Wedbush Comments on Cullen/Frost Bankers, Inc.’s Q1 2024 Earnings (NYSE:CFR)

Cullen/Frost Bankers, Inc. (NYSE:CFR) – Wedbush boosted their Q1 2024 earnings per share estimates for Cullen/Frost Bankers in a note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the bank will earn $2.08 per share for the quarter, up from their previous estimate of $1.97. Wedbush currently has a “Neutral” rating and a $115.00 target price on the stock. The consensus estimate for Cullen/Frost Bankers’ current full-year earnings is $8.47 per share. Wedbush also issued estimates for Cullen/Frost Bankers’ Q2 2024 earnings at $2.07 EPS.

Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, January 25th. The bank reported $2.18 EPS for the quarter, beating the consensus estimate of $2.01 by $0.17. Cullen/Frost Bankers had a return on equity of 19.66% and a net margin of 22.60%. The company had revenue of $523.66 million for the quarter, compared to the consensus estimate of $498.09 million.

Several other equities research analysts have also recently issued reports on CFR. Morgan Stanley boosted their price target on Cullen/Frost Bankers from $109.00 to $115.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Compass Point cut Cullen/Frost Bankers from a “buy” rating to a “neutral” rating in a research note on Monday, January 8th. Keefe, Bruyette & Woods cut their target price on Cullen/Frost Bankers from $125.00 to $118.00 and set a “market perform” rating for the company in a research note on Friday, January 26th. DA Davidson restated a “buy” rating and set a $126.00 target price on shares of Cullen/Frost Bankers in a research note on Thursday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $118.00 target price on shares of Cullen/Frost Bankers in a research note on Friday, January 26th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $113.92.

Cullen/Frost Bankers Price Performance

Cullen/Frost Bankers stock opened at $112.63 on Friday. Cullen/Frost Bankers has a 12 month low of $82.25 and a 12 month high of $120.31. The stock’s 50 day moving average is $107.21 and its 200-day moving average is $101.09. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.38 and a beta of 1.03.

Institutional Trading of Cullen/Frost Bankers

A number of large investors have recently bought and sold shares of the business. Thrivent Financial for Lutherans grew its holdings in Cullen/Frost Bankers by 0.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 14,966 shares of the bank’s stock worth $1,743,000 after acquiring an additional 76 shares during the period. Steward Partners Investment Advisory LLC boosted its position in shares of Cullen/Frost Bankers by 26.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 366 shares of the bank’s stock worth $49,000 after purchasing an additional 77 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Cullen/Frost Bankers by 4.2% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 2,837 shares of the bank’s stock worth $305,000 after purchasing an additional 115 shares in the last quarter. First National Bank of Hutchinson boosted its position in shares of Cullen/Frost Bankers by 1.7% during the 3rd quarter. First National Bank of Hutchinson now owns 7,432 shares of the bank’s stock worth $678,000 after purchasing an additional 121 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Cullen/Frost Bankers by 3.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,910 shares of the bank’s stock worth $523,000 after purchasing an additional 121 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cullen/Frost Bankers

In related news, insider Paul Bracher sold 9,820 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $109.40, for a total value of $1,074,308.00. Following the completion of the sale, the insider now directly owns 96,380 shares in the company, valued at $10,543,972. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cullen/Frost Bankers news, EVP Bobby Berman sold 1,312 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $105.49, for a total transaction of $138,402.88. Following the completion of the sale, the executive vice president now directly owns 27,815 shares in the company, valued at approximately $2,934,204.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Bracher sold 9,820 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $109.40, for a total value of $1,074,308.00. Following the sale, the insider now owns 96,380 shares of the company’s stock, valued at $10,543,972. The disclosure for this sale can be found here. 2.89% of the stock is currently owned by company insiders.

Cullen/Frost Bankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a $0.92 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $3.68 dividend on an annualized basis and a yield of 3.27%. Cullen/Frost Bankers’s payout ratio is 40.44%.

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.