Cullen/Frost Bankers, Inc. (NYSE:CFR) Short Interest Update

Cullen/Frost Bankers, Inc. (NYSE:CFR) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 3,460,000 shares, a drop of 7.5% from the September 30th total of 3,740,000 shares. Currently, 5.8% of the company’s shares are sold short. Based on an average daily trading volume, of 459,500 shares, the days-to-cover ratio is presently 7.5 days.

Analysts Set New Price Targets

Several analysts recently weighed in on CFR shares. Maxim Group lifted their price target on shares of Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a “buy” rating in a report on Friday. Wedbush reduced their price target on Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Stephens upped their price target on shares of Cullen/Frost Bankers from $116.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Morgan Stanley reduced their price objective on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating for the company in a research note on Monday, September 30th. Finally, Citigroup reduced their price target on shares of Cullen/Frost Bankers from $107.00 to $104.00 and set a “sell” rating for the company in a research report on Monday, September 30th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $122.92.

Cullen/Frost Bankers Price Performance

NYSE:CFR traded down $0.91 during trading hours on Friday, hitting $126.44. 272,908 shares of the stock traded hands, compared to its average volume of 449,847. The company has a market cap of $8.09 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 1.60 and a beta of 1.00. Cullen/Frost Bankers has a 1 year low of $90.94 and a 1 year high of $135.00. The stock has a 50 day moving average price of $115.33 and a 200 day moving average price of $108.87. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.06.

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 the consensus estimate of $2.16 by $0.08. The company had revenue of $518.04 million during the quarter, compared to the consensus estimate of $517.25 million. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. Cullen/Frost Bankers’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.38 EPS. Sell-side analysts forecast that Cullen/Frost Bankers will post 8.57 EPS for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.80 annualized dividend and a yield of 3.01%. Cullen/Frost Bankers’s payout ratio is 46.34%.

Hedge Funds Weigh In On Cullen/Frost Bankers

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in Cullen/Frost Bankers by 40.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,376 shares of the bank’s stock worth $155,000 after purchasing an additional 395 shares in the last quarter. State of Michigan Retirement System grew its holdings in Cullen/Frost Bankers by 2.6% during the 1st quarter. State of Michigan Retirement System now owns 15,764 shares of the bank’s stock valued at $1,775,000 after buying an additional 400 shares in the last quarter. Norden Group LLC bought a new stake in Cullen/Frost Bankers in the 1st quarter worth approximately $1,062,000. Oak Harvest Investment Services purchased a new stake in shares of Cullen/Frost Bankers during the 1st quarter worth approximately $2,972,000. Finally, North Star Investment Management Corp. bought a new position in shares of Cullen/Frost Bankers during the 1st quarter valued at approximately $69,000. Hedge funds and other institutional investors 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.