Cullen/Frost Bankers, Inc. (NYSE:CFR) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN lowered its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 25.6% during the second quarter, Holdings Channel.com reports. The fund owned 67,827 shares of the bank’s stock after selling 23,294 shares during the quarter. Wells Fargo & Company MN’s holdings in Cullen/Frost Bankers were worth $6,353,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Hallmark Capital Management Inc. boosted its holdings in Cullen/Frost Bankers by 8.1% in the first quarter. Hallmark Capital Management Inc. now owns 16,669 shares of the bank’s stock valued at $1,618,000 after acquiring an additional 1,256 shares during the last quarter. Diversified Trust Co purchased a new position in Cullen/Frost Bankers in the first quarter valued at about $214,000. Fidelity National Financial Inc. purchased a new position in Cullen/Frost Bankers in the second quarter valued at about $5,784,000. WINTON GROUP Ltd purchased a new position in Cullen/Frost Bankers in the second quarter valued at about $205,000. Finally, Pegasus Partners Ltd. purchased a new position in Cullen/Frost Bankers in the second quarter valued at about $723,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

In other Cullen/Frost Bankers news, Director Carlos Alvarez bought 30,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were acquired at an average cost of $85.08 per share, with a total value of $2,552,400.00. Following the completion of the transaction, the director now owns 454,000 shares in the company, valued at $38,626,320. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick B. Frost sold 9,360 shares of Cullen/Frost Bankers stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $94.26, for a total value of $882,273.60. Following the sale, the insider now directly owns 157,433 shares in the company, valued at $14,839,634.58. The disclosure for this sale can be found here. 4.84% of the stock is currently owned by insiders.

Several research analysts have commented on the company. Maxim Group reissued a “buy” rating and issued a $105.00 price objective (down from $110.00) on shares of Cullen/Frost Bankers in a research report on Monday, July 29th. Zacks Investment Research raised Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. ValuEngine raised Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Piper Jaffray Companies set a $100.00 price objective on Cullen/Frost Bankers and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Bank of America lowered Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $102.00 to $87.00 in a research report on Thursday, July 11th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Cullen/Frost Bankers presently has a consensus rating of “Hold” and an average target price of $99.33.

NYSE:CFR traded up $0.44 during mid-day trading on Monday, hitting $90.89. The company had a trading volume of 112,561 shares, compared to its average volume of 320,452. The business has a fifty day simple moving average of $86.46 and a 200-day simple moving average of $94.86. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07. Cullen/Frost Bankers, Inc. has a 1 year low of $79.86 and a 1 year high of $111.24. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 1.39 and a beta of 1.38.

Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Thursday, July 25th. The bank reported $1.72 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.72. Cullen/Frost Bankers had a return on equity of 13.85% and a net margin of 31.57%. The business had revenue of $360.39 million for the quarter, compared to analyst estimates of $364.59 million. During the same period in the previous year, the company earned $1.68 earnings per share. As a group, research analysts anticipate that Cullen/Frost Bankers, Inc. will post 6.84 earnings per share for the current year.

Cullen/Frost Bankers announced that its Board of Directors has initiated a share buyback program on Thursday, July 25th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 1.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, August 29th. Cullen/Frost Bankers’s payout ratio is 41.16%.

Cullen/Frost Bankers 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.

Further Reading: How Do Front-End Loads Impact an Investment?

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Institutional Ownership by Quarter for Cullen/Frost Bankers (NYSE:CFR)

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