Cullen/Frost Bankers, Inc. (NYSE:CFR) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 7.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 824,965 shares of the bank’s stock after selling 63,779 shares during the period. JPMorgan Chase & Co. owned about 1.29% of Cullen/Frost Bankers worth $92,281,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CFR. Covestor Ltd increased its holdings in Cullen/Frost Bankers by 169.9% in the 3rd quarter. Covestor Ltd now owns 224 shares of the bank’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Cullen/Frost Bankers in the third quarter valued at about $29,000. Asset Dedication LLC increased its stake in shares of Cullen/Frost Bankers by 63.3% during the third quarter. Asset Dedication LLC now owns 271 shares of the bank’s stock worth $30,000 after purchasing an additional 105 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Cullen/Frost Bankers during the 3rd quarter worth about $44,000. Finally, Allworth Financial LP lifted its stake in Cullen/Frost Bankers by 116.6% in the 3rd quarter. Allworth Financial LP now owns 444 shares of the bank’s stock valued at $50,000 after buying an additional 239 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CFR. Compass Point boosted their price objective on Cullen/Frost Bankers from $122.00 to $145.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Royal Bank of Canada raised their price objective on Cullen/Frost Bankers from $118.00 to $130.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Evercore ISI dropped their target price on shares of Cullen/Frost Bankers from $123.00 to $115.00 and set an “underperform” rating for the company in a report on Wednesday, October 2nd. 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. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Cullen/Frost Bankers from $120.00 to $140.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Four 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. Based on data from MarketBeat, Cullen/Frost Bankers presently has a consensus rating of “Hold” and an average price target of $127.07.

Insider Transactions at Cullen/Frost Bankers

In related news, 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 trade represents a 13.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Bobby Berman sold 3,506 shares of Cullen/Frost Bankers stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $126.31, for a total value of $442,842.86. Following the completion of the transaction, the executive vice president now directly 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. Insiders sold a total of 21,864 shares of company stock worth $2,977,033 over the last ninety days. Company insiders own 3.00% of the company’s stock.

Cullen/Frost Bankers Stock Down 1.1 %

Shares of NYSE:CFR opened at $132.76 on Friday. The company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 16.47, a PEG ratio of 1.66 and a beta of 0.99. Cullen/Frost Bankers, Inc. has a 12-month low of $94.09 and a 12-month high of $147.64. The business has a 50-day moving average price of $136.52 and a 200 day moving average price of $119.08. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.06.

Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.07. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The business had revenue of $518.04 million during the quarter, compared to analysts’ expectations of $517.25 million. During the same period last year, the business earned $2.38 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. Sell-side analysts expect that Cullen/Frost Bankers, Inc. will post 8.75 EPS for the current year.

Cullen/Frost Bankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Friday, November 29th. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 47.15%.

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.