Cullen/Frost Bankers (NYSE:CFR) Cut to Underperform at Bank of America

Bank of America downgraded shares of Cullen/Frost Bankers (NYSE:CFR) from a neutral rating to an underperform rating in a research report report published on Thursday, BenzingaRatingsTable reports. They currently have $87.00 price target on the bank’s stock, down from their prior price target of $102.00. The analysts noted that the move was a valuation call.

Several other research firms also recently weighed in on CFR. Maxim Group set a $73.00 target price on Emcor Group and gave the company a hold rating in a research report on Friday, April 26th. Wedbush set a $100.00 target price on GrubHub and gave the company a buy rating in a research report on Friday, April 26th. Zacks Investment Research cut GreenTree Hospitality Group from a buy rating to a hold rating in a research note on Monday, May 20th. Finally, Stephens set a $100.00 price objective on Cullen/Frost Bankers and gave the company a hold rating in a research note on Friday, April 26th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $101.89.

NYSE CFR opened at $93.86 on Thursday. The firm has a market cap of $5.92 billion, a P/E ratio of 13.28, a P/E/G ratio of 1.42 and a beta of 1.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a 50-day moving average price of $93.29. Cullen/Frost Bankers has a 1-year low of $81.87 and a 1-year high of $116.45.

Cullen/Frost Bankers (NYSE:CFR) last released its earnings results on Thursday, April 25th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.04. The company had revenue of $367.96 million during the quarter, compared to the consensus estimate of $366.47 million. Cullen/Frost Bankers had a return on equity of 14.30% and a net margin of 32.16%. Cullen/Frost Bankers’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.61 EPS. On average, sell-side analysts anticipate that Cullen/Frost Bankers will post 6.94 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Thursday, May 30th. This is a boost from Cullen/Frost Bankers’s previous quarterly dividend of $0.67. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 41.16%.

In related news, CFO Jerry Salinas sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.98, for a total transaction of $1,211,760.00. Following the completion of the sale, the chief financial officer now owns 24,856 shares in the company, valued at $2,509,958.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles W. Matthews bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average price of $94.32 per share, with a total value of $94,320.00. Following the purchase, the director now owns 3,000 shares of the company’s stock, valued at $282,960. The disclosure for this purchase can be found here. Company insiders own 4.84% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in Cullen/Frost Bankers by 27.8% during the first quarter. JPMorgan Chase & Co. now owns 2,757,310 shares of the bank’s stock worth $267,652,000 after purchasing an additional 600,509 shares during the last quarter. FMR LLC lifted its stake in Cullen/Frost Bankers by 0.9% during the fourth quarter. FMR LLC now owns 2,280,587 shares of the bank’s stock worth $200,554,000 after purchasing an additional 20,968 shares during the last quarter. King Luther Capital Management Corp lifted its stake in Cullen/Frost Bankers by 1.5% during the first quarter. King Luther Capital Management Corp now owns 2,221,397 shares of the bank’s stock worth $215,631,000 after purchasing an additional 32,613 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Cullen/Frost Bankers by 3.3% during the first quarter. Principal Financial Group Inc. now owns 1,334,680 shares of the bank’s stock worth $129,558,000 after purchasing an additional 42,887 shares during the last quarter. Finally, Champlain Investment Partners LLC lifted its stake in Cullen/Frost Bankers by 3.6% during the first quarter. Champlain Investment Partners LLC now owns 969,405 shares of the bank’s stock worth $94,100,000 after purchasing an additional 33,570 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

About Cullen/Frost Bankers

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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