Oppenheimer & Co. Inc. Trims Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Oppenheimer & Co. Inc. lessened its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 15.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,195 shares of the bank’s stock after selling 1,620 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cullen/Frost Bankers were worth $1,029,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in Cullen/Frost Bankers by 125.2% during the 1st quarter. Tidal Investments LLC now owns 11,888 shares of the bank’s stock valued at $1,338,000 after purchasing an additional 6,610 shares during the period. Natixis purchased a new position in shares of Cullen/Frost Bankers during the 1st quarter worth approximately $957,000. American Century Companies Inc. grew its holdings in shares of Cullen/Frost Bankers by 11.9% during the 2nd quarter. American Century Companies Inc. now owns 68,296 shares of the bank’s stock worth $6,941,000 after acquiring an additional 7,236 shares during the period. Raymond James & Associates grew its holdings in shares of Cullen/Frost Bankers by 10.0% during the 3rd quarter. Raymond James & Associates now owns 119,447 shares of the bank’s stock worth $13,361,000 after acquiring an additional 10,884 shares during the period. Finally, Strategic Financial Concepts LLC grew its holdings in shares of Cullen/Frost Bankers by 7,109.7% during the 2nd quarter. Strategic Financial Concepts LLC now owns 250,896 shares of the bank’s stock worth $255,000 after acquiring an additional 247,416 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CFR. Stephens upped their target price on Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. DA Davidson upped their target price on Cullen/Frost Bankers from $127.00 to $134.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Morgan Stanley reduced their target price on Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating on the stock in a report on Monday, September 30th. Citigroup upped their target price on Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a “sell” rating in a report on Monday, November 4th. Finally, Truist Financial dropped their price target on Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $123.86.

Cullen/Frost Bankers Stock Performance

CFR stock opened at $138.52 on Tuesday. The stock has a market capitalization of $8.88 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 1.68 and a beta of 0.98. Cullen/Frost Bankers, Inc. has a 12-month low of $94.09 and a 12-month high of $144.89. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.06. The stock’s 50 day simple moving average is $120.88 and its 200 day simple moving average is $110.97.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings data 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 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 firm’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 EPS. As a group, research 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 business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.80 dividend on an annualized basis and a yield of 2.74%. Cullen/Frost Bankers’s dividend payout ratio is presently 47.15%.

Insider Buying and Selling at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, EVP Howard L. Kasanoff sold 4,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $138.34, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible 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. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.

Cullen/Frost Bankers Company 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.