The Manufacturers Life Insurance Company Reduces Position in Cullen/Frost Bankers, Inc. (NYSE:CFR)

The Manufacturers Life Insurance Company decreased its holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 4.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 261,601 shares of the bank’s stock after selling 12,167 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.41% of Cullen/Frost Bankers worth $26,587,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. ICA Group Wealth Management LLC purchased a new position in shares of Cullen/Frost Bankers during the 4th quarter valued at approximately $33,000. CWM LLC raised its holdings in Cullen/Frost Bankers by 46.5% in the first quarter. CWM LLC now owns 334 shares of the bank’s stock valued at $38,000 after acquiring an additional 106 shares in the last quarter. Whittier Trust Co. boosted its stake in Cullen/Frost Bankers by 90.7% during the 1st quarter. Whittier Trust Co. now owns 391 shares of the bank’s stock valued at $44,000 after acquiring an additional 186 shares during the last quarter. Parallel Advisors LLC grew its holdings in Cullen/Frost Bankers by 89.7% during the 4th quarter. Parallel Advisors LLC now owns 461 shares of the bank’s stock worth $50,000 after acquiring an additional 218 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in shares of Cullen/Frost Bankers in the 2nd quarter worth about $54,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Activity at Cullen/Frost Bankers

In other Cullen/Frost Bankers news, EVP Howard L. Kasanoff sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $119.20, for a total transaction of $357,600.00. Following the completion of the sale, the executive vice president now directly owns 1,598 shares in the company, valued at approximately $190,481.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cullen/Frost Bankers news, EVP Howard L. Kasanoff sold 3,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 1,598 shares in the company, valued at approximately $190,481.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Candace K. Wolfshohl sold 5,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $119.65, for a total transaction of $598,250.00. Following the transaction, the executive vice president now owns 18,753 shares in the company, valued at $2,243,796.45. The disclosure for this sale can be found here. 2.89% of the stock is owned by insiders.

Cullen/Frost Bankers Trading Up 0.7 %

NYSE:CFR opened at $111.96 on Tuesday. Cullen/Frost Bankers, Inc. has a 1 year low of $82.25 and a 1 year high of $123.17. The business has a fifty day moving average of $110.73 and a 200-day moving average of $107.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.64 and a current ratio of 0.64. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.36 and a beta of 1.00.

Cullen/Frost Bankers (NYSE:CFR) last released its earnings results on Thursday, July 25th. The bank reported $2.21 EPS for the quarter, beating the consensus estimate of $2.07 by $0.14. The firm had revenue of $528.81 million for the quarter, compared to analysts’ expectations of $506.83 million. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. During the same quarter last year, the company earned $2.47 EPS. Equities analysts predict that Cullen/Frost Bankers, Inc. will post 8.62 earnings per share for the current year.

Cullen/Frost Bankers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.95 per share. This is an increase from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. The ex-dividend date was Friday, August 30th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.39%. Cullen/Frost Bankers’s payout ratio is currently 44.92%.

Analysts Set New Price Targets

CFR has been the topic of several research analyst reports. Wedbush reduced 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. Citigroup decreased their target price on Cullen/Frost Bankers from $107.00 to $104.00 and set a “sell” rating for the company in a research report on Monday. Royal Bank of Canada upped their price target on Cullen/Frost Bankers from $119.00 to $120.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Truist Financial decreased their price objective on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating for the company in a report on Friday, September 20th. Finally, Morgan Stanley dropped their target price on shares of Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating on the stock in a report on Monday. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Cullen/Frost Bankers has an average rating of “Hold” and an average price target of $120.07.

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.