Cullen/Frost Bankers (NYSE:CFR – Get Free Report) had its price objective reduced by equities researchers at Citigroup from $107.00 to $104.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “sell” rating on the bank’s stock. Citigroup’s target price suggests a potential downside of 3.66% from the stock’s previous close.
A number of other equities research analysts have also recently commented on the stock. Wedbush reduced their target price on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their target price on shares of Cullen/Frost Bankers from $140.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Morgan Stanley reduced their target price on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating for the company in a research report on Monday. Maxim Group upped their price objective on shares of Cullen/Frost Bankers from $132.00 to $138.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada upped their price objective on shares of Cullen/Frost Bankers from $119.00 to $120.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $120.07.
Get Our Latest Stock Analysis on Cullen/Frost Bankers
Cullen/Frost Bankers Stock Performance
Cullen/Frost Bankers (NYSE:CFR – Get Free Report) last issued its earnings results on Thursday, July 25th. The bank reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.14. The business had revenue of $528.81 million during the quarter, compared to analysts’ expectations of $506.83 million. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. During the same period in the prior year, the business earned $2.47 earnings per share. As a group, research analysts forecast that Cullen/Frost Bankers will post 8.62 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, EVP Howard L. Kasanoff sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were 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 of the company’s stock, valued at $190,481.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Howard L. Kasanoff sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were 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 of the company’s stock, valued at $190,481.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Candace K. Wolfshohl sold 5,000 shares of the firm’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 transaction of $598,250.00. Following the completion of the sale, 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 currently owned by insiders.
Institutional Trading of Cullen/Frost Bankers
Several hedge funds have recently added to or reduced their stakes in CFR. Champlain Investment Partners LLC raised its holdings in Cullen/Frost Bankers by 18.4% during the first quarter. Champlain Investment Partners LLC now owns 3,192,486 shares of the bank’s stock worth $359,378,000 after purchasing an additional 495,215 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new position in Cullen/Frost Bankers in the 2nd quarter valued at $37,813,000. Strategic Financial Concepts LLC boosted its position in shares of Cullen/Frost Bankers by 7,109.7% during the 2nd quarter. Strategic Financial Concepts LLC now owns 250,896 shares of the bank’s stock worth $255,000 after purchasing an additional 247,416 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Cullen/Frost Bankers by 44.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 798,403 shares of the bank’s stock worth $86,619,000 after purchasing an additional 244,197 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Cullen/Frost Bankers by 18.8% during the 1st quarter. Janus Henderson Group PLC now owns 1,021,559 shares of the bank’s stock worth $114,994,000 after purchasing an additional 161,580 shares in the last quarter. Institutional investors and hedge funds 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.
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