CIBC Asset Management Inc Takes $214,000 Position in Cullen/Frost Bankers, Inc. (NYSE:CFR)

CIBC Asset Management Inc purchased a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 1,913 shares of the bank’s stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CFR. Covestor Ltd increased its stake in shares of Cullen/Frost Bankers by 169.9% in the third quarter. Covestor Ltd now owns 224 shares of the bank’s stock valued at $25,000 after buying an additional 141 shares in the last quarter. Asset Dedication LLC raised 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 acquiring an additional 105 shares during the last quarter. Allworth Financial LP raised its stake in shares of Cullen/Frost Bankers by 116.6% in the third quarter. Allworth Financial LP now owns 444 shares of the bank’s stock worth $50,000 after acquiring an additional 239 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Cullen/Frost Bankers during the third quarter valued at approximately $52,000. Finally, Abich Financial Wealth Management LLC bought a new stake in shares of Cullen/Frost Bankers during the second quarter valued at approximately $54,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 value of $553,360.00. Following the sale, the executive vice president now owns 2,888 shares of the company’s stock, valued at $399,525.92. The trade was a 58.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Bobby Berman sold 3,506 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $126.31, for a total transaction of $442,842.86. Following the transaction, the executive vice president now owns 26,661 shares of the company’s stock, valued at $3,367,550.91. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,864 shares of company stock valued at $2,977,033. Company insiders own 2.89% of the company’s stock.

Cullen/Frost Bankers Stock Performance

Shares of Cullen/Frost Bankers stock opened at $142.34 on Friday. The stock’s fifty day simple moving average is $123.41 and its 200 day simple moving average is $111.80. 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 company has a market capitalization of $9.13 billion, a PE ratio of 17.66, a PEG ratio of 1.67 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.

Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.17 by $0.07. Cullen/Frost Bankers had a return on equity of 15.82% and a net margin of 18.81%. The business had revenue of $518.04 million during the quarter, compared to analysts’ expectations of $517.25 million. During the same period in the prior year, the business earned $2.38 EPS. Cullen/Frost Bankers’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, research analysts predict that Cullen/Frost Bankers, Inc. will post 8.71 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.95 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.80 annualized dividend and a yield of 2.67%. Cullen/Frost Bankers’s dividend payout ratio is currently 47.15%.

Wall Street Analysts Forecast Growth

CFR has been the topic of several research reports. Wedbush reduced their price objective on Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Royal Bank of Canada lifted their price objective on 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. Stephens upped their target price on shares of Cullen/Frost Bankers from $125.00 to $136.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Morgan Stanley lowered their price target on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating for the company in a research report on Monday, September 30th. Finally, Compass Point increased their price objective on shares of Cullen/Frost Bankers from $111.00 to $122.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.