Cullen/Frost Bankers (NYSE:CFR) had its price target hoisted by research analysts at Morgan Stanley from $96.00 to $107.00 in a research note issued on Wednesday. The firm currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price points to a potential upside of 12.63% from the stock’s current price.
Other analysts have also issued reports about the company. Maxim Group reiterated a “buy” rating and set a $110.00 price objective on shares of Cullen/Frost Bankers in a research note on Thursday, October 26th. ValuEngine upgraded Cullen/Frost Bankers from a “hold” rating to a “buy” rating in a research note on Friday, September 22nd. SunTrust Banks restated a “buy” rating and set a $115.00 target price on shares of Cullen/Frost Bankers in a research report on Sunday, October 29th. Barclays boosted their target price on Cullen/Frost Bankers from $97.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Monday, October 30th. Finally, Jefferies Group restated a “hold” rating and set a $103.00 target price on shares of Cullen/Frost Bankers in a research report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $101.73.
Cullen/Frost Bankers (NYSE:CFR) traded up $0.32 during trading hours on Wednesday, hitting $95.00. The company had a trading volume of 273,300 shares, compared to its average volume of 450,025. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.65 and a current ratio of 0.65. Cullen/Frost Bankers has a 12 month low of $81.09 and a 12 month high of $103.37. The company has a market cap of $5,980.00, a price-to-earnings ratio of 18.00, a price-to-earnings-growth ratio of 1.86 and a beta of 1.33.
Cullen/Frost Bankers declared that its board has approved a stock buyback program on Thursday, October 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, insider Bobby Berman sold 41,760 shares of the company’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $100.53, for a total value of $4,198,132.80. Following the completion of the transaction, the insider now directly owns 38,596 shares in the company, valued at approximately $3,880,055.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jerry Salinas sold 12,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $99.65, for a total value of $1,195,800.00. Following the completion of the transaction, the chief financial officer now owns 24,184 shares of the company’s stock, valued at $2,409,935.60. The disclosure for this sale can be found here. 5.15% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of CFR. Principal Financial Group Inc. boosted its holdings in shares of Cullen/Frost Bankers by 177.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,830,898 shares of the bank’s stock worth $171,940,000 after purchasing an additional 1,171,078 shares in the last quarter. Crawford Investment Counsel Inc. purchased a new position in shares of Cullen/Frost Bankers in the 2nd quarter worth about $28,037,000. BlackRock Inc. boosted its holdings in shares of Cullen/Frost Bankers by 3.9% in the 2nd quarter. BlackRock Inc. now owns 4,879,258 shares of the bank’s stock worth $458,211,000 after purchasing an additional 183,302 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cullen/Frost Bankers by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 5,460,000 shares of the bank’s stock worth $512,749,000 after purchasing an additional 103,634 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Cullen/Frost Bankers by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,046,915 shares of the bank’s stock worth $192,225,000 after purchasing an additional 95,236 shares in the last quarter. Hedge funds and other institutional investors own 81.16% of the company’s stock.
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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.
