Victory Capital Management Inc. increased its stake in shares of Cullen/Frost Bankers Inc. (NYSE:CFR) by 17.6% during the second quarter, Holdings Channel reports. The institutional investor owned 6,437 shares of the company’s stock after buying an additional 964 shares during the period. Victory Capital Management Inc.’s holdings in Cullen/Frost Bankers were worth $410,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CFR. Riverhead Capital Management LLC boosted its position in shares of Cullen/Frost Bankers by 971.1% in the first quarter. Riverhead Capital Management LLC now owns 110,327 shares of the company’s stock valued at $6,080,000 after buying an additional 100,027 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in Cullen/Frost Bankers by 862.4% in the first quarter. Rafferty Asset Management LLC now owns 50,392 shares of the company’s stock worth $2,777,000 after buying an additional 45,156 shares during the period. State Street Corp boosted its stake in Cullen/Frost Bankers by 23.6% in the first quarter. State Street Corp now owns 6,959,482 shares of the company’s stock worth $383,537,000 after buying an additional 1,327,149 shares during the period. Kempen Capital Management N.V. boosted its stake in Cullen/Frost Bankers by 8.5% in the first quarter. Kempen Capital Management N.V. now owns 385,250 shares of the company’s stock worth $21,231,000 after buying an additional 30,150 shares during the period. Finally, Huntington Asset Advisors Inc. acquired a new stake in Cullen/Frost Bankers during the first quarter worth approximately $358,000. Institutional investors own 84.81% of the company’s stock.
Shares of Cullen/Frost Bankers Inc. (NYSE:CFR) traded up 3.32% during trading on Friday, hitting $71.94. The stock had a trading volume of 687,902 shares. The company has a market cap of $4.47 billion, a PE ratio of 17.00 and a beta of 1.13. The stock’s 50 day moving average is $70.85 and its 200-day moving average is $64.70. Cullen/Frost Bankers Inc. has a 12-month low of $42.41 and a 12-month high of $73.99.
Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Wednesday, July 27th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.06. Cullen/Frost Bankers had a return on equity of 9.67% and a net margin of 24.81%. During the same quarter in the prior year, the business posted $1.11 earnings per share. Analysts forecast that Cullen/Frost Bankers Inc. will post $4.56 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, August 29th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 50.82%.
A number of analysts have recently commented on the company. Evercore ISI upgraded Cullen/Frost Bankers from a “sell” rating to a “hold” rating and boosted their price objective for the company from $52.00 to $67.00 in a research report on Thursday, June 9th. Compass Point assumed coverage on Cullen/Frost Bankers in a research report on Tuesday, June 7th. They issued a “neutral” rating and a $65.00 price objective for the company. Zacks Investment Research cut Cullen/Frost Bankers from a “hold” rating to a “sell” rating in a research report on Tuesday, June 28th. Maxim Group boosted their price objective on Cullen/Frost Bankers from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Royal Bank Of Canada boosted their price objective on Cullen/Frost Bankers from $63.00 to $70.00 and gave the company a “sector perform” rating in a research report on Thursday, July 28th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Cullen/Frost Bankers currently has an average rating of “Hold” and an average target price of $66.38.
In related news, insider Patrick B. Frost sold 10,500 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $67.73, for a total value of $711,165.00. Following the completion of the transaction, the insider now directly owns 160,147 shares of the company’s stock, valued at approximately $10,846,756.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard Kardys sold 25,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $69.54, for a total value of $1,773,270.00. Following the completion of the transaction, the insider now directly owns 128,078 shares of the company’s stock, valued at $8,906,544.12. The disclosure for this sale can be found here. Insiders own 8.03% of the company’s stock.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc is a financial holding and bank holding company. The Company, through its subsidiaries, offers commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services.
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