Cullen/Frost Bankers (NYSE:CFR) Given New $123.00 Price Target at Truist Financial

Cullen/Frost Bankers (NYSE:CFR) had its price target trimmed by Truist Financial from $126.00 to $123.00 in a research note published on Friday, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Several other research firms have also issued reports on CFR. Morgan Stanley lowered Cullen/Frost Bankers from an equal weight rating to an underweight rating and boosted their price target for the company from $112.00 to $121.00 in a report on Monday, August 5th. Stephens increased their price objective 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. Maxim Group lifted their target price on shares of Cullen/Frost Bankers from $132.00 to $138.00 and gave the company a buy rating in a research note on Friday, July 26th. Royal Bank of Canada increased their price target on Cullen/Frost Bankers from $119.00 to $120.00 and gave the stock a sector perform rating in a research note on Friday, July 26th. Finally, Jefferies Financial Group lowered their price objective on Cullen/Frost Bankers from $117.00 to $108.00 and set a hold rating on the stock in a research report on Wednesday, July 3rd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $119.71.

Cullen/Frost Bankers Trading Down 1.5 %

Cullen/Frost Bankers stock opened at $112.54 on Friday. Cullen/Frost Bankers has a 52-week low of $82.25 and a 52-week high of $123.17. The company has a market cap of $7.23 billion, a P/E ratio of 13.30, a P/E/G ratio of 1.35 and a beta of 1.00. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.06. The business has a 50-day simple moving average of $110.88 and a two-hundred day simple moving average of $106.87.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, July 25th. The bank reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.14. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. The business had revenue of $528.81 million for the quarter, compared to the consensus estimate of $506.83 million. During the same period last year, the firm earned $2.47 earnings per share. Analysts predict that Cullen/Frost Bankers will post 8.62 EPS for the current year.

Cullen/Frost Bankers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 3.38%. The ex-dividend date was Friday, August 30th. This is a boost from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. Cullen/Frost Bankers’s payout ratio is currently 44.92%.

Insider Buying and Selling at Cullen/Frost Bankers

In other news, EVP Howard L. Kasanoff sold 3,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total value of $357,600.00. Following the sale, the executive vice president now directly owns 1,598 shares in the company, valued at approximately $190,481.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Howard L. Kasanoff sold 3,000 shares of Cullen/Frost Bankers stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $119.20, for a total value of $357,600.00. Following the completion of the transaction, the executive vice president now owns 1,598 shares in the company, valued at approximately $190,481.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Candace K. Wolfshohl sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $119.65, for a total value of $598,250.00. Following the transaction, the executive vice president now directly owns 18,753 shares in the company, valued at approximately $2,243,796.45. The disclosure for this sale can be found here. 2.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cullen/Frost Bankers

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in Cullen/Frost Bankers by 20.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 787,599 shares of the bank’s stock worth $85,451,000 after purchasing an additional 131,726 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Cullen/Frost Bankers by 35.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,454 shares of the bank’s stock worth $375,000 after acquiring an additional 909 shares during the last quarter. Norges Bank purchased a new position in Cullen/Frost Bankers during the 4th quarter valued at $72,627,000. Wells Fargo & Company MN grew its position in Cullen/Frost Bankers by 12.6% in the 4th quarter. Wells Fargo & Company MN now owns 129,721 shares of the bank’s stock valued at $14,073,000 after acquiring an additional 14,553 shares during the last quarter. Finally, Corient Private Wealth LLC increased its stake in Cullen/Frost Bankers by 68.5% in the fourth quarter. Corient Private Wealth LLC now owns 16,723 shares of the bank’s stock worth $1,814,000 after purchasing an additional 6,796 shares during the period. 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.