Cullen/Frost Bankers, Inc. (NYSE:CFR) Sees Large Decline in Short Interest

Cullen/Frost Bankers, Inc. (NYSE:CFR) was the recipient of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 2,230,000 shares, a decrease of 9.0% from the May 31st total of 2,450,000 shares. Based on an average daily volume of 382,200 shares, the days-to-cover ratio is presently 5.8 days. Currently, 3.7% of the shares of the company are sold short.

Cullen/Frost Bankers Price Performance

CFR stock traded down $2.53 during midday trading on Wednesday, reaching $98.49. 323,460 shares of the company’s stock traded hands, compared to its average volume of 408,115. The company has a 50-day simple moving average of $102.53 and a two-hundred day simple moving average of $105.87. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.06. Cullen/Frost Bankers has a 1-year low of $82.25 and a 1-year high of $120.31. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 1.27 and a beta of 1.03.

Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, April 25th. The bank reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.02. The company had revenue of $522.74 million during the quarter, compared to analyst estimates of $510.09 million. Cullen/Frost Bankers had a return on equity of 18.31% and a net margin of 20.57%. During the same period last year, the company posted $2.70 earnings per share. On average, analysts anticipate that Cullen/Frost Bankers will post 8.4 earnings per share for the current year.

Cullen/Frost Bankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were issued a dividend of $0.92 per share. The ex-dividend date was Thursday, May 30th. This represents a $3.68 annualized dividend and a yield of 3.74%. Cullen/Frost Bankers’s dividend payout ratio is currently 43.50%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. DA Davidson reaffirmed a “buy” rating and set a $126.00 price objective on shares of Cullen/Frost Bankers in a research report on Thursday, March 28th. StockNews.com upgraded Cullen/Frost Bankers to a “sell” rating in a research note on Saturday, May 4th. JPMorgan Chase & Co. decreased their price target on shares of Cullen/Frost Bankers from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Truist Financial dropped their price objective on shares of Cullen/Frost Bankers from $121.00 to $115.00 and set a “hold” rating for the company in a research note on Monday, April 29th. Finally, Jefferies Financial Group decreased their target price on shares of Cullen/Frost Bankers from $117.00 to $108.00 and set a “hold” rating on the stock in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cullen/Frost Bankers currently has an average rating of “Hold” and an average price target of $114.69.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in Cullen/Frost Bankers by 20.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 787,599 shares of the bank’s stock valued at $85,451,000 after purchasing an additional 131,726 shares in the last quarter. Anchor Investment Management LLC acquired a new stake in Cullen/Frost Bankers in the fourth quarter valued at about $1,069,000. Westwood Holdings Group Inc. grew its position in Cullen/Frost Bankers by 4.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 371,879 shares of the bank’s stock worth $40,345,000 after acquiring an additional 15,981 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Cullen/Frost Bankers by 44.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 798,403 shares of the bank’s stock worth $86,619,000 after acquiring an additional 244,197 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Cullen/Frost Bankers in the 3rd quarter worth about $1,302,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.