Cullen/Frost Bankers, Inc. (NYSE:CFR) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 117.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 568,730 shares of the bank’s stock after buying an additional 307,129 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cullen/Frost Bankers were worth $63,618,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CFR. Keene & Associates Inc. raised its holdings in Cullen/Frost Bankers by 1.7% during the third quarter. Keene & Associates Inc. now owns 5,240 shares of the bank’s stock worth $586,000 after purchasing an additional 89 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Cullen/Frost Bankers by 7.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,473 shares of the bank’s stock worth $150,000 after buying an additional 97 shares in the last quarter. Asset Dedication LLC boosted its position in shares of Cullen/Frost Bankers by 63.3% in the 3rd quarter. Asset Dedication LLC now owns 271 shares of the bank’s stock worth $30,000 after buying an additional 105 shares in the last quarter. GAMMA Investing LLC increased its holdings in Cullen/Frost Bankers by 18.5% during the 3rd quarter. GAMMA Investing LLC now owns 678 shares of the bank’s stock valued at $76,000 after acquiring an additional 106 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Cullen/Frost Bankers by 6.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 2,333 shares of the bank’s stock worth $237,000 after acquiring an additional 137 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Cullen/Frost Bankers Trading Down 0.4 %

CFR stock opened at $142.34 on Thursday. 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 company has a market cap of $9.13 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.72 and a beta of 0.98. The business has a fifty day simple moving average of $125.39 and a 200-day simple moving average of $112.64. 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 announced its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 EPS for the quarter, topping the consensus estimate of $2.17 by $0.07. The company had revenue of $518.04 million during the quarter, compared to analyst estimates 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 revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.38 earnings per share. On average, equities research analysts expect that Cullen/Frost Bankers, Inc. will post 8.73 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.67%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is 47.15%.

Insiders Place Their Bets

In related news, CEO Phillip D. Green sold 14,358 shares of Cullen/Frost Bankers stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $137.96, for a total transaction of $1,980,829.68. Following the transaction, the chief executive officer now owns 94,423 shares in the company, valued at approximately $13,026,597.08. The trade was a 13.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Bobby Berman sold 3,506 shares of the stock in a transaction on 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 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. Insiders sold a total of 21,864 shares of company stock worth $2,977,033 over the last ninety days. 2.89% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wedbush dropped their price objective on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. Citigroup boosted their price target on Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a “sell” rating in a report on Monday, November 4th. Truist Financial reduced their price objective 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. Stephens lifted their price objective on Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Finally, Maxim Group upped their target price on shares of Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a “buy” rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.