Meeder Asset Management Inc. cut its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 82.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 744 shares of the bank’s stock after selling 3,383 shares during the quarter. Meeder Asset Management Inc.’s holdings in Cullen/Frost Bankers were worth $70,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Cullen/Frost Bankers by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 480,303 shares of the bank’s stock worth $42,237,000 after buying an additional 13,728 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cullen/Frost Bankers by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 611,344 shares of the bank’s stock valued at $53,761,000 after purchasing an additional 2,895 shares during the last quarter. Brinker Capital Inc. lifted its stake in Cullen/Frost Bankers by 9.5% in the 1st quarter. Brinker Capital Inc. now owns 3,375 shares of the bank’s stock valued at $328,000 after purchasing an additional 294 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Cullen/Frost Bankers in the 1st quarter valued at about $389,000. Finally, BNP Paribas Arbitrage SA lifted its position in Cullen/Frost Bankers by 2,382.5% during the first quarter. BNP Paribas Arbitrage SA now owns 22,963 shares of the bank’s stock worth $2,229,000 after acquiring an additional 22,038 shares during the last quarter. 80.78% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on CFR. Zacks Investment Research upgraded shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Maxim Group reissued a “buy” rating and issued a $105.00 target price (down previously from $110.00) on shares of Cullen/Frost Bankers in a report on Monday, July 29th. Bank of America downgraded shares of Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $102.00 to $87.00 in a report on Thursday, July 11th. They noted that the move was a valuation call. Piper Jaffray Companies set a $100.00 target price on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, ValuEngine raised shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $99.33.
Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $1.72 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.72. The company had revenue of $360.39 million for the quarter, compared to the consensus estimate of $364.59 million. Cullen/Frost Bankers had a return on equity of 13.85% and a net margin of 31.57%. During the same quarter in the prior year, the business posted $1.68 EPS. Research analysts anticipate that Cullen/Frost Bankers, Inc. will post 6.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.53%. Cullen/Frost Bankers’s payout ratio is presently 41.16%.
Cullen/Frost Bankers declared that its Board of Directors has approved a share repurchase program on Thursday, July 25th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 1.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other Cullen/Frost Bankers news, insider Patrick B. Frost sold 9,360 shares of the business’s 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 sale, the insider now owns 157,433 shares of the company’s stock, valued at $14,839,634.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carlos Alvarez bought 30,000 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were bought at an average cost of $85.08 per share, for a total transaction of $2,552,400.00. Following the purchase, the director now owns 454,000 shares of the company’s stock, valued at approximately $38,626,320. The disclosure for this purchase can be found here. Insiders own 4.84% of the company’s stock.
Cullen/Frost Bankers Company Profile
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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