Mutual of America Capital Management LLC Reduces Stock Position in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Mutual of America Capital Management LLC trimmed its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 5.9% during the third quarter, Holdings Channel.com reports. The firm owned 34,601 shares of the bank’s stock after selling 2,188 shares during the period. Mutual of America Capital Management LLC’s holdings in Cullen/Frost Bankers were worth $3,870,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CFR. Sather Financial Group Inc purchased a new position in shares of Cullen/Frost Bankers during the third quarter valued at approximately $208,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Cullen/Frost Bankers during the 3rd quarter worth $54,012,000. Natixis Advisors LLC boosted its holdings in shares of Cullen/Frost Bankers by 300.6% during the third quarter. Natixis Advisors LLC now owns 223,655 shares of the bank’s stock worth $25,018,000 after purchasing an additional 167,828 shares during the last quarter. Coastline Trust Co purchased a new stake in shares of Cullen/Frost Bankers in the third quarter valued at $203,000. Finally, CIBC Asset Management Inc acquired a new position in Cullen/Frost Bankers in the third quarter valued at $214,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Cullen/Frost Bankers Stock Up 1.3 %

Shares of NYSE:CFR opened at $139.53 on Friday. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 1.67 and a beta of 0.98. The company has a 50 day moving average of $122.74 and a two-hundred day moving average of $111.60. Cullen/Frost Bankers, Inc. has a 52-week low of $94.09 and a 52-week high of $144.89. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.06.

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, topping the consensus estimate of $2.17 by $0.07. The firm had revenue of $518.04 million for the quarter, compared to the consensus estimate of $517.25 million. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.38 EPS. As a group, analysts forecast that Cullen/Frost Bankers, Inc. will post 8.71 earnings per share for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Friday, November 29th. Cullen/Frost Bankers’s dividend payout ratio is currently 47.15%.

Insider Buying and Selling at Cullen/Frost Bankers

In other news, EVP Howard L. Kasanoff sold 4,000 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 2,888 shares in the company, valued at approximately $399,525.92. The trade was a 58.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bobby Berman sold 3,506 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $126.31, for a total transaction of $442,842.86. Following the sale, the executive vice president now owns 26,661 shares of the company’s stock, valued at approximately $3,367,550.91. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,864 shares of company stock worth $2,977,033 in the last 90 days. 2.89% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Truist Financial decreased their price target on Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Citigroup raised their target price on shares of Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a “sell” rating in a research report on Monday, November 4th. Royal Bank of Canada upped their price target on shares of Cullen/Frost Bankers from $118.00 to $130.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Wedbush lowered their price objective on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. Finally, Evercore ISI cut their target price on Cullen/Frost Bankers from $123.00 to $115.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Cullen/Frost Bankers currently has an average rating of “Hold” and a consensus price target of $123.86.

About Cullen/Frost Bankers

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.