Fulton Bank N.A. Increases Stake in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Posted by MarketBeat News on Mar 19th, 2023

Fulton Bank N.A. raised its position in Cullen/Frost Bankers, Inc. (NYSE:CFR – Get Rating) by 46.5% during the fourth quarter, HoldingsChannel reports. The firm owned 2,733 shares of the bank’s stock after purchasing an additional 867 shares during the period. Fulton Bank N.A.’s holdings in Cullen/Frost Bankers were worth $365,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CFR. American Century Companies Inc. lifted its holdings in Cullen/Frost Bankers by 10.3% in the 1st quarter. American Century Companies Inc. now owns 5,345 shares of the bank’s stock valued at $740,000 after purchasing an additional 501 shares in the last quarter. Natixis Advisors L.P. acquired a new stake in shares of Cullen/Frost Bankers in the 1st quarter worth $1,736,000. BlackRock Inc. increased its stake in shares of Cullen/Frost Bankers by 0.8% in the 1st quarter. BlackRock Inc. now owns 5,032,068 shares of the bank’s stock worth $696,489,000 after acquiring an additional 39,554 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Cullen/Frost Bankers by 9.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 31,607 shares of the bank’s stock worth $4,501,000 after acquiring an additional 2,600 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Cullen/Frost Bankers in the 1st quarter worth $211,000. Hedge funds and other institutional investors own 81.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CFR shares. Truist Financial cut their target price on Cullen/Frost Bankers from $148.00 to $136.00 and set a “hold” rating for the company in a research note on Wednesday, February 1st. Stephens cut their target price on Cullen/Frost Bankers from $154.00 to $140.00 and set an “equal weight” rating for the company in a research note on Friday, January 27th. Bank of America raised Cullen/Frost Bankers from a “neutral” rating to a “buy” rating and set a $155.00 target price for the company in a research note on Thursday, January 5th. JPMorgan Chase & Co. cut their target price on Cullen/Frost Bankers from $175.00 to $155.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. Finally, Raymond James downgraded Cullen/Frost Bankers from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Cullen/Frost Bankers has an average rating of “Hold” and a consensus target price of $145.57.

Insider Activity

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In related news, CEO Phillip D. Green acquired 9,500 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was acquired at an average price of $106.59 per share, for a total transaction of $1,012,605.00. Following the purchase, the chief executive officer now owns 114,729 shares of the company’s stock, valued at approximately $12,228,964.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Candace K. Wolfshohl acquired 700 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The stock was acquired at an average price of $108.28 per share, for a total transaction of $75,796.00. Following the purchase, the executive vice president now owns 16,291 shares of the company’s stock, valued at approximately $1,763,989.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Phillip D. Green bought 9,500 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were acquired at an average price of $106.59 per share, with a total value of $1,012,605.00. Following the purchase, the chief executive officer now owns 114,729 shares of the company’s stock, valued at $12,228,964.11. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 16,700 shares of company stock worth $1,789,751. 3.76% of the stock is currently owned by company insiders.

Cullen/Frost Bankers Stock Performance

NYSE CFR opened at $104.83 on Friday. The company has a market cap of $6.75 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.09 and a beta of 1.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a 50-day moving average of $128.61 and a two-hundred day moving average of $136.14. Cullen/Frost Bankers, Inc. has a 1-year low of $101.87 and a 1-year high of $160.60.

Cullen/Frost Bankers (NYSE:CFR – Get Rating) last released its earnings results on Thursday, January 26th. The bank reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.75 by $0.16. Cullen/Frost Bankers had a return on equity of 18.55% and a net margin of 30.80%. During the same period in the prior year, the company posted $1.54 earnings per share. As a group, analysts anticipate that Cullen/Frost Bankers, Inc. will post 10.5 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were paid a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Monday, February 27th. Cullen/Frost Bankers’s payout ratio is presently 39.46%.

About Cullen/Frost Bankers

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Cullen/Frost Bankers, Inc is a financial holding company, which engages in the provision of commercial and consumer banking services. It operates through the Banking and Frost Wealth Advisors segments. The Banking segment operates commercial and consumer banking services. The Frost Wealth Advisors segment includes fee-based services within private trust, retirement services, and financial management services.