Geode Capital Management LLC Purchases 66,223 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

Geode Capital Management LLC grew its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 6.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,097,697 shares of the bank’s stock after purchasing an additional 66,223 shares during the period. Geode Capital Management LLC owned approximately 1.71% of Cullen/Frost Bankers worth $122,820,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Covestor Ltd raised its position in Cullen/Frost Bankers by 169.9% in the 3rd quarter. Covestor Ltd now owns 224 shares of the bank’s stock valued at $25,000 after buying an additional 141 shares during the last quarter. Asset Dedication LLC raised its holdings in shares of Cullen/Frost Bankers by 63.3% in the third quarter. Asset Dedication LLC now owns 271 shares of the bank’s stock valued at $30,000 after purchasing an additional 105 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Cullen/Frost Bankers in the third quarter worth $44,000. Allworth Financial LP boosted its holdings in Cullen/Frost Bankers by 116.6% during the third quarter. Allworth Financial LP now owns 444 shares of the bank’s stock worth $50,000 after purchasing an additional 239 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Cullen/Frost Bankers during the third quarter worth $52,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on CFR shares. Stephens boosted their price target on shares of Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Citigroup increased their price target on Cullen/Frost Bankers from $104.00 to $113.00 and gave the company a “sell” rating in a research report on Monday, November 4th. Maxim Group boosted their price target on Cullen/Frost Bankers from $138.00 to $149.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Truist Financial cut their price objective on Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating for the company in a report on Friday, September 20th. Finally, Wedbush lowered their target price on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $127.07.

Cullen/Frost Bankers Trading Down 2.1 %

Shares of CFR stock opened at $136.68 on Wednesday. Cullen/Frost Bankers, Inc. has a 12-month low of $94.09 and a 12-month high of $147.64. The firm has a 50 day moving average price of $133.08 and a two-hundred day moving average price of $116.11. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $8.77 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 1.66 and a beta of 0.99.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.07. The business had revenue of $518.04 million during the quarter, compared to the consensus estimate of $517.25 million. Cullen/Frost Bankers had a return on equity of 15.82% and a net margin of 18.81%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.38 EPS. As a group, analysts predict that Cullen/Frost Bankers, Inc. will post 8.75 earnings per share for the current year.

Cullen/Frost Bankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Friday, November 29th. Cullen/Frost Bankers’s dividend payout ratio is 47.15%.

Insider Buying and Selling at Cullen/Frost Bankers

In other news, EVP Howard L. Kasanoff sold 4,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $138.34, for a total transaction of $553,360.00. Following the sale, the executive vice president now directly owns 2,888 shares of the company’s stock, valued at approximately $399,525.92. This represents a 58.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Phillip D. Green sold 14,358 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $137.96, for a total value of $1,980,829.68. Following the completion of the transaction, the chief executive officer now directly owns 94,423 shares of the company’s stock, valued at approximately $13,026,597.08. This trade represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,864 shares of company stock valued at $2,977,033 in the last quarter. Company insiders own 2.89% of the company’s stock.

Cullen/Frost Bankers Profile

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services, as well as originates commercial leasing services.