Cullen/Frost Bankers, Inc. (CFR) Shares Sold by Gabelli Funds LLC
Gabelli Funds LLC cut its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,000 shares of the bank’s stock after selling 2,000 shares during the period. Gabelli Funds LLC owned about 0.06% of Cullen/Frost Bankers worth $3,417,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in CFR. OppenheimerFunds Inc. increased its holdings in shares of Cullen/Frost Bankers by 21.4% during the first quarter. OppenheimerFunds Inc. now owns 3,044 shares of the bank’s stock worth $271,000 after buying an additional 536 shares in the last quarter. Teachers Advisors LLC increased its holdings in shares of Cullen/Frost Bankers by 4.1% during the first quarter. Teachers Advisors LLC now owns 73,324 shares of the bank’s stock worth $6,524,000 after buying an additional 2,879 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cullen/Frost Bankers by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 537,021 shares of the bank’s stock worth $47,779,000 after buying an additional 12,482 shares in the last quarter. Paloma Partners Management Co acquired a new position in shares of Cullen/Frost Bankers during the first quarter worth $206,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Cullen/Frost Bankers during the second quarter worth $347,000. Institutional investors own 81.38% of the company’s stock.
Shares of Cullen/Frost Bankers, Inc. (CFR) opened at $95.20 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.08. The company has a market cap of $5,896.40, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 1.84 and a beta of 1.35. Cullen/Frost Bankers, Inc. has a 1 year low of $79.76 and a 1 year high of $103.37.
Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings data on Thursday, October 26th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.10. The company had revenue of $300.83 million for the quarter, compared to analysts’ expectations of $329.62 million. Cullen/Frost Bankers had a net margin of 28.86% and a return on equity of 11.64%. During the same quarter in the prior year, the firm earned $1.24 EPS. equities research analysts expect that Cullen/Frost Bankers, Inc. will post 5.35 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.57 per share. The ex-dividend date is Wednesday, November 29th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.39%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 43.35%.
Cullen/Frost Bankers declared that its board has initiated a share buyback program on Thursday, October 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Bobby Berman sold 41,760 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $100.53, for a total transaction of $4,198,132.80. Following the transaction, the insider now owns 38,596 shares of the company’s stock, valued at approximately $3,880,055.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.15% of the stock is owned by corporate insiders.
A number of research firms recently weighed in on CFR. Deutsche Bank AG increased their price objective on Cullen/Frost Bankers from $96.00 to $102.00 and gave the company a “hold” rating in a report on Wednesday, November 8th. Barclays PLC increased their price objective on Cullen/Frost Bankers from $97.00 to $106.00 and gave the company an “equal weight” rating in a report on Monday, October 30th. ValuEngine downgraded Cullen/Frost Bankers from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. J P Morgan Chase & Co increased their price objective on Cullen/Frost Bankers from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $96.50 price objective on shares of Cullen/Frost Bankers in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. Cullen/Frost Bankers has a consensus rating of “Hold” and a consensus price target of $100.58.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc is a financial holding company and a bank holding company. The Company, through its subsidiaries, provides a range of products and services throughout Texas markets. The Company’s segments include Banking, Frost Wealth Advisors and Non-Banks. The Banking segment includes both commercial and consumer banking services, and Frost Insurance Agency.
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