Algert Global LLC reduced its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 37.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,381 shares of the bank's stock after selling 13,920 shares during the quarter. Algert Global LLC's holdings in Cullen/Frost Bankers were worth $2,615,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the stock. Covestor Ltd increased its stake in Cullen/Frost Bankers by 169.9% in the 3rd quarter. Covestor Ltd now owns 224 shares of the bank's stock worth $25,000 after purchasing an additional 141 shares during the period. Asset Dedication LLC increased its stake 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 worth $30,000 after buying an additional 105 shares during the period. Allworth Financial LP raised its holdings in Cullen/Frost Bankers by 116.6% during the 3rd quarter. Allworth Financial LP now owns 444 shares of the bank's stock valued at $50,000 after buying an additional 239 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Cullen/Frost Bankers during the 3rd quarter valued at $52,000. Finally, Abich Financial Wealth Management LLC bought a new stake in Cullen/Frost Bankers in the 2nd quarter worth $54,000. Hedge funds and other institutional investors own 86.90% of the company's stock.
Shares of CFR opened at $142.91 on Wednesday. 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 stock has a market cap of $9.17 billion, a P/E ratio of 17.73, a P/E/G ratio of 1.72 and a beta of 0.98. The business's 50 day moving average price is $124.74 and its 200-day moving average price is $112.39. Cullen/Frost Bankers, Inc. has a 52 week low of $94.09 and a 52 week high of $147.64.
Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its earnings results on Thursday, October 31st. The bank reported $2.24 EPS for the quarter, topping analysts' consensus estimates of $2.17 by $0.07. The firm had revenue of $518.04 million for the quarter, compared to analysts' expectations of $517.25 million. Cullen/Frost Bankers had a return on equity of 15.82% and a net margin of 18.81%. The company's quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.38 earnings per share. Equities research analysts anticipate that Cullen/Frost Bankers, Inc. will post 8.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.80 annualized dividend and a yield of 2.66%. Cullen/Frost Bankers's dividend payout ratio (DPR) is presently 47.15%.
In other news, CEO Phillip D. Green sold 14,358 shares of the company's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $137.96, for a total transaction of $1,980,829.68. Following the transaction, the chief executive officer now directly owns 94,423 shares of the company's stock, valued at $13,026,597.08. This represents a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Howard L. Kasanoff sold 4,000 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $138.34, for a total value of $553,360.00. Following the completion of the transaction, the executive vice president now directly owns 2,888 shares of the company's stock, valued at approximately $399,525.92. This trade represents a 58.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,864 shares of company stock worth $2,977,033 over the last 90 days. 2.89% of the stock is currently owned by insiders.
A number of analysts have recently weighed in on the stock. Truist Financial dropped their target price on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a "hold" rating for the company in a report on Friday, September 20th. Morgan Stanley cut their price objective on Cullen/Frost Bankers from $121.00 to $117.00 and set an "underweight" rating on the stock in a research report on Monday, September 30th. Evercore ISI decreased their target price on Cullen/Frost Bankers from $123.00 to $115.00 and set an "underperform" rating for the company in a report on Wednesday, October 2nd. Maxim Group lifted their price target on shares of Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a "buy" rating in a report on Friday, November 1st. Finally, Stephens upped their price objective on shares of Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an "equal weight" rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $123.86.
Read Our Latest Stock Analysis on CFR
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.
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