Washington Capital Management Inc. Buys Shares of 4,900 Cullen/Frost Bankers, Inc. (NYSE:CFR)

Washington Capital Management Inc. acquired a new position in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,900 shares of the bank's stock, valued at approximately $548,000.

Several other institutional investors have also recently made changes to their positions in the company. Champlain Investment Partners LLC boosted its position in Cullen/Frost Bankers by 18.4% in the first quarter. Champlain Investment Partners LLC now owns 3,192,486 shares of the bank's stock worth $359,378,000 after purchasing an additional 495,215 shares during the last quarter. Deprince Race & Zollo Inc. purchased a new stake in Cullen/Frost Bankers during the second quarter worth about $37,813,000. Strategic Financial Concepts LLC raised its position in Cullen/Frost Bankers by 7,109.7% in the second quarter. Strategic Financial Concepts LLC now owns 250,896 shares of the bank's stock worth $255,000 after acquiring an additional 247,416 shares during the period. Goldman Sachs Group Inc. boosted its stake in Cullen/Frost Bankers by 44.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 798,403 shares of the bank's stock valued at $86,619,000 after acquiring an additional 244,197 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Cullen/Frost Bankers by 18.8% during the 1st quarter. Janus Henderson Group PLC now owns 1,021,559 shares of the bank's stock valued at $114,994,000 after acquiring an additional 161,580 shares during the period. Institutional investors own 86.90% of the company's stock.

Cullen/Frost Bankers Trading Up 1.0 %

NYSE CFR traded up $1.21 during trading on Tuesday, hitting $121.21. 472,600 shares of the company's stock traded hands, compared to its average volume of 440,975. The stock has a fifty day moving average of $110.49 and a two-hundred day moving average of $107.45. Cullen/Frost Bankers, Inc. has a 12-month low of $82.25 and a 12-month high of $124.31. The firm has a market cap of $7.79 billion, a P/E ratio of 14.31, a PEG ratio of 1.42 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.64 and a quick ratio of 0.64.

Cullen/Frost Bankers (NYSE:CFR - Get Free Report) last issued its earnings results on Thursday, July 25th. The bank reported $2.21 EPS for the quarter, topping the consensus estimate of $2.07 by $0.14. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. The company had revenue of $528.81 million for the quarter, compared to the consensus estimate of $506.83 million. During the same period in the previous year, the firm earned $2.47 earnings per share. As a group, sell-side analysts expect that Cullen/Frost Bankers, Inc. will post 8.59 EPS for the current year.

Cullen/Frost Bankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.95 per share. The ex-dividend date of this dividend was Friday, August 30th. This is a boost from Cullen/Frost Bankers's previous quarterly dividend of $0.92. This represents a $3.80 annualized dividend and a dividend yield of 3.14%. Cullen/Frost Bankers's payout ratio is 44.92%.

Insider Activity at Cullen/Frost Bankers

In related news, EVP Howard L. Kasanoff sold 3,000 shares of Cullen/Frost Bankers stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total value of $357,600.00. Following the sale, the executive vice president now owns 1,598 shares in the company, valued at $190,481.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Candace K. Wolfshohl sold 5,000 shares of Cullen/Frost Bankers stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $119.65, for a total transaction of $598,250.00. Following the sale, the executive vice president now directly owns 18,753 shares in the company, valued at $2,243,796.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Howard L. Kasanoff sold 3,000 shares of the firm's stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total value of $357,600.00. Following the transaction, the executive vice president now directly owns 1,598 shares of the company's stock, valued at $190,481.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CFR has been the subject of several research reports. Truist Financial reduced their price objective on Cullen/Frost Bankers from $126.00 to $123.00 and set a "hold" rating for the company in a report on Friday, September 20th. Jefferies Financial Group dropped their price objective on shares of Cullen/Frost Bankers from $117.00 to $108.00 and set a "hold" rating on the stock in a report on Wednesday, July 3rd. Wedbush lowered their price target on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 24th. Morgan Stanley reduced their price objective on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an "underweight" rating for the company in a research note on Monday, September 30th. Finally, Evercore ISI dropped their target price on Cullen/Frost Bankers from $123.00 to $115.00 and set an "underperform" rating on the stock in a research report on Wednesday, October 2nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $121.31.

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.