Cullen/Frost Bankers, Inc. (CFR) Stock Rating Upgraded by Zacks Investment Research
Cullen/Frost Bankers, Inc. (NYSE:CFR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Shares of Cullen/Frost have outperformed the industry year to date. This performance was supported by the company’s impressive earnings surprise history. It has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. With a rising interest rate environment and improving non-interest bearing deposits, the company's net interest income and net interest margin is expected to grow. However, rising costs stemming mainly from expanding franchise are likely to deter bottom-line growth to some extent. Also, the company’s risky loan portfolio keeps us apprehensive.”
A number of other equities analysts have also recently issued reports on CFR. BidaskClub cut shares of Cullen/Frost Bankers from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Citigroup Inc. cut shares of Cullen/Frost Bankers to an “underperform” rating in a research report on Thursday, August 10th. They noted that the move was a valuation call. Jefferies Group LLC reaffirmed a “hold” rating and issued a $95.00 price target on shares of Cullen/Frost Bankers in a research report on Friday, August 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $95.00 price target on shares of Cullen/Frost Bankers in a research report on Friday, September 29th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $96.50 price target on shares of Cullen/Frost Bankers in a research report on Friday. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. Cullen/Frost Bankers has a consensus rating of “Hold” and an average target price of $95.13.
Cullen/Frost Bankers (NYSE:CFR) traded up 1.94% during mid-day trading on Tuesday, hitting $96.75. The company had a trading volume of 402,051 shares. Cullen/Frost Bankers has a 12-month low of $69.86 and a 12-month high of $99.20. The firm has a market capitalization of $6.21 billion, a PE ratio of 19.06 and a beta of 1.35. The company’s 50 day moving average price is $89.32 and its 200-day moving average price is $91.36.
Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings data on Thursday, July 27th. The bank reported $1.29 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.29. The company had revenue of $295.87 million for the quarter, compared to analysts’ expectations of $316.40 million. Cullen/Frost Bankers had a net margin of 28.49% and a return on equity of 11.23%. During the same quarter in the prior year, the firm earned $1.11 EPS. On average, analysts forecast that Cullen/Frost Bankers will post $5.21 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallax Volatility Advisers L.P. increased its stake in Cullen/Frost Bankers by 124.1% in the 2nd quarter. Parallax Volatility Advisers L.P. now owns 1,087 shares of the bank’s stock valued at $102,000 after buying an additional 602 shares during the last quarter. Invictus RG purchased a new stake in Cullen/Frost Bankers in the 1st quarter valued at about $109,000. Tower Research Capital LLC TRC purchased a new stake in Cullen/Frost Bankers in the 2nd quarter valued at about $114,000. Westwood Holdings Group Inc. purchased a new stake in Cullen/Frost Bankers in the 2nd quarter valued at about $131,000. Finally, Fiduciary Trust Co. purchased a new stake in Cullen/Frost Bankers in the 2nd quarter valued at about $136,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.
About Cullen/Frost Bankers
Cullen/Frost Bankers, Inc is a financial holding company and a bank holding company. The Company, through its subsidiaries, provides a range of products and services throughout Texas markets. The Company’s segments include Banking, Frost Wealth Advisors and Non-Banks. The Banking segment includes both commercial and consumer banking services, and Frost Insurance Agency.
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