New York State Common Retirement Fund Sells 2,127 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

Posted by on Aug 1st, 2023

New York State Common Retirement Fund cut its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR – Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 128,774 shares of the bank’s stock after selling 2,127 shares during the period. New York State Common Retirement Fund owned approximately 0.20% of Cullen/Frost Bankers worth $13,565,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Thrivent Financial for Lutherans boosted its stake in shares of Cullen/Frost Bankers by 0.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 14,966 shares of the bank’s stock valued at $1,743,000 after purchasing an additional 76 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Cullen/Frost Bankers by 26.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 366 shares of the bank’s stock worth $49,000 after buying an additional 77 shares during the period. Crossmark Global Holdings Inc. raised its holdings in Cullen/Frost Bankers by 1.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 5,074 shares of the bank’s stock worth $678,000 after buying an additional 94 shares during the period. Louisiana State Employees Retirement System raised its holdings in Cullen/Frost Bankers by 0.6% during the 4th quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the bank’s stock worth $2,300,000 after buying an additional 100 shares during the period. Finally, Securian Asset Management Inc. raised its holdings in Cullen/Frost Bankers by 1.7% during the 4th quarter. Securian Asset Management Inc. now owns 5,956 shares of the bank’s stock worth $796,000 after buying an additional 100 shares during the period. 80.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CFR. Morgan Stanley decreased their price objective on shares of Cullen/Frost Bankers from $121.00 to $116.00 in a report on Friday, July 7th. Stephens reduced their price objective on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Friday. JPMorgan Chase & Co. increased their price objective on shares of Cullen/Frost Bankers from $130.00 to $135.00 in a research note on Thursday, June 29th. Royal Bank of Canada reduced their price objective on shares of Cullen/Frost Bankers from $127.00 to $122.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, DA Davidson dropped their target price on shares of Cullen/Frost Bankers from $134.00 to $126.00 and set a “buy” rating for the company in a report on Monday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $127.73.

Insider Transactions at Cullen/Frost Bankers

In related news, insider Patrick B. Frost sold 6,617 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $101.09, for a total transaction of $668,912.53. Following the transaction, the insider now directly owns 210,946 shares in the company, valued at approximately $21,324,531.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cullen/Frost Bankers news, insider Patrick B. Frost sold 6,617 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $101.09, for a total transaction of $668,912.53. Following the sale, the insider now owns 210,946 shares in the company, valued at approximately $21,324,531.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Bobby Berman purchased 1,500 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were purchased at an average price of $95.25 per share, for a total transaction of $142,875.00. Following the purchase, the executive vice president now owns 26,662 shares in the company, valued at approximately $2,539,555.50. The disclosure for this purchase can be found here. In the last three months, insiders purchased 8,501 shares of company stock valued at $819,054. Corporate insiders own 2.89% of the company’s stock.

Cullen/Frost Bankers Price Performance

Shares of Cullen/Frost Bankers stock opened at $108.62 on Tuesday. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 1.17 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a 50 day moving average price of $108.58 and a 200-day moving average price of $113.25. Cullen/Frost Bankers, Inc. has a one year low of $92.55 and a one year high of $160.60.

Cullen/Frost Bankers (NYSE:CFR – Get Free Report) last issued its earnings results on Thursday, July 27th. The bank reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.07. The business had revenue of $512.12 million during the quarter, compared to analyst estimates of $496.85 million. Cullen/Frost Bankers had a return on equity of 22.93% and a net margin of 29.14%. During the same period in the previous year, the company posted $1.81 EPS. Equities analysts expect that Cullen/Frost Bankers, Inc. will post 9.59 EPS for the current year.

Cullen/Frost Bankers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 3.39%. This is a positive change from Cullen/Frost Bankers’s previous quarterly dividend of $0.87. The ex-dividend date is Wednesday, August 30th. Cullen/Frost Bankers’s payout ratio is presently 32.61%.

Cullen/Frost Bankers Company Profile

(Free Report)

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that provides 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; and treasury management services, as well as originates commercial leasing services.

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Institutional Ownership by Quarter for Cullen/Frost Bankers (NYSE:CFR)

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