TCTC Holdings LLC Reduces Stock Position in Cullen/Frost Bankers, Inc. (NYSE:CFR)

TCTC Holdings LLC trimmed its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 6.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 218,320 shares of the bank's stock after selling 15,540 shares during the quarter. TCTC Holdings LLC owned approximately 0.34% of Cullen/Frost Bankers worth $24,421,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its position in Cullen/Frost Bankers by 125.2% during the first quarter. Tidal Investments LLC now owns 11,888 shares of the bank's stock valued at $1,338,000 after buying an additional 6,610 shares during the period. Natixis bought a new position in shares of Cullen/Frost Bankers in the first quarter worth approximately $957,000. American Century Companies Inc. boosted its position in shares of Cullen/Frost Bankers by 11.9% in the second quarter. American Century Companies Inc. now owns 68,296 shares of the bank's stock worth $6,941,000 after purchasing an additional 7,236 shares during the period. Raymond James & Associates boosted its position in shares of Cullen/Frost Bankers by 10.0% in the third quarter. Raymond James & Associates now owns 119,447 shares of the bank's stock worth $13,361,000 after purchasing an additional 10,884 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Cullen/Frost Bankers by 15.9% in the first quarter. Sei Investments Co. now owns 377,920 shares of the bank's stock worth $42,543,000 after purchasing an additional 51,808 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Bobby Berman sold 3,506 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $126.31, for a total transaction of $442,842.86. Following the transaction, the executive vice president now directly owns 26,661 shares in the company, valued at approximately $3,367,550.91. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.89% of the company's stock.

Cullen/Frost Bankers Price Performance

Cullen/Frost Bankers stock traded up $1.12 during mid-day trading on Friday, reaching $139.17. 432,013 shares of the company's stock traded hands, compared to its average volume of 457,448. The company has a market cap of $8.93 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.74 and a beta of 0.98. The stock has a 50 day moving average of $117.90 and a two-hundred day moving average of $109.83. 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, Inc. has a 12-month low of $91.24 and a 12-month high of $144.19.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.17 by $0.07. The company had revenue of $518.04 million for the quarter, compared to the consensus estimate of $517.25 million. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. Cullen/Frost Bankers's revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.38 earnings per share. Equities analysts forecast that Cullen/Frost Bankers, Inc. will post 8.71 earnings per share 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. Investors of record on Friday, November 29th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Friday, November 29th. Cullen/Frost Bankers's payout ratio is 47.15%.

Analyst Upgrades and Downgrades

CFR has been the subject of a number of recent analyst reports. DA Davidson upped their price target on shares of Cullen/Frost Bankers from $127.00 to $134.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Morgan Stanley dropped their price target on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an "underweight" rating for the company in a research report on Monday, September 30th. Royal Bank of Canada upped their price target on shares of Cullen/Frost Bankers from $118.00 to $130.00 and gave the stock a "sector perform" rating in a research report on Friday, November 1st. Truist Financial dropped their target price on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a "hold" rating for the company in a research report on Friday, September 20th. Finally, 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 research report on Wednesday, October 2nd. Four 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's stock. According to data from MarketBeat, Cullen/Frost Bankers currently has a consensus rating of "Hold" and an average 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.