Cullen/Frost Bankers, Inc. $CFR Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Cullen/Frost Bankers stake by 5.6% in the fourth quarter, though it still held 539,713 shares valued at about $68.3 million.
• Cullen/Frost Bankers beat earnings expectations in its latest quarter, reporting $2.65 EPS versus the $2.49 estimate, even as revenue came in slightly below forecasts.
• The bank raised its quarterly dividend to $1.03 per share, lifting the annualized payout to $4.12 and the yield to 2.9%.

Bank of New York Mellon Corp cut its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 5.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 539,713 shares of the bank's stock after selling 31,981 shares during the quarter. Bank of New York Mellon Corp owned about 0.85% of Cullen/Frost Bankers worth $68,344,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CFR. Goldman Sachs Group Inc. raised its position in Cullen/Frost Bankers by 61.6% in the first quarter. Goldman Sachs Group Inc. now owns 605,697 shares of the bank's stock valued at $75,833,000 after purchasing an additional 230,993 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cullen/Frost Bankers by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 166,900 shares of the bank's stock valued at $20,896,000 after purchasing an additional 15,063 shares during the period. Geneos Wealth Management Inc. raised its position 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 purchasing an additional 106 shares during the period. Invesco Ltd. raised its position in Cullen/Frost Bankers by 12.2% in the second quarter. Invesco Ltd. now owns 126,040 shares of the bank's stock valued at $16,201,000 after purchasing an additional 13,718 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Cullen/Frost Bankers by 82.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,174 shares of the bank's stock valued at $151,000 after purchasing an additional 532 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CFR has been the topic of several research reports. Barclays raised their price objective on Cullen/Frost Bankers from $150.00 to $155.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 7th. Morgan Stanley lowered their target price on Cullen/Frost Bankers from $143.00 to $133.00 and set an "underweight" rating for the company in a research note on Tuesday, March 31st. Royal Bank Of Canada raised their target price on Cullen/Frost Bankers from $150.00 to $155.00 and gave the company a "sector perform" rating in a research note on Friday, May 1st. DA Davidson raised their target price on Cullen/Frost Bankers from $143.00 to $144.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Cullen/Frost Bankers in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Cullen/Frost Bankers currently has an average rating of "Hold" and a consensus price target of $148.73.

Cullen/Frost Bankers Stock Up 2.0%

NYSE:CFR opened at $143.68 on Wednesday. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 3.57 and a beta of 0.55. Cullen/Frost Bankers, Inc. has a one year low of $119.00 and a one year high of $148.97. The stock has a 50-day simple moving average of $139.73 and a 200 day simple moving average of $136.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.65 and a current ratio of 0.65.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The bank reported $2.65 EPS for the quarter, topping analysts' consensus estimates of $2.49 by $0.16. The business had revenue of $574.84 million during the quarter, compared to the consensus estimate of $587.29 million. Cullen/Frost Bankers had a return on equity of 15.58% and a net margin of 22.86%.During the same period last year, the firm earned $2.30 earnings per share. Sell-side analysts predict that Cullen/Frost Bankers, Inc. will post 10.46 EPS for the current fiscal year.

Cullen/Frost Bankers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.9%. This is a positive change from Cullen/Frost Bankers's previous quarterly dividend of $1.00. The ex-dividend date is Friday, May 29th. Cullen/Frost Bankers's payout ratio is 40.12%.

About Cullen/Frost Bankers

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.