Cullen/Frost Bankers, Inc. (NYSE:CFR) announced a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Shareholders of record on Monday, August 31st will be paid a dividend of 0.71 per share by the bank on Tuesday, September 15th. This represents a $2.84 annualized dividend and a yield of 3.94%. The ex-dividend date is Friday, August 28th.
Cullen/Frost Bankers has increased its dividend by an average of 30.2% per year over the last three years and has raised its dividend every year for the last 27 years. Cullen/Frost Bankers has a dividend payout ratio of 84.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Cullen/Frost Bankers to earn $4.26 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 66.7%.
Shares of NYSE CFR opened at $72.06 on Friday. Cullen/Frost Bankers has a 1-year low of $47.69 and a 1-year high of $99.42. The business has a fifty day moving average price of $72.55 and a 200 day moving average price of $74.12. The stock has a market capitalization of $4.51 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 3.22 and a beta of 1.66. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.66 and a quick ratio of 0.66.
Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, July 30th. The bank reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.70. Cullen/Frost Bankers had a net margin of 27.84% and a return on equity of 7.38%. The company had revenue of $347.32 million during the quarter, compared to analysts’ expectations of $357.31 million. During the same quarter in the prior year, the company posted $1.72 earnings per share. As a group, equities research analysts anticipate that Cullen/Frost Bankers will post 2.41 earnings per share for the current fiscal year.
In related news, EVP William L. Perotti sold 9,360 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $78.81, for a total value of $737,661.60. Following the completion of the transaction, the executive vice president now owns 100,994 shares of the company’s stock, valued at approximately $7,959,337.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jerry Salinas sold 9,661 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $78.29, for a total value of $756,359.69. Following the completion of the sale, the chief financial officer now owns 27,785 shares of the company’s stock, valued at $2,175,287.65. The disclosure for this sale can be found here. Insiders own 4.75% of the company’s stock.
Several equities research analysts have weighed in on the company. Cfra lowered their price target on Cullen/Frost Bankers from $91.00 to $60.00 and set a “sell” rating for the company in a report on Monday, May 18th. Maxim Group reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Cullen/Frost Bankers in a research report on Saturday, May 2nd. Bank of America reissued an “underperform” rating and set a $60.00 target price (up previously from $53.00) on shares of Cullen/Frost Bankers in a research report on Friday, May 1st. Morgan Stanley raised their price target on shares of Cullen/Frost Bankers from $63.00 to $65.00 and gave the stock an “underweight” rating in a report on Monday, June 8th. Finally, Compass Point assumed coverage on shares of Cullen/Frost Bankers in a report on Tuesday, April 14th. They set a “neutral” rating on the stock. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Cullen/Frost Bankers currently has an average rating of “Hold” and a consensus price target of $77.70.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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