Bankers, Inc. $CFR Shares Bought by State Street Corp

Key Points

• State Street increased its Cullen/Frost Bankers stake by 3.8% in the second quarter, owning 3.22 million shares valued at approximately $497.3 million, or 5.18% of the company. Institutional investors and hedge funds collectively own 86.9% of CFR.
• Analyst sentiment remains mixed, with five Buy, eight Hold, and one Sell rating. The consensus rating is Hold, with an average price target of $166.67.
• Cullen/Frost reported quarterly EPS of $2.70, exceeding estimates of $2.55, while revenue came in below expectations at $576.01 million. The company maintains a quarterly dividend of $1.03, equivalent to a 2.7% annualized yield.

State Street Corp raised its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,218,249 shares of the bank's stock after buying an additional 118,313 shares during the quarter. State Street Corp owned approximately 5.18% of Cullen/Frost Bankers worth $497,292,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CFR. BlackRock Inc. purchased a new position in shares of Cullen/Frost Bankers during the 2nd quarter worth $1,133,453,000. Norges Bank acquired a new stake in Cullen/Frost Bankers during the fourth quarter worth about $92,904,000. Jupiter Topco LLC purchased a new position in Cullen/Frost Bankers during the second quarter worth about $94,297,000. William Blair Investment Management LLC acquired a new position in Cullen/Frost Bankers in the 2nd quarter valued at about $89,425,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $80,127,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CFR has been the subject of several recent analyst reports. Cantor Fitzgerald raised their target price on Cullen/Frost Bankers from $158.00 to $175.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods raised their price objective on Cullen/Frost Bankers from $165.00 to $175.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Citigroup boosted their price objective on shares of Cullen/Frost Bankers from $131.00 to $145.00 and gave the company a "sell" rating in a report on Tuesday, June 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Cullen/Frost Bankers in a research report on Wednesday, July 15th. Finally, Zacks Research cut shares of Cullen/Frost Bankers from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $166.67.

Cullen/Frost Bankers Trading Down 1.2%

NYSE:CFR opened at $154.31 on Thursday. Cullen/Frost Bankers, Inc. has a 12-month low of $119.00 and a 12-month high of $170.80. The firm has a market cap of $9.59 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 2.38 and a beta of 0.52. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $163.52 and a 200 day moving average price of $149.64.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The bank reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.15. The company had revenue of $576.01 million for the quarter, compared to the consensus estimate of $589.72 million. Cullen/Frost Bankers had a return on equity of 15.55% and a net margin of 23.34%.During the same quarter in the prior year, the business earned $2.39 EPS. Sell-side analysts anticipate that Cullen/Frost Bankers, Inc. will post 10.94 earnings per share for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a $1.03 dividend. The ex-dividend date of this dividend was Monday, August 31st. This represents a $4.12 annualized dividend and a yield of 2.7%. Cullen/Frost Bankers's dividend payout ratio (DPR) is 38.94%.

Cullen/Frost Bankers Profile

Cullen/Frost Bankers, Inc is a financial holding company headquartered in San Antonio, Texas. Its principal subsidiary, Frost Bank, provides banking and financial services to individuals, businesses and institutions throughout Texas.

Frost Bank offers commercial and consumer banking products, including deposit accounts, loans, treasury management, payment services, mortgage lending and online and mobile banking. Through its wealth management operations, the company also provides trust, investment management, brokerage and retirement services.

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