Norges Bank Invests $90.48 Million in Cullen/Frost Bankers, Inc. $CFR

Norges Bank bought a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 703,933 shares of the bank’s stock, valued at approximately $90,484,000. Norges Bank owned about 1.09% of Cullen/Frost Bankers as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CFR. Quadrant Capital Group LLC raised its position in shares of Cullen/Frost Bankers by 2.9% in the 2nd quarter. Quadrant Capital Group LLC now owns 7,101 shares of the bank’s stock worth $913,000 after acquiring an additional 202 shares in the last quarter. Choreo LLC grew its stake in Cullen/Frost Bankers by 171.0% during the second quarter. Choreo LLC now owns 5,948 shares of the bank’s stock worth $765,000 after purchasing an additional 3,753 shares during the period. Russell Investments Group Ltd. increased its holdings in Cullen/Frost Bankers by 30.2% in the second quarter. Russell Investments Group Ltd. now owns 102,234 shares of the bank’s stock worth $13,141,000 after purchasing an additional 23,714 shares in the last quarter. Inceptionr LLC lifted its stake in Cullen/Frost Bankers by 11.6% in the second quarter. Inceptionr LLC now owns 9,272 shares of the bank’s stock valued at $1,192,000 after buying an additional 963 shares during the period. Finally, J.W. Cole Advisors Inc. acquired a new position in Cullen/Frost Bankers in the second quarter valued at approximately $762,000. Institutional investors own 86.90% of the company’s stock.

Cullen/Frost Bankers Stock Up 0.1%

Cullen/Frost Bankers stock opened at $127.07 on Friday. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.64. The firm’s fifty day moving average price is $124.48 and its two-hundred day moving average price is $127.54. Cullen/Frost Bankers, Inc. has a 1-year low of $100.31 and a 1-year high of $146.44. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.05.

Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, October 30th. The bank reported $2.67 EPS for the quarter, topping the consensus estimate of $2.38 by $0.29. Cullen/Frost Bankers had a net margin of 21.99% and a return on equity of 15.84%. The company had revenue of $567.27 million during the quarter, compared to the consensus estimate of $565.54 million. During the same period in the previous year, the firm posted $2.24 earnings per share. On average, equities research analysts predict that Cullen/Frost Bankers, Inc. will post 8.85 earnings per share for the current fiscal year.

Cullen/Frost Bankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, November 28th. Cullen/Frost Bankers’s dividend payout ratio is presently 41.15%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CFR. Royal Bank Of Canada raised their price objective on shares of Cullen/Frost Bankers from $140.00 to $144.00 and gave the stock a “sector perform” rating in a research report on Friday, October 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Cullen/Frost Bankers in a report on Monday. TD Cowen raised shares of Cullen/Frost Bankers to a “strong-buy” rating in a research note on Thursday, September 25th. Evercore ISI increased their price objective on shares of Cullen/Frost Bankers from $135.00 to $137.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Finally, Morgan Stanley raised their target price on Cullen/Frost Bankers from $125.00 to $136.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cullen/Frost Bankers currently has an average rating of “Hold” and a consensus target price of $136.75.

Cullen/Frost Bankers Company Profile

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.