Tower Research Capital LLC TRC reduced its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 32.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,084 shares of the bank’s stock after selling 1,489 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Cullen/Frost Bankers were worth $289,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of CFR. Robinson Value Management Ltd. acquired a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $28,000. Icon Wealth Partners LLC acquired a new stake in shares of Cullen/Frost Bankers in the 1st quarter valued at approximately $33,000. Quantamental Technologies LLC acquired a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $38,000. Machina Capital S.A.S. acquired a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $47,000. Finally, Coastal Investment Advisors Inc. acquired a new stake in shares of Cullen/Frost Bankers in the 2nd quarter valued at approximately $49,000. 80.58% of the stock is owned by institutional investors and hedge funds.
CFR stock traded up $0.05 during midday trading on Friday, hitting $88.51. 1,572,878 shares of the stock were exchanged, compared to its average volume of 334,324. The stock’s 50-day moving average price is $85.73 and its 200-day moving average price is $94.35. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.39 and a beta of 1.38. Cullen/Frost Bankers, Inc. has a fifty-two week low of $79.86 and a fifty-two week high of $110.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.60 and a current ratio of 0.60.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.84 annualized dividend and a yield of 3.21%. Cullen/Frost Bankers’s dividend payout ratio is presently 41.16%.
Cullen/Frost Bankers declared that its board has authorized a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 1.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Several research firms have recently commented on CFR. Bank of America cut Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $102.00 to $87.00 in a report on Thursday, July 11th. They noted that the move was a valuation call. SunTrust Banks reduced their price target on Cullen/Frost Bankers from $108.00 to $105.00 and set a “buy” rating for the company in a report on Monday, September 16th. Maxim Group reissued a “buy” rating and issued a $105.00 price target (down from $110.00) on shares of Cullen/Frost Bankers in a report on Monday, July 29th. ValuEngine raised Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, Piper Jaffray Companies set a $100.00 price target on Cullen/Frost Bankers and gave the company a “hold” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $99.33.
In related news, Director Carlos Alvarez purchased 30,000 shares of the company’s stock in a transaction on Friday, August 16th. The stock was bought at an average price 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 of the company’s stock, valued at approximately $38,626,320. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick B. Frost sold 9,360 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $94.26, for a total value of $882,273.60. Following the transaction, the insider now directly owns 157,433 shares of the company’s stock, valued at approximately $14,839,634.58. The disclosure for this sale can be found here. Insiders own 4.84% of the company’s stock.
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.
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