Invesco Ltd. Sells 173,448 Shares of Cullen/Frost Bankers, Inc. $CFR

Key Points

• Invesco Ltd. has reduced its holdings in Cullen/Frost Bankers by 60.7%, bringing its ownership down to 112,322 shares valued at approximately $14 million.
• Cullen/Frost Bankers reported earnings per share of $2.39 for the last quarter, exceeding estimates, and had a strong revenue of $567.83 million.
• The bank announced a $1.00 quarterly dividend to be paid on September 15th, indicating a 3.1% yield, with a payout ratio of 43.06%.

Invesco Ltd. cut its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 60.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,322 shares of the bank's stock after selling 173,448 shares during the period. Invesco Ltd. owned approximately 0.17% of Cullen/Frost Bankers worth $14,063,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bayforest Capital Ltd purchased a new position in Cullen/Frost Bankers in the first quarter valued at about $241,000. State of Alaska Department of Revenue grew its stake in Cullen/Frost Bankers by 2.9% in the 1st quarter. State of Alaska Department of Revenue now owns 7,524 shares of the bank's stock worth $942,000 after acquiring an additional 210 shares during the period. Victory Capital Management Inc. grew its stake in shares of Cullen/Frost Bankers by 55.9% during the 1st quarter. Victory Capital Management Inc. now owns 18,084 shares of the bank's stock valued at $2,264,000 after buying an additional 6,484 shares during the period. Norden Group LLC purchased a new stake in shares of Cullen/Frost Bankers during the 1st quarter valued at $214,000. Finally, UMB Bank n.a. lifted its holdings in shares of Cullen/Frost Bankers by 59.6% during the 1st quarter. UMB Bank n.a. now owns 391 shares of the bank's stock valued at $49,000 after acquiring an additional 146 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Cullen/Frost Bankers Trading Up 0.3%

NYSE CFR traded up $0.43 during trading on Wednesday, reaching $132.35. 391,283 shares of the stock traded hands, compared to its average volume of 441,830. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 2.74 and a beta of 0.70. The stock's 50-day moving average price is $130.45 and its 200 day moving average price is $127.01. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.05. Cullen/Frost Bankers, Inc. has a fifty-two week low of $100.31 and a fifty-two week high of $147.64.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The bank reported $2.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.28 by $0.11. The firm had revenue of $567.83 million during the quarter, compared to analysts' expectations of $552.04 million. Cullen/Frost Bankers had a net margin of 21.20% and a return on equity of 15.46%. During the same quarter in the previous year, the company earned $2.21 earnings per share. Analysts predict that Cullen/Frost Bankers, Inc. will post 8.85 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a yield of 3.0%. Cullen/Frost Bankers's payout ratio is presently 43.06%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CFR. Barclays cut their price objective on shares of Cullen/Frost Bankers from $155.00 to $145.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Royal Bank Of Canada decreased their target price on shares of Cullen/Frost Bankers from $147.00 to $140.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Jefferies Financial Group initiated coverage on shares of Cullen/Frost Bankers in a research note on Wednesday, May 21st. They set an "underperform" rating and a $105.00 target price for the company. Raymond James Financial lowered their target price on shares of Cullen/Frost Bankers from $150.00 to $145.00 and set an "outperform" rating on the stock in a research note on Monday, August 4th. Finally, Stephens raised their price target on shares of Cullen/Frost Bankers from $138.00 to $141.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Cullen/Frost Bankers has an average rating of "Reduce" and an average price target of $133.71.

About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services, as well as originates commercial leasing services.