Cullen/Frost Bankers, Inc. $CFR Shares Bought by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. has increased its stake in Cullen/Frost Bankers to $20.72 million, owning 165,483 shares after a 4.9% boost in the first quarter.
• Cullen/Frost Bankers reported earnings of $2.39 per share for the last quarter, exceeding analysts' expectations of $2.28, and had a revenue of $567.83 million.
• The company declared a quarterly dividend of $1.00 per share, with an annualized yield of 3.0%, set to be paid on September 15th.

Raymond James Financial Inc. raised its position in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,483 shares of the bank's stock after purchasing an additional 7,709 shares during the quarter. Raymond James Financial Inc. owned 0.26% of Cullen/Frost Bankers worth $20,719,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CFR. Alpine Bank Wealth Management purchased a new stake in shares of Cullen/Frost Bankers in the first quarter worth about $30,000. UMB Bank n.a. boosted its position 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 buying an additional 146 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Cullen/Frost Bankers in the first quarter worth about $58,000. Parallel Advisors LLC boosted its position in shares of Cullen/Frost Bankers by 33.8% in the first quarter. Parallel Advisors LLC now owns 522 shares of the bank's stock worth $65,000 after buying an additional 132 shares during the period. Finally, Reyes Financial Architecture Inc. boosted its position in shares of Cullen/Frost Bankers by 38.5% in the first quarter. Reyes Financial Architecture Inc. now owns 1,273 shares of the bank's stock worth $159,000 after buying an additional 354 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James Financial decreased their target price on Cullen/Frost Bankers from $150.00 to $145.00 and set an "outperform" rating for the company in a research report on Monday, August 4th. Evercore ISI raised Cullen/Frost Bankers from an "underperform" rating to an "in-line" rating and set a $132.00 target price for the company in a research report on Friday, May 2nd. Stephens lifted 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. Barclays dropped their price objective on 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. Finally, Jefferies Financial Group initiated coverage on Cullen/Frost Bankers in a report on Wednesday, May 21st. They set an "underperform" rating and a $105.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $133.71.

Cullen/Frost Bankers Stock Performance

Shares of NYSE:CFR traded down $1.98 during trading on Friday, reaching $128.86. 422,497 shares of the company's stock traded hands, compared to its average volume of 524,605. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.64 and a quick ratio of 0.64. Cullen/Frost Bankers, Inc. has a 12 month low of $100.31 and a 12 month high of $147.64. The company has a 50 day moving average of $130.86 and a 200-day moving average of $126.90. The stock has a market capitalization of $8.29 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 2.75 and a beta of 0.70.

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 for the quarter, beating the consensus estimate 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 last year, the firm posted $2.21 EPS. On average, equities analysts expect that Cullen/Frost Bankers, Inc. will post 8.85 EPS for the current year.

Cullen/Frost Bankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $1.00 dividend. The ex-dividend date is Friday, August 29th. This represents a $4.00 annualized dividend and a yield of 3.1%. Cullen/Frost Bankers's dividend payout ratio (DPR) is currently 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.