Confluence Investment Management LLC Grows Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)
Confluence Investment Management LLC raised its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 19.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 224,512 shares of the bank’s stock after buying an additional 37,260 shares during the period. Confluence Investment Management LLC owned about 0.36% of Cullen/Frost Bankers worth $12,526,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp purchased a new stake in shares of Cullen/Frost Bankers during the first quarter worth about $35,000. Oppenheimer Asset Management Inc. increased its stake in shares of Cullen/Frost Bankers by 298.0% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 390 shares of the bank’s stock worth $39,000 after purchasing an additional 292 shares in the last quarter. Arden Trust Co purchased a new stake in shares of Cullen/Frost Bankers during the first quarter worth about $41,000. Canada Pension Plan Investment Board purchased a new stake in shares of Cullen/Frost Bankers during the first quarter worth about $43,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Cullen/Frost Bankers during the first quarter worth about $50,000. 85.41% of the stock is owned by institutional investors and hedge funds.
In other Cullen/Frost Bankers news, CFO Jerry Salinas sold 9,661 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $78.29, for a total transaction of $756,359.69. Following the sale, the chief financial officer now directly owns 27,785 shares in the company, valued at approximately $2,175,287.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP William L. Perotti sold 9,360 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $78.81, for a total transaction of $737,661.60. Following the sale, the executive vice president now owns 100,994 shares in the company, valued at $7,959,337.14. The disclosure for this sale can be found here. 4.75% of the stock is owned by corporate insiders.
Cullen/Frost Bankers (NYSE:CFR) last released its earnings results on Thursday, April 30th. The bank reported $0.75 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.16). The business had revenue of $481.37 million for the quarter, compared to analyst estimates of $364.53 million. Cullen/Frost Bankers had a return on equity of 10.23% and a net margin of 23.89%. During the same quarter last year, the company earned $1.79 earnings per share. Equities analysts forecast that Cullen/Frost Bankers, Inc. will post 2.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.84 dividend on an annualized basis and a yield of 4.02%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 41.52%.
A number of analysts have recently commented on the stock. TheStreet cut shares of Cullen/Frost Bankers from a “b-” rating to a “c+” rating in a research note on Monday, March 9th. Cfra decreased their target price on shares of Cullen/Frost Bankers from $91.00 to $60.00 and set a “sell” rating on the stock in a report on Monday, May 18th. Keefe, Bruyette & Woods upgraded shares of Cullen/Frost Bankers from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a report on Wednesday, April 1st. SunTrust Banks boosted their target price on shares of Cullen/Frost Bankers from $64.00 to $78.00 and gave the company a “hold” rating in a report on Friday, May 1st. Finally, Compass Point initiated coverage on shares of Cullen/Frost Bankers in a report on Tuesday, April 14th. They issued a “neutral” rating on the stock. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus 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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