Cullen/Frost Bankers, Inc. (NYSE:CFR) Position Increased by Sprucegrove Investment Management Ltd.

Sprucegrove Investment Management Ltd. raised its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 187,277 shares of the bank’s stock after purchasing an additional 3,200 shares during the period. Cullen/Frost Bankers comprises about 1.0% of Sprucegrove Investment Management Ltd.’s portfolio, making the stock its 20th largest holding. Sprucegrove Investment Management Ltd. owned approximately 0.29% of Cullen/Frost Bankers worth $19,033,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CFR. ICA Group Wealth Management LLC acquired a new position in shares of Cullen/Frost Bankers during the fourth quarter valued at $33,000. CWM LLC boosted its holdings in shares of Cullen/Frost Bankers by 46.5% during the first quarter. CWM LLC now owns 334 shares of the bank’s stock valued at $38,000 after acquiring an additional 106 shares during the period. Whittier Trust Co. boosted its holdings in shares of Cullen/Frost Bankers by 90.7% during the first quarter. Whittier Trust Co. now owns 391 shares of the bank’s stock valued at $44,000 after acquiring an additional 186 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Cullen/Frost Bankers by 89.7% during the fourth quarter. Parallel Advisors LLC now owns 461 shares of the bank’s stock valued at $50,000 after acquiring an additional 218 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Cullen/Frost Bankers by 40.7% during the first quarter. GAMMA Investing LLC now owns 574 shares of the bank’s stock valued at $65,000 after acquiring an additional 166 shares during the period. Institutional investors own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Truist Financial upped their price objective on shares of Cullen/Frost Bankers from $102.00 to $126.00 and gave the stock a “hold” rating in a report on Monday, July 29th. JPMorgan Chase & Co. reduced their price objective on shares of Cullen/Frost Bankers from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Stephens upped their price objective on shares of Cullen/Frost Bankers from $116.00 to $131.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Jefferies Financial Group reduced their price objective on shares of Cullen/Frost Bankers from $117.00 to $108.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Finally, Maxim Group upped their price objective on shares of Cullen/Frost Bankers from $132.00 to $138.00 and gave the stock a “buy” rating in a report on Friday, July 26th. 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, the stock currently has a consensus rating of “Hold” and an average target price of $119.93.

Insiders Place Their Bets

In other Cullen/Frost Bankers news, EVP Candace K. Wolfshohl sold 5,000 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $119.65, for a total transaction of $598,250.00. Following the sale, the executive vice president now owns 18,753 shares in the company, valued at approximately $2,243,796.45. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Candace K. Wolfshohl sold 5,000 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $119.65, for a total value of $598,250.00. Following the transaction, the executive vice president now owns 18,753 shares in the company, valued at approximately $2,243,796.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Howard L. Kasanoff sold 3,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total value of $357,600.00. Following the completion of the transaction, the executive vice president now owns 1,598 shares in the company, valued at approximately $190,481.60. The disclosure for this sale can be found here. Corporate insiders own 2.89% of the company’s stock.

Cullen/Frost Bankers Price Performance

Shares of NYSE CFR opened at $115.58 on Friday. Cullen/Frost Bankers, Inc. has a twelve month low of $82.25 and a twelve month high of $123.17. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.35 and a beta of 1.00. The firm has a 50-day moving average of $110.57 and a two-hundred day moving average of $106.90.

Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.14. The firm had revenue of $528.81 million for the quarter, compared to the consensus estimate of $506.83 million. Cullen/Frost Bankers had a return on equity of 17.43% and a net margin of 19.51%. During the same quarter in the previous year, the company earned $2.47 EPS. As a group, analysts expect that Cullen/Frost Bankers, Inc. will post 8.62 earnings per share for the current fiscal year.

Cullen/Frost Bankers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. Cullen/Frost Bankers’s payout ratio is presently 44.92%.

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.