Cullen/Frost Bankers, Inc. (NYSE:CFR) Shares Bought by M&T Bank Corp

M&T Bank Corp raised its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 121,003 shares of the bank’s stock after purchasing an additional 1,228 shares during the quarter. M&T Bank Corp owned about 0.19% of Cullen/Frost Bankers worth $13,535,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Covestor Ltd boosted its holdings in shares of Cullen/Frost Bankers by 169.9% in the 3rd quarter. Covestor Ltd now owns 224 shares of the bank’s stock valued at $25,000 after purchasing an additional 141 shares during the last quarter. Asset Dedication LLC raised its stake in shares of Cullen/Frost Bankers by 63.3% in the 3rd quarter. Asset Dedication LLC now owns 271 shares of the bank’s stock valued at $30,000 after acquiring an additional 105 shares during the period. Brooklyn Investment Group purchased a new position in shares of Cullen/Frost Bankers in the 3rd quarter valued at $44,000. Allworth Financial LP raised its stake in shares of Cullen/Frost Bankers by 116.6% in 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 during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Cullen/Frost Bankers in the 3rd quarter valued at $52,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Cullen/Frost Bankers Price Performance

CFR opened at $137.40 on Wednesday. The company has a 50-day moving average of $130.89 and a 200-day moving average of $115.06. The company has a market capitalization of $8.81 billion, a P/E ratio of 17.05, a PEG ratio of 1.66 and a beta of 0.99. Cullen/Frost Bankers, Inc. has a 1-year low of $94.09 and a 1-year high of $147.64. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.66 and a current ratio of 0.66.

Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 EPS for the quarter, beating the consensus estimate 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 business had revenue of $518.04 million during the quarter, compared to analyst estimates of $517.25 million. During the same period in the previous year, the business posted $2.38 EPS. The company’s quarterly revenue was up 5.4% on a year-over-year basis. Equities analysts expect that Cullen/Frost Bankers, Inc. will post 8.75 EPS for the current fiscal year.

Cullen/Frost Bankers Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently commented on CFR. Evercore ISI cut their target price on shares of Cullen/Frost Bankers from $123.00 to $115.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 2nd. Maxim Group raised their target price on shares of Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Morgan Stanley cut their target price on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating on the stock in a research note on Monday, September 30th. Truist Financial dropped 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 research note on Friday, September 20th. Finally, Citigroup lifted their price target on shares of Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a “sell” rating in a research note on Monday, November 4th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $127.07.

Insider Activity

In other Cullen/Frost Bankers news, CEO Phillip D. Green sold 14,358 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 94,423 shares of the company’s stock, valued at $13,026,597.08. The trade was a 13.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Bobby Berman sold 3,506 shares of the business’s 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 transaction, the executive vice president now directly owns 26,661 shares of the company’s stock, valued at $3,367,550.91. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,864 shares of company stock valued at $2,977,033. Company insiders own 3.00% 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.