TCTC Holdings LLC Purchases 11,950 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

Key Points

• TCTC Holdings LLC increased its stake in Cullen/Frost Bankers, Inc. by 5.5%, acquiring 11,950 additional shares, making it the 25th largest position in its investment portfolio.
• Analysts have raised their price targets for Cullen/Frost Bankers, with Raymond James Financial setting a new target of $150.00, while Barclays lifted its target to $155.00.
• Cullen/Frost Bankers recently increased its quarterly dividend from $0.95 to $1.00, representing a 2.96% yield based on current share prices.

TCTC Holdings LLC boosted its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,270 shares of the bank's stock after acquiring an additional 11,950 shares during the quarter. Cullen/Frost Bankers accounts for 1.0% of TCTC Holdings LLC's portfolio, making the stock its 25th largest position. TCTC Holdings LLC owned about 0.36% of Cullen/Frost Bankers worth $28,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CFR. Norden Group LLC bought a new stake in shares of Cullen/Frost Bankers during the first quarter worth $214,000. First National Advisers LLC increased its holdings in shares of Cullen/Frost Bankers by 25.8% in the first quarter. First National Advisers LLC now owns 26,428 shares of the bank's stock worth $3,309,000 after acquiring an additional 5,420 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of Cullen/Frost Bankers by 5.7% in the first quarter. HB Wealth Management LLC now owns 1,897 shares of the bank's stock worth $238,000 after acquiring an additional 102 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Cullen/Frost Bankers by 24.4% during the first quarter. Cetera Investment Advisers now owns 8,514 shares of the bank's stock worth $1,066,000 after buying an additional 1,668 shares during the period. Finally, Madison Asset Management LLC boosted its position in shares of Cullen/Frost Bankers by 9.4% during the first quarter. Madison Asset Management LLC now owns 376,784 shares of the bank's stock worth $47,173,000 after buying an additional 32,477 shares during the period. 86.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CFR shares. Jefferies Financial Group started coverage on Cullen/Frost Bankers in a research report on Wednesday, May 21st. They set an "underperform" rating and a $105.00 price objective for the company. Raymond James Financial upgraded Cullen/Frost Bankers from a "market perform" rating to an "outperform" rating and set a $150.00 price objective on the stock in a research note on Tuesday, July 8th. Barclays upped their price objective on Cullen/Frost Bankers from $135.00 to $155.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. 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 note on Friday, May 2nd. Finally, Evercore ISI upgraded Cullen/Frost Bankers from an "underperform" rating to an "in-line" rating and set a $132.00 price objective on the stock in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $134.79.

Insider Buying and Selling

In other Cullen/Frost Bankers news, CAO Matthew Bradley Henson purchased 1,870 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were acquired at an average price of $16.93 per share, for a total transaction of $31,659.10. Following 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.20% of the company's stock.

Cullen/Frost Bankers Trading Down 0.1%

Shares of Cullen/Frost Bankers stock traded down $0.09 during trading on Tuesday, reaching $135.19. 278,841 shares of the stock were exchanged, compared to its average volume of 331,453. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.06. The stock's fifty day moving average is $130.66 and its 200 day moving average is $128.87. The firm has a market cap of $8.69 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 2.87 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.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The bank reported $2.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.17 by $0.13. Cullen/Frost Bankers had a net margin of 20.89% and a return on equity of 15.70%. The company had revenue of $560.42 million during the quarter, compared to the consensus estimate of $540.57 million. During the same period in the prior year, the firm earned $2.15 earnings per share. As a group, equities research analysts expect that Cullen/Frost Bankers, Inc. will post 8.85 earnings per share for the current fiscal 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 given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Friday, May 30th. This is an increase from Cullen/Frost Bankers's previous quarterly dividend of $0.95. Cullen/Frost Bankers's payout ratio is 43.91%.

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.