Zurich Insurance Group Ltd FI Makes New Investment in Cullen/Frost Bankers, Inc. $CFR

Key Points

• Zurich Insurance Group Ltd FI acquired a new position in Cullen/Frost Bankers, Inc., purchasing 10,800 shares valued at approximately $1.35 million in the first quarter.
• Cullen/Frost Bankers reported earnings of $2.39 per share for the quarter, exceeding analysts' estimates of $2.28, with a net margin of 21.20% and revenue of $567.83 million.
• The bank declared a quarterly dividend of $1.00 per share, representing a yield of 3.1%, with the ex-dividend date set for August 29th.

Zurich Insurance Group Ltd FI bought a new position in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,800 shares of the bank's stock, valued at approximately $1,352,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CFR. Alpine Bank Wealth Management purchased a new stake in Cullen/Frost Bankers in the 1st quarter worth approximately $30,000. UMB Bank n.a. raised its holdings in shares of Cullen/Frost Bankers by 59.6% during the 1st quarter. UMB Bank n.a. now owns 391 shares of the bank's stock valued at $49,000 after purchasing an additional 146 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at $57,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at $58,000. Finally, Parallel Advisors LLC raised its holdings in shares of Cullen/Frost Bankers by 33.8% during the 1st quarter. Parallel Advisors LLC now owns 522 shares of the bank's stock valued at $65,000 after purchasing an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Cullen/Frost Bankers Stock Performance

NYSE:CFR opened at $128.44 on Wednesday. Cullen/Frost Bankers, Inc. has a 1 year low of $100.31 and a 1 year high of $147.64. The firm's fifty day simple moving average is $130.94 and its 200 day simple moving average is $126.10. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $8.26 billion, a PE ratio of 13.83, a PEG ratio of 2.72 and a beta of 0.74.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.28 by $0.11. Cullen/Frost Bankers had a net margin of 21.20% and a return on equity of 15.46%. The business had revenue of $567.83 million for the quarter, compared to analyst estimates of $552.04 million. During the same period last year, the business posted $2.21 EPS. On average, sell-side analysts anticipate that Cullen/Frost Bankers, Inc. will post 8.85 EPS for the current year.

Cullen/Frost Bankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $1.00 dividend. The ex-dividend date is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a yield of 3.1%. Cullen/Frost Bankers's dividend payout ratio (DPR) is presently 43.06%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CFR. Barclays cut their price target on shares of 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. Raymond James Financial cut 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 set an "underperform" rating and a $105.00 price target on the stock. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $133.71.

Cullen/Frost Bankers Profile

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.

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