Cullen/Frost Bankers, Inc. (NYSE:CFR) has been assigned an average recommendation of “Hold” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $99.50.
CFR has been the topic of a number of recent research reports. Maxim Group reaffirmed a “buy” rating and issued a $105.00 target price (down from $110.00) on shares of Cullen/Frost Bankers in a report on Monday, July 29th. Piper Jaffray Companies set a $100.00 target price on shares of Cullen/Frost Bankers and gave the company a “hold” rating in a report on Friday, July 26th. Stephens set a $100.00 target price on shares of Cullen/Frost Bankers and gave the company a “hold” rating in a report on Friday, April 26th. Bank of America cut shares of Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and cut their target price for the company from $102.00 to $87.00 in a report on Thursday, July 11th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Monday, May 20th.
CFR stock traded down $3.19 during midday trading on Wednesday, reaching $83.82. 284,473 shares of the company were exchanged, compared to its average volume of 297,529. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07. Cullen/Frost Bankers has a 1-year low of $81.87 and a 1-year high of $114.86. The company’s 50-day moving average price is $91.82. The company has a market capitalization of $5.39 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.35 and a beta of 1.33.
Cullen/Frost Bankers declared that its board has authorized a share repurchase plan on Thursday, July 25th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.71 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.84 dividend on an annualized basis and a yield of 3.39%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 41.16%.
In other news, Director Charles W. Matthews acquired 1,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average cost of $94.32 per share, for a total transaction of $94,320.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $282,960. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick B. Frost sold 9,360 shares of Cullen/Frost Bankers stock in a transaction on Monday, July 29th. The shares were sold at an average price of $94.26, for a total transaction of $882,273.60. Following the completion of the transaction, the insider now owns 157,433 shares in the company, valued at $14,839,634.58. The disclosure for this sale can be found here. Company insiders own 4.84% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Hallmark Capital Management Inc. boosted its position in shares of Cullen/Frost Bankers by 8.1% during the 1st quarter. Hallmark Capital Management Inc. now owns 16,669 shares of the bank’s stock worth $1,618,000 after purchasing an additional 1,256 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Cullen/Frost Bankers by 78.1% during the 4th quarter. Deutsche Bank AG now owns 170,264 shares of the bank’s stock worth $14,971,000 after purchasing an additional 74,639 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of Cullen/Frost Bankers during the 1st quarter worth $214,000. WINTON GROUP Ltd purchased a new stake in shares of Cullen/Frost Bankers during the 2nd quarter worth $205,000. Finally, Motco boosted its position in shares of Cullen/Frost Bankers by 79.5% during the 1st quarter. Motco now owns 6,097 shares of the bank’s stock worth $592,000 after purchasing an additional 2,700 shares in the last quarter. Hedge funds and other institutional investors own 81.37% of the company’s stock.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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