Cullen/Frost Bankers (NYSE:CFR) Rating Reiterated by Maxim Group
Maxim Group reissued their buy rating on shares of Cullen/Frost Bankers (NYSE:CFR) in a research note published on Monday, AnalystRatings.com reports. The brokerage currently has a $105.00 price target on the bank’s stock, down from their previous price target of $110.00.
CFR has been the subject of a number of other reports. Piper Jaffray Companies set a $265.00 price target on shares of SVB Financial Group and gave the company a buy rating in a report on Friday. Stephens set a $100.00 price target on shares of Cullen/Frost Bankers and gave the company a hold rating in a report on Friday, April 26th. Bank of America set a $97.00 price target on shares of Merck & Co., Inc. and gave the company a buy rating in a report on Thursday, July 11th. Wedbush set a $100.00 price target on shares of GrubHub and gave the company a buy rating in a report on Friday, April 26th. Finally, Zacks Investment Research lowered shares of GreenTree Hospitality Group from a buy rating to a hold rating in a report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $99.33.
Shares of Cullen/Frost Bankers stock opened at $93.99 on Monday. Cullen/Frost Bankers has a 52-week low of $81.87 and a 52-week high of $114.86. The stock has a market cap of $6.02 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.46 and a beta of 1.33. The firm has a fifty day simple moving average of $93.12. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.07.
Cullen/Frost Bankers declared that its Board of Directors has approved a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 1.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a $0.71 dividend. The ex-dividend date is Thursday, August 29th. This represents a $2.84 annualized dividend and a yield of 3.02%. Cullen/Frost Bankers’s dividend payout ratio (DPR) is presently 41.16%.
In other Cullen/Frost Bankers news, CFO Jerry Salinas sold 12,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.98, for a total value of $1,211,760.00. Following the completion of the transaction, the chief financial officer now directly owns 24,856 shares in the company, valued at approximately $2,509,958.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles W. Matthews acquired 1,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was bought at an average price of $94.32 per share, with a total value of $94,320.00. Following the completion of the acquisition, the director now directly owns 3,000 shares in the company, valued at approximately $282,960. The disclosure for this purchase can be found here. 4.84% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Icon Wealth Partners LLC bought a new position in shares of Cullen/Frost Bankers in the 1st quarter worth about $33,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cullen/Frost Bankers in the 1st quarter worth about $35,000. Machina Capital S.A.S. bought a new position in shares of Cullen/Frost Bankers in the 2nd quarter worth about $47,000. Vigilant Capital Management LLC bought a new position in shares of Cullen/Frost Bankers in the 1st quarter worth about $85,000. Finally, Ellis Investment Partners LLC bought a new position in shares of Cullen/Frost Bankers in the 1st quarter worth about $89,000. Institutional investors and hedge funds own 80.74% of the company’s stock.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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