Bank of Nova Scotia Invests $523,000 in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Bank of Nova Scotia acquired a new stake in Cullen/Frost Bankers, Inc. (NYSE:CFR – Get Rating) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,914 shares of the bank’s stock, valued at approximately $523,000.

Several other institutional investors have also added to or reduced their stakes in the business. FourThought Financial LLC raised its position in shares of Cullen/Frost Bankers by 51.1% in the third quarter. FourThought Financial LLC now owns 207 shares of the bank’s stock valued at $27,000 after purchasing an additional 70 shares during the period. Covestor Ltd grew its stake in Cullen/Frost Bankers by 80.7% in the 1st quarter. Covestor Ltd now owns 309 shares of the bank’s stock valued at $43,000 after buying an additional 138 shares in the last quarter. IFP Advisors Inc raised its holdings in Cullen/Frost Bankers by 42.8% during the 4th quarter. IFP Advisors Inc now owns 591 shares of the bank’s stock valued at $44,000 after acquiring an additional 177 shares during the period. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Cullen/Frost Bankers during the fourth quarter worth $47,000. Finally, Atlas Capital Advisors LLC bought a new position in shares of Cullen/Frost Bankers in the second quarter worth $51,000. 81.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CFR has been the topic of a number of recent research reports. Stephens dropped their price objective on Cullen/Frost Bankers from $154.00 to $140.00 and set an “equal weight” rating on the stock in a report on Friday, January 27th. Morgan Stanley lowered shares of Cullen/Frost Bankers from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $127.00 to $121.00 in a research report on Tuesday, May 16th. StockNews.com began coverage on shares of Cullen/Frost Bankers in a report on Thursday, May 18th. They set a “sell” rating on the stock. Raymond James cut shares of Cullen/Frost Bankers from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 21st. Finally, Truist Financial reduced their price target on shares of Cullen/Frost Bankers from $136.00 to $114.00 and set a “hold” rating for the company in a research report on Thursday, March 23rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $134.23.

Insiders Place Their Bets

In related news, CEO Phillip D. Green acquired 9,500 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was purchased at an average price of $106.59 per share, with a total value of $1,012,605.00. Following the completion of the purchase, the chief executive officer now owns 114,729 shares in the company, valued at approximately $12,228,964.11. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Phillip D. Green purchased 9,500 shares of the business’s stock in a transaction 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 acquisition, the chief executive officer now directly owns 114,729 shares in the company, valued at $12,228,964.11. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Candace K. Wolfshohl acquired 700 shares of the stock in a transaction dated Wednesday, March 15th. The shares were purchased at an average cost of $108.28 per share, with a total value of $75,796.00. Following the completion of the purchase, the executive vice president now owns 16,291 shares of the company’s stock, valued at approximately $1,763,989.48. The disclosure for this purchase can be found here. Insiders have purchased 25,200 shares of company stock valued at $2,608,696 in the last ninety days. Company insiders own 2.89% of the company’s stock.

Cullen/Frost Bankers Stock Up 0.1 %

Shares of NYSE CFR opened at $104.13 on Wednesday. The stock has a market capitalization of $6.71 billion, a P/E ratio of 10.40, a PEG ratio of 1.12 and a beta of 1.04. Cullen/Frost Bankers, Inc. has a one year low of $92.55 and a one year high of $160.60. The firm’s 50 day simple moving average is $102.92 and its two-hundred day simple moving average is $123.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.58 and a quick ratio of 0.58.

Cullen/Frost Bankers (NYSE:CFR – Get Rating) last issued its earnings results on Thursday, April 27th. The bank reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.15. The company had revenue of $505.09 million for the quarter, compared to analysts’ expectations of $503.93 million. Cullen/Frost Bankers had a net margin of 30.40% and a return on equity of 21.59%. The firm’s revenue was up 44.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. As a group, analysts expect that Cullen/Frost Bankers, Inc. will post 9.74 EPS for the current fiscal year.

Cullen/Frost Bankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be given a dividend of $0.87 per share. The ex-dividend date is Tuesday, May 30th. This represents a $3.48 annualized dividend and a yield of 3.34%. Cullen/Frost Bankers’s payout ratio is 34.77%.

Cullen/Frost Bankers Company Profile

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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.