TCTC Holdings LLC Reduces Stake in Cullen/Frost Bankers, Inc. (NYSE:CFR)

TCTC Holdings LLC trimmed its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 6.6% during the third quarter, Holdings Channel reports. The fund owned 218,320 shares of the bank’s stock after selling 15,540 shares during the period. TCTC Holdings LLC’s holdings in Cullen/Frost Bankers were worth $24,421,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in Cullen/Frost Bankers in the 3rd quarter worth approximately $52,000. Principal Financial Group Inc. lifted its stake in Cullen/Frost Bankers by 3.3% in the 3rd quarter. Principal Financial Group Inc. now owns 806,209 shares of the bank’s stock worth $90,185,000 after purchasing an additional 25,909 shares in the last quarter. Jackson Square Capital LLC purchased a new stake in Cullen/Frost Bankers in the 3rd quarter worth approximately $427,000. Janney Montgomery Scott LLC bought a new position in shares of Cullen/Frost Bankers in the 3rd quarter worth $1,853,000. Finally, VELA Investment Management LLC increased its holdings in shares of Cullen/Frost Bankers by 578.4% in the 3rd quarter. VELA Investment Management LLC now owns 17,055 shares of the bank’s stock worth $1,908,000 after buying an additional 14,541 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CFR shares. Royal Bank of Canada increased their price target on shares of Cullen/Frost Bankers from $118.00 to $130.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Stephens increased their price target on shares of Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Evercore ISI decreased their price target on shares of Cullen/Frost Bankers from $123.00 to $115.00 and set an “underperform” rating on the stock in a report on Wednesday, October 2nd. Truist Financial decreased their price target on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Finally, Citigroup increased their price target on shares of Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a “sell” rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $123.86.

Cullen/Frost Bankers Price Performance

Shares of Cullen/Frost Bankers stock opened at $139.17 on Friday. The firm has a market cap of $8.92 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.74 and a beta of 0.98. Cullen/Frost Bankers, Inc. has a 12-month low of $91.24 and a 12-month high of $144.19. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $117.90 and its two-hundred day simple moving average is $109.86.

Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.17 by $0.07. The business had revenue of $518.04 million for the quarter, compared to analyst estimates of $517.25 million. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The company’s revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.38 EPS. As a group, equities analysts expect that Cullen/Frost Bankers, Inc. will post 8.71 EPS for the current year.

Cullen/Frost Bankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.80 annualized dividend and a dividend yield of 2.73%. Cullen/Frost Bankers’s dividend payout ratio is 47.15%.

Insider Transactions at Cullen/Frost Bankers

In related news, EVP Bobby Berman sold 3,506 shares of Cullen/Frost Bankers stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $126.31, for a total transaction of $442,842.86. Following the completion of the transaction, the executive vice president now directly owns 26,661 shares of the company’s stock, valued at $3,367,550.91. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.89% of the company’s stock.

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.