King Luther Capital Management Corp Cuts Stock Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Key Points

• King Luther Capital Management Corp has reduced its stock position in Cullen/Frost Bankers by 7.2%, selling 111,657 shares and retaining approximately 1,444,476 shares valued at $180.8 million.
• Cullen/Frost Bankers reported a quarterly earnings per share of $2.39, surpassing analysts' estimates, with total revenue reaching $567.83 million.
• The company announced a $1.00 per share quarterly dividend, reflecting a yield of 3.2% and a payout ratio of 43.06%.

King Luther Capital Management Corp cut its position in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 7.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,444,476 shares of the bank's stock after selling 111,657 shares during the period. King Luther Capital Management Corp owned about 2.25% of Cullen/Frost Bankers worth $180,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in Cullen/Frost Bankers in the 1st quarter worth $30,000. UMB Bank n.a. boosted its stake in shares of Cullen/Frost Bankers by 59.6% in the first quarter. UMB Bank n.a. now owns 391 shares of the bank's stock worth $49,000 after acquiring an additional 146 shares during the period. Cary Street Partners Investment Advisory LLC bought a new position in shares of Cullen/Frost Bankers in the first quarter worth about $58,000. Parallel Advisors LLC grew its position in shares of Cullen/Frost Bankers by 33.8% during the first quarter. Parallel Advisors LLC now owns 522 shares of the bank's stock worth $65,000 after purchasing an additional 132 shares in the last quarter. Finally, Reyes Financial Architecture Inc. raised its stake in Cullen/Frost Bankers by 38.5% during the 1st quarter. Reyes Financial Architecture Inc. now owns 1,273 shares of the bank's stock valued at $159,000 after purchasing an additional 354 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on CFR. Barclays dropped their price target on Cullen/Frost Bankers from $155.00 to $145.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Royal Bank Of Canada dropped 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. Evercore ISI upgraded shares of Cullen/Frost Bankers from an "underperform" rating to an "in-line" rating and set a $132.00 price target on the stock in a report on Friday, May 2nd. Raymond James Financial reduced their price target on shares of Cullen/Frost Bankers from $150.00 to $145.00 and set an "outperform" rating on the stock in a report on Monday, August 4th. Finally, Jefferies Financial Group began coverage on shares of Cullen/Frost Bankers in a report on Wednesday, May 21st. They issued an "underperform" rating and a $105.00 price target on the stock. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $133.71.

Cullen/Frost Bankers Price Performance

Shares of Cullen/Frost Bankers stock traded up $0.15 during trading hours on Thursday, reaching $125.56. The company's stock had a trading volume of 197,463 shares, compared to its average volume of 437,895. The firm has a 50 day moving average price of $130.24 and a 200-day moving average price of $127.85. Cullen/Frost Bankers, Inc. has a one year low of $100.31 and a one year high of $147.64. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a market cap of $8.08 billion, a P/E ratio of 13.50, a P/E/G ratio of 2.63 and a beta of 0.70.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last posted its earnings results on Thursday, July 31st. The bank reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.28 by $0.11. The firm had revenue of $567.83 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $2.21 EPS. On average, analysts predict that Cullen/Frost Bankers, Inc. will post 8.85 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, August 29th. Cullen/Frost Bankers's payout ratio is 43.06%.

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.