Maltese Capital Management LLC trimmed its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 22.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 117,300 shares of the bank’s stock after selling 34,900 shares during the period. Maltese Capital Management LLC owned 0.19% of Cullen/Frost Bankers worth $11,134,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Parallax Volatility Advisers L.P. lifted its holdings in Cullen/Frost Bankers by 124.1% in the 2nd quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock valued at $102,000 after purchasing an additional 602 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in Cullen/Frost Bankers in the 2nd quarter valued at about $114,000. Westwood Holdings Group Inc. purchased a new position in Cullen/Frost Bankers in the 2nd quarter valued at about $131,000. Fiduciary Trust Co. purchased a new position in Cullen/Frost Bankers in the 2nd quarter valued at about $136,000. Finally, Meeder Asset Management Inc. lifted its holdings in Cullen/Frost Bankers by 50.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,580 shares of the bank’s stock valued at $150,000 after purchasing an additional 531 shares in the last quarter. 81.16% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Bobby Berman sold 41,760 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $100.53, for a total value of $4,198,132.80. Following the transaction, the insider now owns 38,596 shares in the company, valued at $3,880,055.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jerry Salinas sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $99.65, for a total transaction of $1,195,800.00. Following the completion of the transaction, the chief financial officer now owns 24,184 shares in the company, valued at approximately $2,409,935.60. The disclosure for this sale can be found here. Company insiders own 5.15% of the company’s stock.
Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.10. The business had revenue of $300.83 million for the quarter, compared to analyst estimates of $329.62 million. Cullen/Frost Bankers had a net margin of 28.86% and a return on equity of 11.64%. During the same period in the prior year, the firm posted $1.24 EPS. research analysts anticipate that Cullen/Frost Bankers, Inc. will post 5.36 earnings per share for the current year.
Cullen/Frost Bankers declared that its board has approved a stock buyback plan on Thursday, October 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $2.28 annualized dividend and a dividend yield of 2.44%. Cullen/Frost Bankers’s payout ratio is currently 43.35%.
CFR has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Tuesday, October 10th. Citigroup upgraded shares of Cullen/Frost Bankers to a “market perform” rating in a report on Friday, October 27th. Maxim Group restated a “buy” rating and issued a $110.00 target price on shares of Cullen/Frost Bankers in a report on Thursday, October 26th. Jefferies Group reiterated a “hold” rating and set a $103.00 price objective on shares of Cullen/Frost Bankers in a report on Wednesday, October 11th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $96.50 price objective on shares of Cullen/Frost Bankers in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company. Cullen/Frost Bankers presently has an average rating of “Hold” and an average price target of $100.65.
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About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc is a financial holding company and a bank holding company. The Company, through its subsidiaries, provides a range of products and services throughout Texas markets. The Company’s segments include Banking, Frost Wealth Advisors and Non-Banks. The Banking segment includes both commercial and consumer banking services, and Frost Insurance Agency.
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