Panagora Asset Management Inc. Sells 36,380 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

Panagora Asset Management Inc. cut its position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 92.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,052 shares of the bank’s stock after selling 36,380 shares during the period. Panagora Asset Management Inc.’s holdings in Cullen/Frost Bankers were worth $286,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CFR. Hallmark Capital Management Inc. lifted its stake in shares of Cullen/Frost Bankers by 8.1% in the 1st quarter. Hallmark Capital Management Inc. now owns 16,669 shares of the bank’s stock valued at $1,618,000 after purchasing an additional 1,256 shares during the last quarter. Diversified Trust Co bought a new stake in shares of Cullen/Frost Bankers in the 1st quarter valued at approximately $214,000. WINTON GROUP Ltd bought a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $205,000. Pegasus Partners Ltd. bought a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $723,000. Finally, Sumitomo Mitsui Asset Management Company LTD lifted its stake in shares of Cullen/Frost Bankers by 44.2% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,768 shares of the bank’s stock valued at $1,045,000 after purchasing an additional 3,300 shares during the last quarter. 80.65% of the stock is owned by institutional investors.

In other news, Director Carlos Alvarez acquired 30,000 shares of Cullen/Frost Bankers 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 acquisition, the director now directly owns 454,000 shares of the company’s stock, valued at approximately $38,626,320. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick B. Frost sold 9,360 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $94.26, for a total value of $882,273.60. Following the transaction, the insider now owns 157,433 shares in the company, valued at $14,839,634.58. The disclosure for this sale can be found here. Company insiders own 4.84% of the company’s stock.

Several research firms have recently issued reports on CFR. Bank of America lowered Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $102.00 to $87.00 in a research note on Thursday, July 11th. They noted that the move was a valuation call. Zacks Investment Research raised 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 set a $105.00 price target (down from $110.00) on shares of Cullen/Frost Bankers in a research note on Monday, July 29th. ValuEngine raised Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Piper Jaffray Companies set a $100.00 price target on Cullen/Frost Bankers and gave the stock a “hold” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $99.33.

Shares of CFR stock traded up $0.96 on Friday, reaching $91.01. 97,435 shares of the company’s stock were exchanged, compared to its average volume of 319,382. The company’s fifty day simple moving average is $86.55 and its 200 day simple moving average is $94.94. The stock has a market capitalization of $5.56 billion, a PE ratio of 13.19, a P/E/G ratio of 1.37 and a beta of 1.38. Cullen/Frost Bankers, Inc. has a 52 week low of $79.86 and a 52 week high of $111.24. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings data on Thursday, July 25th. The bank reported $1.72 EPS for the quarter, hitting the 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 period last year, the business posted $1.68 EPS. As a group, sell-side analysts predict that Cullen/Frost Bankers, Inc. will post 6.84 earnings per share for the current fiscal year.

Cullen/Frost Bankers declared that its Board of Directors has initiated a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.84 annualized dividend and a yield of 3.12%. Cullen/Frost Bankers’s payout ratio is currently 41.16%.

Cullen/Frost Bankers 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.

Further Reading: What is the market perform rating?

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Institutional Ownership by Quarter for Cullen/Frost Bankers (NYSE:CFR)

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