Citigroup Inc. Trims Position in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Citigroup Inc. decreased its position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 3.1% during the third quarter, Holdings Channel reports. The institutional investor owned 261,856 shares of the bank’s stock after selling 8,400 shares during the period. Citigroup Inc.’s holdings in Cullen/Frost Bankers were worth $29,291,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in Cullen/Frost Bankers by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 553,903 shares of the bank’s stock valued at $61,960,000 after acquiring an additional 6,443 shares during the period. Hilton Capital Management LLC grew its position in shares of Cullen/Frost Bankers by 5.4% during the third quarter. Hilton Capital Management LLC now owns 50,697 shares of the bank’s stock worth $5,671,000 after purchasing an additional 2,591 shares in the last quarter. Prospera Financial Services Inc bought a new stake in Cullen/Frost Bankers during the 3rd quarter valued at approximately $200,000. Pathstone Holdings LLC lifted its holdings in Cullen/Frost Bankers by 45.0% in the 3rd quarter. Pathstone Holdings LLC now owns 19,273 shares of the bank’s stock worth $2,156,000 after purchasing an additional 5,981 shares in the last quarter. Finally, LMR Partners LLP bought a new position in Cullen/Frost Bankers in the 3rd quarter worth approximately $402,000. Institutional investors own 86.90% of the company’s stock.

Insider Activity

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 transaction of $553,360.00. Following the completion of the sale, the executive vice president now directly owns 2,888 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Phillip D. Green sold 14,358 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 94,423 shares in the company, valued at $13,026,597.08. This represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,864 shares of company stock valued at $2,977,033. 3.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CFR shares. Royal Bank of Canada lifted their price objective on shares of Cullen/Frost Bankers from $118.00 to $130.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Morgan Stanley decreased their price target on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating on the stock in a research note on Monday, September 30th. Citigroup raised their price objective 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. Compass Point boosted their target price on Cullen/Frost Bankers from $111.00 to $122.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Maxim Group raised their price target on Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a “buy” rating in a report on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Cullen/Frost Bankers has a consensus rating of “Hold” and a consensus price target of $123.86.

Cullen/Frost Bankers Stock Up 1.2 %

Shares of CFR opened at $143.96 on Tuesday. 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 business has a fifty day moving average of $124.07 and a 200 day moving average of $112.13. The company has a market cap of $9.23 billion, a PE ratio of 17.86, a P/E/G ratio of 1.72 and a beta of 0.98. 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) last released its 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 during the quarter, compared to analyst estimates of $517.25 million. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The business’s revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the business earned $2.38 EPS. On average, sell-side analysts expect that Cullen/Frost Bankers, Inc. will post 8.71 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.95 per share. The ex-dividend date is Friday, November 29th. This represents a $3.80 annualized dividend and a dividend yield of 2.64%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 47.15%.

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.