State Street Corp Lowers Stake in Cullen/Frost Bankers, Inc. (NYSE:CFR)

State Street Corp trimmed its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 0.6% during the third quarter, HoldingsChannel.com reports. The firm owned 3,468,008 shares of the bank’s stock after selling 20,228 shares during the quarter. State Street Corp owned about 0.05% of Cullen/Frost Bankers worth $387,931,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CFR. Covestor Ltd increased its position in Cullen/Frost Bankers by 169.9% during the 3rd quarter. Covestor Ltd now owns 224 shares of the bank’s stock worth $25,000 after purchasing an additional 141 shares in the last quarter. Asset Dedication LLC increased its position in shares of Cullen/Frost Bankers by 63.3% in the third quarter. Asset Dedication LLC now owns 271 shares of the bank’s stock worth $30,000 after acquiring an additional 105 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Cullen/Frost Bankers in the 3rd quarter valued at $44,000. Allworth Financial LP lifted its holdings in shares of Cullen/Frost Bankers by 116.6% during the 3rd quarter. Allworth Financial LP now owns 444 shares of the bank’s stock valued at $50,000 after acquiring an additional 239 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Cullen/Frost Bankers during the 3rd quarter worth $52,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Phillip D. Green sold 14,358 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $137.96, for a total transaction of $1,980,829.68. Following the transaction, the chief executive officer now owns 94,423 shares in the company, valued at $13,026,597.08. This trade represents a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Howard L. Kasanoff sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $138.34, for a total value of $553,360.00. Following the completion of the sale, the executive vice president now owns 2,888 shares of the company’s stock, valued at $399,525.92. This trade represents a 58.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,864 shares of company stock valued at $2,977,033. Insiders own 3.00% of the company’s stock.

Cullen/Frost Bankers Price Performance

Shares of NYSE CFR opened at $137.21 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $8.80 billion, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 1.66 and a beta of 0.99. Cullen/Frost Bankers, Inc. has a twelve month low of $94.09 and a twelve month high of $147.64. The business has a 50 day simple moving average of $130.30 and a 200-day simple moving average of $114.81.

Cullen/Frost Bankers (NYSE:CFR) last issued its earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.07. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The company had revenue of $518.04 million for the quarter, compared to analysts’ expectations of $517.25 million. During the same period in the prior year, the company earned $2.38 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. As a group, equities research analysts expect that Cullen/Frost Bankers, Inc. will post 8.75 earnings per share for the current year.

Cullen/Frost Bankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.77%. The ex-dividend date is Friday, November 29th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 47.15%.

Wall Street Analyst Weigh In

A number of brokerages have commented on CFR. Royal Bank of Canada boosted their price objective on Cullen/Frost Bankers from $118.00 to $130.00 and gave the stock a “sector perform” rating in a research note on Friday, November 1st. Morgan Stanley reduced their price target on Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating on the stock in a research report on Monday, September 30th. Maxim Group increased their price objective on shares of Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Compass Point boosted their target price on shares of Cullen/Frost Bankers from $111.00 to $122.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Stephens raised their price target on shares of Cullen/Frost Bankers from $125.00 to $136.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $125.43.

Cullen/Frost Bankers 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.