Madison Asset Management LLC Invests $62.28 Million in Cullen/Frost Bankers, Inc. $CFR

Key Points

• Madison Asset Management initiated a $62.28 million position in Cullen/Frost Bankers, purchasing 403,055 shares, or approximately 0.65% of the bank. Institutional investors collectively own 86.90% of the stock.
• Cullen/Frost reported quarterly EPS of $2.70, topping analysts’ $2.55 estimate, although revenue of $576.01 million fell short of the $589.72 million consensus.
• The bank declared a quarterly dividend of $1.03, equivalent to $4.12 annually and a 2.5% yield. Despite recent analyst upgrades and higher price targets, the stock carries a consensus “Hold” rating with a $161.75 target.

Madison Asset Management LLC purchased a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 403,055 shares of the bank's stock, valued at approximately $62,280,000. Madison Asset Management LLC owned about 0.65% of Cullen/Frost Bankers as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CFR. Advisory Services Network LLC purchased a new stake in Cullen/Frost Bankers during the 3rd quarter worth approximately $28,000. Covestor Ltd boosted its stake in shares of Cullen/Frost Bankers by 67.6% in the fourth quarter. Covestor Ltd now owns 248 shares of the bank's stock worth $31,000 after acquiring an additional 100 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Cullen/Frost Bankers in the second quarter worth approximately $38,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Cullen/Frost Bankers in the first quarter worth approximately $41,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Cullen/Frost Bankers by 40.8% during the first quarter. Geneos Wealth Management Inc. now owns 366 shares of the bank's stock worth $46,000 after purchasing an additional 106 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Cullen/Frost Bankers Trading Down 1.6%

Shares of CFR stock opened at $164.73 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $10.24 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 2.59 and a beta of 0.53. The company has a 50-day moving average of $158.94 and a two-hundred day moving average of $146.33. Cullen/Frost Bankers, Inc. has a 1-year low of $119.00 and a 1-year high of $170.80.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The bank reported $2.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.15. Cullen/Frost Bankers had a net margin of 23.34% and a return on equity of 15.55%. The business had revenue of $576.01 million for the quarter, compared to the consensus estimate of $589.72 million. During the same period in the previous year, the firm earned $2.39 EPS. On average, analysts predict that Cullen/Frost Bankers, Inc. will post 10.8 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a $1.03 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. Cullen/Frost Bankers's payout ratio is presently 38.94%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Weiss Ratings restated a "buy (b)" rating on shares of Cullen/Frost Bankers in a report on Wednesday, July 15th. Cantor Fitzgerald upped their target price on shares of Cullen/Frost Bankers from $158.00 to $175.00 and gave the stock a "neutral" rating in a report on Wednesday. Royal Bank Of Canada increased their target price on shares of Cullen/Frost Bankers from $168.00 to $176.00 and gave the company a "sector perform" rating in a research report on Friday, July 31st. Raymond James Financial reissued a "market perform" rating on shares of Cullen/Frost Bankers in a research note on Wednesday, July 1st. Finally, Zacks Research upgraded shares of Cullen/Frost Bankers from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $161.75.

Insider Transactions at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, EVP Carol Jean Severyn sold 837 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $148.29, for a total value of $124,118.73. Following the sale, the executive vice president owned 12,712 shares of the company's stock, valued at $1,885,062.48. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.14% of the stock is currently owned by insiders.

Cullen/Frost Bankers Profile

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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