Citigroup Inc. Cuts Stock Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Citigroup Inc. lessened its stake in Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 261,856 shares of the bank's stock after selling 8,400 shares during the quarter. Citigroup Inc. owned approximately 0.41% of Cullen/Frost Bankers worth $29,291,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Cullen/Frost Bankers by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 553,903 shares of the bank's stock worth $61,960,000 after purchasing an additional 6,443 shares during the period. Hilton Capital Management LLC raised its holdings in shares of Cullen/Frost Bankers by 5.4% in the 3rd 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 during the period. Prospera Financial Services Inc bought a new stake in shares of Cullen/Frost Bankers in the 3rd quarter worth approximately $200,000. Pathstone Holdings LLC raised its holdings in shares of 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 during the period. Finally, LMR Partners LLP bought a new stake in shares of Cullen/Frost Bankers in the 3rd quarter worth approximately $402,000. Institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CFR. Stephens boosted 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 report on Friday, November 1st. Morgan Stanley lowered their target price on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an "underweight" rating on the stock in a report on Monday, September 30th. Royal Bank of Canada boosted their target price on shares of Cullen/Frost Bankers from $118.00 to $130.00 and gave the company a "sector perform" rating in a report on Friday, November 1st. Wedbush lowered their target price on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a "neutral" rating on the stock in a report on Tuesday, September 24th. Finally, Truist Financial lowered their target price on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a "hold" rating on the stock in a report on Friday, September 20th. Four investment 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's stock. Based on data from MarketBeat.com, Cullen/Frost Bankers currently has a consensus rating of "Hold" and a consensus price target of $123.86.

Cullen/Frost Bankers Price Performance

NYSE:CFR traded down $1.01 during midday trading on Tuesday, hitting $142.91. The company had a trading volume of 319,649 shares, compared to its average volume of 455,027. Cullen/Frost Bankers, Inc. has a 52-week low of $94.09 and a 52-week high of $147.64. The stock's fifty day moving average price is $124.74 and its 200-day moving average price is $112.39. The company has a market capitalization of $9.17 billion, a PE ratio of 17.73, a P/E/G ratio of 1.72 and a beta of 0.98. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.06.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last announced 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. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The company had revenue of $518.04 million during the quarter, compared to analyst estimates of $517.25 million. During the same period in the previous year, the business earned $2.38 earnings per share. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. As a group, research analysts expect that Cullen/Frost Bankers, Inc. will post 8.71 earnings per share for the current year.

Cullen/Frost Bankers Announces Dividend

The business also recently announced 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 of this dividend is Friday, November 29th. This represents a $3.80 annualized dividend and a yield of 2.66%. Cullen/Frost Bankers's dividend payout ratio (DPR) is presently 47.15%.

Insiders Place Their Bets

In other Cullen/Frost Bankers 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 completion of the sale, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Phillip D. Green sold 14,358 shares of the company's stock in a transaction dated 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 directly owns 94,423 shares of the company's stock, valued at approximately $13,026,597.08. This trade represents a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,864 shares of company stock valued at $2,977,033 over the last three months. Insiders own 2.89% of the company's stock.

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.