Geode Capital Management LLC Has $122.82 Million Stock Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Geode Capital Management LLC raised its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) by 6.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,097,697 shares of the bank's stock after acquiring an additional 66,223 shares during the quarter. Geode Capital Management LLC owned approximately 1.71% of Cullen/Frost Bankers worth $122,820,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pathstone Holdings LLC increased its stake in shares of Cullen/Frost Bankers by 45.0% in the third quarter. Pathstone Holdings LLC now owns 19,273 shares of the bank's stock valued at $2,156,000 after buying an additional 5,981 shares in the last quarter. American Century Companies Inc. increased its stake 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 valued at $6,941,000 after buying an additional 7,236 shares in the last quarter. Raymond James & Associates increased its position in 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. Hancock Whitney Corp acquired a new stake in Cullen/Frost Bankers in the third quarter worth about $784,000. Finally, Barclays PLC increased its position in Cullen/Frost Bankers by 234.5% in the third quarter. Barclays PLC now owns 436,393 shares of the bank's stock worth $48,814,000 after purchasing an additional 305,921 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Cullen/Frost Bankers Stock Down 4.3 %

NYSE CFR traded down $5.83 during trading on Wednesday, hitting $130.79. The stock had a trading volume of 481,085 shares, compared to its average volume of 444,634. The company has a market capitalization of $8.39 billion, a PE ratio of 16.23, a P/E/G ratio of 1.66 and a beta of 0.99. The company's 50-day moving average price is $133.54 and its two-hundred day moving average price is $116.35. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.66 and a current ratio of 0.66. Cullen/Frost Bankers, Inc. has a 12 month low of $94.09 and a 12 month high of $147.64.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last released its earnings results on Thursday, October 31st. The bank reported $2.24 EPS for the quarter, beating the consensus estimate of $2.17 by $0.07. The firm had revenue of $518.04 million for the quarter, compared to analysts' expectations of $517.25 million. Cullen/Frost Bankers had a return on equity of 15.82% and a net margin of 18.81%. The business's quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.38 EPS. As a group, sell-side analysts forecast that Cullen/Frost Bankers, Inc. will post 8.75 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.91%. The ex-dividend date was Friday, November 29th. Cullen/Frost Bankers's dividend payout ratio (DPR) is 47.15%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CFR. Citigroup lifted their price objective on Cullen/Frost Bankers from $104.00 to $113.00 and gave the stock a "sell" rating in a research report on Monday, November 4th. Truist Financial lowered their price objective on 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. Compass Point lifted their price objective on Cullen/Frost Bankers from $122.00 to $145.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Maxim Group raised their target price on Cullen/Frost Bankers from $138.00 to $149.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Finally, Morgan Stanley reduced their target price on Cullen/Frost Bankers from $121.00 to $117.00 and set an "underweight" rating on the stock in a report on Monday, September 30th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $127.07.

Insiders Place Their Bets

In related news, CEO Phillip D. Green sold 14,358 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 94,423 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bobby Berman sold 3,506 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $126.31, for a total value of $442,842.86. Following the transaction, the executive vice president now directly owns 26,661 shares in the company, valued at $3,367,550.91. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,864 shares of company stock valued at $2,977,033 in the last 90 days. 2.89% of the stock is currently owned by insiders.

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.