Cullen/Frost Bankers (NYSE:CFR) Given New $104.00 Price Target at Citigroup

Cullen/Frost Bankers (NYSE:CFR) had its price objective reduced by Citigroup from $107.00 to $104.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a sell rating on the bank’s stock.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group reduced their target price on Cullen/Frost Bankers from $117.00 to $108.00 and set a hold rating for the company in a report on Wednesday, July 3rd. Evercore ISI reduced their price objective on shares of Cullen/Frost Bankers from $109.00 to $100.00 and set an underperform rating for the company in a research note on Tuesday, June 25th. Royal Bank of Canada upped their target price on shares of Cullen/Frost Bankers from $119.00 to $120.00 and gave the stock a sector perform rating in a research report on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on shares of Cullen/Frost Bankers from $140.00 to $130.00 and set an overweight rating for the company in a research report on Thursday, June 27th. Finally, Truist Financial lowered their price target on Cullen/Frost Bankers from $126.00 to $123.00 and set a hold rating on the stock in a report on Friday, September 20th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $121.14.

Cullen/Frost Bankers Trading Up 0.5 %

NYSE CFR opened at $108.95 on Monday. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $7.00 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.36 and a beta of 1.00. Cullen/Frost Bankers has a 52-week low of $82.25 and a 52-week high of $123.17. The firm has a 50-day moving average price of $110.47 and a 200 day moving average price of $107.05.

Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, July 25th. The bank reported $2.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.14. The business had revenue of $528.81 million during the quarter, compared to the consensus estimate of $506.83 million. Cullen/Frost Bankers had a return on equity of 17.43% and a net margin of 19.51%. During the same period in the prior year, the business posted $2.47 EPS. Equities research analysts expect that Cullen/Frost Bankers will post 8.62 EPS for the current year.

Cullen/Frost Bankers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.95 per share. This is a positive change from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. This represents a $3.80 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Friday, August 30th. Cullen/Frost Bankers’s dividend payout ratio is presently 44.92%.

Insider Activity at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, EVP Howard L. Kasanoff sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total transaction of $357,600.00. Following the transaction, the executive vice president now owns 1,598 shares of the company’s stock, valued at $190,481.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Howard L. Kasanoff sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total transaction of $357,600.00. Following the completion of the sale, the executive vice president now directly owns 1,598 shares of the company’s stock, valued at approximately $190,481.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Candace K. Wolfshohl sold 5,000 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $119.65, for a total value of $598,250.00. Following the sale, the executive vice president now owns 18,753 shares of the company’s stock, valued at $2,243,796.45. The disclosure for this sale can be found here. 2.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Cullen/Frost Bankers

Hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC increased its position in Cullen/Frost Bankers by 125.2% during the 1st quarter. Tidal Investments LLC now owns 11,888 shares of the bank’s stock worth $1,338,000 after purchasing an additional 6,610 shares in the last quarter. Westwood Holdings Group Inc. increased its position in shares of Cullen/Frost Bankers by 4.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 371,879 shares of the bank’s stock worth $40,345,000 after acquiring an additional 15,981 shares in the last quarter. Oak Harvest Investment Services purchased a new position in shares of Cullen/Frost Bankers in the 1st quarter valued at $2,972,000. Goldman Sachs Group Inc. raised its stake in shares of Cullen/Frost Bankers by 44.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 798,403 shares of the bank’s stock valued at $86,619,000 after acquiring an additional 244,197 shares during the period. Finally, Natixis acquired a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at $957,000. 86.90% of the stock is owned by institutional investors and hedge funds.

About Cullen/Frost Bankers

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, 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.