Wedbush Comments on Cullen/Frost Bankers, Inc.’s Q2 2024 Earnings (NYSE:CFR)

Cullen/Frost Bankers, Inc. (NYSE:CFR) – Wedbush cut their Q2 2024 earnings estimates for shares of Cullen/Frost Bankers in a report released on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the bank will earn $2.03 per share for the quarter, down from their prior estimate of $2.07. Wedbush currently has a “Neutral” rating and a $115.00 target price on the stock. The consensus estimate for Cullen/Frost Bankers’ current full-year earnings is $8.46 per share. Wedbush also issued estimates for Cullen/Frost Bankers’ Q3 2024 earnings at $2.10 EPS, Q4 2024 earnings at $2.22 EPS, FY2024 earnings at $8.50 EPS and Q1 2025 earnings at $2.02 EPS.

Cullen/Frost Bankers (NYSE:CFR) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.02. Cullen/Frost Bankers had a return on equity of 18.69% and a net margin of 26.26%. During the same quarter in the previous year, the company earned $2.70 EPS.

A number of other research firms have also commented on CFR. Compass Point lowered shares of Cullen/Frost Bankers from a “buy” rating to a “neutral” rating in a report on Monday, January 8th. Morgan Stanley increased their target price on shares of Cullen/Frost Bankers from $109.00 to $115.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. DA Davidson restated a “buy” rating and set a $126.00 price target on shares of Cullen/Frost Bankers in a report on Thursday, March 28th. Evercore ISI increased their price objective on Cullen/Frost Bankers from $109.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, March 28th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $118.00 price target on shares of Cullen/Frost Bankers in a research note on Tuesday, April 9th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $117.92.

Cullen/Frost Bankers Stock Performance

Shares of CFR stock opened at $107.08 on Monday. The company has a market capitalization of $6.88 billion, a P/E ratio of 12.66, a PEG ratio of 1.33 and a beta of 1.03. Cullen/Frost Bankers has a fifty-two week low of $82.25 and a fifty-two week high of $120.31. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a 50 day moving average price of $109.17 and a two-hundred day moving average price of $103.99.

Cullen/Frost Bankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Friday, May 31st. Cullen/Frost Bankers’s payout ratio is 43.50%.

Insider Buying and Selling

In other Cullen/Frost Bankers news, insider Paul Bracher sold 9,820 shares of Cullen/Frost Bankers stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $109.40, for a total value of $1,074,308.00. Following the completion of the transaction, the insider now directly owns 96,380 shares of the company’s stock, valued at $10,543,972. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Bobby Berman sold 1,312 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $105.49, for a total transaction of $138,402.88. Following the transaction, the executive vice president now directly owns 27,815 shares of the company’s stock, valued at $2,934,204.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Bracher sold 9,820 shares of Cullen/Frost Bankers stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $109.40, for a total value of $1,074,308.00. Following the completion of the sale, the insider now owns 96,380 shares of the company’s stock, valued at $10,543,972. The disclosure for this sale can be found here. 2.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullen/Frost Bankers

Several hedge funds and other institutional investors have recently bought and sold shares of CFR. WCM Investment Management LLC grew its stake in shares of Cullen/Frost Bankers by 6.9% in the first quarter. WCM Investment Management LLC now owns 2,581 shares of the bank’s stock worth $291,000 after acquiring an additional 167 shares during the period. Keene & Associates Inc. lifted its position in Cullen/Frost Bankers by 5.6% during the first quarter. Keene & Associates Inc. now owns 6,156 shares of the bank’s stock valued at $693,000 after purchasing an additional 327 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Cullen/Frost Bankers by 2.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 18,500 shares of the bank’s stock valued at $2,083,000 after acquiring an additional 500 shares during the period. Fifth Third Bancorp increased its stake in shares of Cullen/Frost Bankers by 22.5% in the first quarter. Fifth Third Bancorp now owns 49,516 shares of the bank’s stock worth $5,574,000 after purchasing an additional 9,081 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in Cullen/Frost Bankers by 172.7% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 28,413 shares of the bank’s stock valued at $3,198,000 after acquiring an additional 17,993 shares during the period. Institutional investors own 86.90% of the company’s stock.

Cullen/Frost Bankers Company Profile

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.