Madison Asset Management LLC Decreases Stock Position in Cullen/Frost Bankers, Inc. $CFR

Key Points

• Madison Asset Management reduced its Cullen/Frost Bankers stake by 5.4% in the fourth quarter, though it still held 356,874 shares valued at about $45.2 million at quarter-end.
• Analysts remain mixed on CFR: the stock has a consensus Hold rating with an average price target of $145.08, while recent target changes ranged from $131 to $160.
• Cullen/Frost Bankers reported strong quarterly earnings of $2.65 per share, beating estimates, and raised its quarterly dividend to $1.03 per share, implying a 3.0% yield.

Madison Asset Management LLC cut its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 5.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 356,874 shares of the bank's stock after selling 20,352 shares during the quarter. Madison Asset Management LLC owned 0.56% of Cullen/Frost Bankers worth $45,191,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CFR. M&T Bank Corp increased its position in shares of Cullen/Frost Bankers by 13.5% during the 4th quarter. M&T Bank Corp now owns 109,154 shares of the bank's stock valued at $13,822,000 after purchasing an additional 12,990 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in shares of Cullen/Frost Bankers by 62.0% in the third quarter. Cullen Frost Bankers Inc. now owns 38,734 shares of the bank's stock worth $4,910,000 after buying an additional 14,831 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in Cullen/Frost Bankers by 863.1% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,448 shares of the bank's stock valued at $2,716,000 after buying an additional 19,221 shares during the period. Truist Financial Corp grew its position in Cullen/Frost Bankers by 21.8% during the third quarter. Truist Financial Corp now owns 40,306 shares of the bank's stock valued at $5,110,000 after buying an additional 7,217 shares during the period. Finally, Marshall Financial Group LLC purchased a new stake in Cullen/Frost Bankers during the fourth quarter valued at approximately $1,142,000. Institutional investors own 86.90% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on CFR. Barclays increased their price target on shares of Cullen/Frost Bankers from $150.00 to $155.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 7th. DA Davidson boosted their price objective on shares of Cullen/Frost Bankers from $143.00 to $144.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods raised their target price on Cullen/Frost Bankers from $150.00 to $160.00 and gave the stock an "outperform" rating in a report on Friday, January 30th. Citigroup lifted their target price on Cullen/Frost Bankers from $125.00 to $131.00 and gave the company a "sell" rating in a research report on Thursday, May 7th. Finally, Cantor Fitzgerald boosted their price target on Cullen/Frost Bankers from $141.00 to $152.00 and gave the company a "neutral" rating in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $145.08.

Cullen/Frost Bankers Stock Up 0.4%

Shares of Cullen/Frost Bankers stock opened at $136.13 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.05. The company has a market cap of $8.55 billion, a P/E ratio of 13.26, a PEG ratio of 3.46 and a beta of 0.58. The firm's 50 day moving average price is $138.47 and its 200-day moving average price is $134.28. Cullen/Frost Bankers, Inc. has a 52-week low of $119.00 and a 52-week high of $148.97.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The bank reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.16. Cullen/Frost Bankers had a net margin of 22.86% and a return on equity of 15.58%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $587.29 million. During the same period in the previous year, the company earned $2.30 earnings per share. On average, sell-side analysts predict that Cullen/Frost Bankers, Inc. will post 10.41 EPS for the current fiscal year.

Cullen/Frost Bankers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a $1.03 dividend. This is a boost from Cullen/Frost Bankers's previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, May 29th. Cullen/Frost Bankers's dividend payout ratio is 38.95%.

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.

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