Financial Gravity Asset Management Inc. Acquires New Stake in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Financial Gravity Asset Management Inc. purchased a new stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,023 shares of the bank's stock, valued at approximately $378,000.

Several other institutional investors have also added to or reduced their stakes in CFR. Alpine Bank Wealth Management bought a new position in shares of Cullen/Frost Bankers during the first quarter valued at approximately $30,000. UMB Bank n.a. increased its position in 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 purchasing an additional 146 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Cullen/Frost Bankers by 35.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 460 shares of the bank's stock worth $62,000 after purchasing an additional 120 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Cullen/Frost Bankers by 33.8% in the 1st quarter. Parallel Advisors LLC now owns 522 shares of the bank's stock worth $65,000 after purchasing an additional 132 shares during the period. Finally, Focus Partners Wealth bought a new stake in shares of Cullen/Frost Bankers during the 4th quarter valued at about $204,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Cullen/Frost Bankers Stock Down 0.7%

NYSE CFR traded down $0.99 during mid-day trading on Friday, reaching $136.55. The stock had a trading volume of 396,111 shares, compared to its average volume of 454,268. The stock has a market cap of $8.78 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.89 and a beta of 0.68. Cullen/Frost Bankers, Inc. has a 1 year low of $100.31 and a 1 year high of $147.64. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.64 and a quick ratio of 0.64. The company has a fifty day moving average price of $128.68 and a 200 day moving average price of $128.72.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The bank reported $2.30 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.13. Cullen/Frost Bankers had a return on equity of 15.70% and a net margin of 20.89%. The firm had revenue of $560.42 million during the quarter, compared to analysts' expectations of $540.57 million. During the same quarter in the previous year, the business earned $2.15 earnings per share. On average, research analysts expect that Cullen/Frost Bankers, Inc. will post 8.85 earnings per share for the current year.

Cullen/Frost Bankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, May 30th. This represents a $4.00 annualized dividend and a yield of 2.93%. This is a boost from Cullen/Frost Bankers's previous quarterly dividend of $0.95. Cullen/Frost Bankers's dividend payout ratio is currently 43.91%.

Insider Activity

In related news, CAO Matthew Bradley Henson purchased 1,870 shares of Cullen/Frost Bankers stock in a transaction dated Friday, May 2nd. The stock was purchased at an average cost of $16.93 per share, for a total transaction of $31,659.10. Following the completion of the purchase, the chief accounting officer directly owned 5,545 shares of the company's stock, valued at $93,876.85. The trade was a 50.88% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

CFR has been the subject of several research reports. Stephens increased their target price on 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. Royal Bank Of Canada lowered their price objective on 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 started coverage on shares of Cullen/Frost Bankers in a report on Wednesday, May 21st. They set an "underperform" rating and a $105.00 target price on the stock. Evercore ISI raised shares of Cullen/Frost Bankers from an "underperform" rating to an "in-line" rating and set a $132.00 price target for the company in a research report on Friday, May 2nd. Finally, Barclays upped their price objective on shares of Cullen/Frost Bankers from $135.00 to $155.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $134.79.

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.