TIAA CREF Investment Management LLC Decreases Position in Cullen/Frost Bankers, Inc. (CFR)
TIAA CREF Investment Management LLC decreased its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 21.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,078 shares of the company’s stock after selling 42,973 shares during the period. TIAA CREF Investment Management LLC’s holdings in Cullen/Frost Bankers were worth $11,300,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CFR. BlackRock Fund Advisors raised its stake in shares of Cullen/Frost Bankers by 9.5% in the third quarter. BlackRock Fund Advisors now owns 2,109,192 shares of the company’s stock worth $151,735,000 after buying an additional 183,239 shares in the last quarter. BlackRock Inc. raised its stake in shares of Cullen/Frost Bankers by 3.4% in the third quarter. BlackRock Inc. now owns 146,157 shares of the company’s stock worth $10,515,000 after buying an additional 4,850 shares in the last quarter. BlackRock Investment Management LLC raised its stake in shares of Cullen/Frost Bankers by 0.5% in the third quarter. BlackRock Investment Management LLC now owns 186,276 shares of the company’s stock worth $13,401,000 after buying an additional 975 shares in the last quarter. Probity Advisors Inc. raised its stake in shares of Cullen/Frost Bankers by 0.6% in the third quarter. Probity Advisors Inc. now owns 11,698 shares of the company’s stock worth $842,000 after buying an additional 72 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Cullen/Frost Bankers by 4.3% in the third quarter. JPMorgan Chase & Co. now owns 1,985,678 shares of the company’s stock worth $142,850,000 after buying an additional 82,505 shares in the last quarter. 83.27% of the stock is owned by institutional investors.
Cullen/Frost Bankers, Inc. (NYSE:CFR) opened at 89.02 on Friday. The stock’s 50 day moving average is $86.34 and its 200 day moving average is $75.24. The firm has a market cap of $5.60 billion, a P/E ratio of 20.70 and a beta of 1.20. Cullen/Frost Bankers, Inc. has a 12-month low of $42.41 and a 12-month high of $90.17.
Cullen/Frost Bankers (NYSE:CFR) last announced its earnings results on Wednesday, October 26th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.08. Cullen/Frost Bankers had a return on equity of 9.61% and a net margin of 25.06%. The company earned $317.78 million during the quarter, compared to analysts’ expectations of $301.04 million. During the same period last year, the business posted $1.17 EPS. Cullen/Frost Bankers’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts expect that Cullen/Frost Bankers, Inc. will post $4.67 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Investors of record on Wednesday, November 30th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Monday, November 28th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 50.00%.
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A number of brokerages have recently issued reports on CFR. Maxim Group boosted their target price on shares of Cullen/Frost Bankers from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, December 19th. J P Morgan Chase & Co raised shares of Cullen/Frost Bankers from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $67.00 to $95.00 in a research note on Thursday, January 5th. SunTrust Banks, Inc. raised shares of Cullen/Frost Bankers from a “hold” rating to a “buy” rating in a research note on Monday, December 19th. Wedbush upped their price objective on shares of Cullen/Frost Bankers from $78.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 30th. Finally, Zacks Investment Research raised shares of Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a research note on Thursday, October 13th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Cullen/Frost Bankers has a consensus rating of “Hold” and an average target price of $75.07.
In other news, CFO Jerry Salinas sold 12,000 shares of Cullen/Frost Bankers stock in a transaction dated Thursday, December 8th. The stock was sold at an average price of $88.16, for a total value of $1,057,920.00. Following the completion of the transaction, the chief financial officer now owns 23,808 shares in the company, valued at approximately $2,098,913.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jack A. Wood sold 36,000 shares of Cullen/Frost Bankers stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $74.70, for a total value of $2,689,200.00. The disclosure for this sale can be found here. Corporate insiders own 8.03% of the company’s stock.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc is a financial holding and bank holding company. The Company, through its subsidiaries, offers commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services.
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