Cullen/Frost Bankers (NYSE:CFR) Announces Earnings Results, Beats Expectations By $0.07 EPS

Cullen/Frost Bankers (NYSE:CFR) announced its quarterly earnings results on Thursday. The bank reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.07, Briefing.com reports. Cullen/Frost Bankers had a net margin of 23.98% and a return on equity of 16.34%. The firm had revenue of $518.04 million for the quarter, compared to analysts’ expectations of $517.25 million. During the same period in the previous year, the company posted $2.38 earnings per share. Cullen/Frost Bankers’s revenue was up 5.4% compared to the same quarter last year.

Cullen/Frost Bankers Stock Down 1.1 %

Cullen/Frost Bankers stock traded down $1.37 during mid-day trading on Friday, reaching $125.98. The company’s stock had a trading volume of 637,622 shares, compared to its average volume of 536,240. The business’s 50 day simple moving average is $115.61 and its 200 day simple moving average is $109.01. Cullen/Frost Bankers has a 12 month low of $90.94 and a 12 month high of $135.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.64 and a current ratio of 0.64. The company has a market capitalization of $8.07 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 1.56 and a beta of 0.98.

Cullen/Frost Bankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Friday, November 29th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is currently 47.15%.

Analyst Ratings Changes

A number of research firms have weighed in on CFR. Wedbush decreased 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. Royal Bank of Canada upped their target price on Cullen/Frost Bankers from $118.00 to $130.00 and gave the company a “sector perform” rating in a research report on Friday. Truist Financial decreased their price target on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Morgan Stanley decreased 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 report on Monday, September 30th. Finally, Evercore ISI decreased their target price on Cullen/Frost Bankers from $123.00 to $115.00 and set an “underperform” rating for the company in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $123.31.

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.