Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $95.16, but opened at $97.08. Cullen/Frost Bankers shares last traded at $96.25, with a volume of 12,426 shares trading hands.
Analyst Ratings Changes
A number of equities research analysts have issued reports on CFR shares. Wedbush decreased their price target on shares of Cullen/Frost Bankers from $120.00 to $112.00 and set a “neutral” rating for the company in a report on Friday, July 28th. Morgan Stanley reduced their target price on shares of Cullen/Frost Bankers from $121.00 to $116.00 in a research note on Friday, July 7th. Truist Financial reduced their target price on shares of Cullen/Frost Bankers from $114.00 to $113.00 in a research note on Thursday, June 29th. Royal Bank of Canada reduced their target price on shares of Cullen/Frost Bankers from $127.00 to $122.00 and set a “sector perform” rating for the company in a research note on Friday, July 28th. Finally, Stephens reduced their target price on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “equal weight” rating for the company in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $124.60.
Get Our Latest Stock Analysis on CFR
Cullen/Frost Bankers Stock Performance
Cullen/Frost Bankers (NYSE:CFR – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.07. The business had revenue of $512.12 million during the quarter, compared to the consensus estimate 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 last year, the company earned $1.81 earnings per share. On average, research analysts anticipate that Cullen/Frost Bankers, Inc. will post 9.27 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. Shareholders of record on Thursday, August 31st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 3.87%. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Wednesday, August 30th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is currently 32.61%.
Institutional Trading of Cullen/Frost Bankers
A number of hedge funds have recently made changes to their positions in CFR. American Century Companies Inc. lifted its position in Cullen/Frost Bankers by 10.3% during the first quarter. American Century Companies Inc. now owns 5,345 shares of the bank’s stock worth $740,000 after purchasing an additional 501 shares during the period. Natixis Advisors L.P. bought a new stake in Cullen/Frost Bankers during the first quarter worth about $1,736,000. BlackRock Inc. lifted its position in Cullen/Frost Bankers by 0.8% during the first quarter. BlackRock Inc. now owns 5,032,068 shares of the bank’s stock worth $696,489,000 after purchasing an additional 39,554 shares during the period. Great West Life Assurance Co. Can lifted its position in Cullen/Frost Bankers by 9.0% during the first quarter. Great West Life Assurance Co. Can now owns 31,607 shares of the bank’s stock worth $4,501,000 after purchasing an additional 2,600 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in Cullen/Frost Bankers during the first quarter worth about $211,000. 80.49% of the stock is owned by institutional investors and hedge funds.
Cullen/Frost Bankers Company Profile
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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