Cullen/Frost Bankers, Inc. (NYSE:CFR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Shares of Cullen/Frost have outperformed the industry year to date. This performance was supported by the company’s impressive earnings surprise history. It has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. With a rising interest rate environment and improving non-interest bearing deposits, the company's net interest income and net interest margin is expected to grow. However, rising costs stemming mainly from expanding franchise are likely to deter bottom-line growth to some extent. Also, the company’s risky loan portfolio keeps us apprehensive.”
Several other equities research analysts also recently commented on CFR. BidaskClub downgraded shares of Cullen/Frost Bankers from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Citigroup Inc. downgraded shares of Cullen/Frost Bankers to an “underperform” rating in a report on Thursday, August 10th. They noted that the move was a valuation call. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price objective on shares of Cullen/Frost Bankers in a report on Friday, August 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $95.00 price objective on shares of Cullen/Frost Bankers in a report on Friday, September 29th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $96.50 price objective on shares of Cullen/Frost Bankers in a report on Friday, October 6th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $97.50.
Shares of Cullen/Frost Bankers (NYSE CFR) opened at 96.09 on Tuesday. The firm has a 50-day moving average of $89.62 and a 200 day moving average of $91.40. The firm has a market cap of $6.17 billion, a PE ratio of 18.93 and a beta of 1.35. Cullen/Frost Bankers has a 52 week low of $69.86 and a 52 week high of $99.20.
Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings data on Thursday, July 27th. The bank reported $1.29 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.29. The business had revenue of $295.87 million for the quarter, compared to the consensus estimate of $316.40 million. Cullen/Frost Bankers had a net margin of 28.49% and a return on equity of 11.23%. During the same period in the prior year, the firm earned $1.11 earnings per share. Equities research analysts predict that Cullen/Frost Bankers will post $5.21 EPS for the current fiscal year.
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Several institutional investors have recently made changes to their positions in the company. Beacon Financial Group lifted its holdings in shares of Cullen/Frost Bankers by 0.6% in the third quarter. Beacon Financial Group now owns 91,822 shares of the bank’s stock worth $8,716,000 after buying an additional 564 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Cullen/Frost Bankers in the second quarter worth about $3,371,000. WFG Advisors LP lifted its holdings in shares of Cullen/Frost Bankers by 33.4% in the second quarter. WFG Advisors LP now owns 24,392 shares of the bank’s stock worth $2,291,000 after buying an additional 6,108 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its holdings in shares of Cullen/Frost Bankers by 2.6% in the second quarter. Cookson Peirce & Co. Inc. now owns 118,735 shares of the bank’s stock worth $11,150,000 after buying an additional 3,060 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cullen/Frost Bankers in the second quarter worth about $589,000. 80.72% of the stock is currently owned by hedge funds and other institutional investors.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc is a financial holding company and a bank holding company. The Company, through its subsidiaries, provides a range of products and services throughout Texas markets. The Company’s segments include Banking, Frost Wealth Advisors and Non-Banks. The Banking segment includes both commercial and consumer banking services, and Frost Insurance Agency.
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