M&T Bank Corp Raises Stock Holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR)

M&T Bank Corp grew its stake in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 1.0% during the third quarter, HoldingsChannel.com reports. The fund owned 121,003 shares of the bank’s stock after buying an additional 1,228 shares during the quarter. M&T Bank Corp’s holdings in Cullen/Frost Bankers were worth $13,535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Sunbelt Securities Inc. lifted its position in Cullen/Frost Bankers by 41.5% during the third quarter. Sunbelt Securities Inc. now owns 1,626 shares of the bank’s stock valued at $182,000 after purchasing an additional 477 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cullen/Frost Bankers by 6.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,097,697 shares of the bank’s stock valued at $122,820,000 after buying an additional 66,223 shares during the period. Barclays PLC boosted its stake in shares of Cullen/Frost Bankers by 234.5% in the 3rd quarter. Barclays PLC now owns 436,393 shares of the bank’s stock worth $48,814,000 after buying an additional 305,921 shares during the last quarter. National Bank of Canada FI bought a new stake in shares of Cullen/Frost Bankers in the third quarter worth $1,586,000. Finally, Stifel Financial Corp increased its position in Cullen/Frost Bankers by 4.1% during the third quarter. Stifel Financial Corp now owns 49,474 shares of the bank’s stock valued at $5,534,000 after acquiring an additional 1,940 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cullen/Frost Bankers news, EVP Bobby Berman sold 3,506 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $126.31, for a total value of $442,842.86. Following the completion of the sale, the executive vice president now owns 26,661 shares of the company’s stock, valued at $3,367,550.91. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Phillip D. Green sold 14,358 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $137.96, for a total value of $1,980,829.68. Following the sale, the chief executive officer now directly owns 94,423 shares of the company’s stock, valued at $13,026,597.08. This represents a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,864 shares of company stock valued at $2,977,033 over the last ninety days. 2.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CFR. Royal Bank of Canada boosted their target price on shares of Cullen/Frost Bankers from $118.00 to $130.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Stephens raised their target price on Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Wedbush reduced their price target on Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Citigroup lifted their price objective on Cullen/Frost Bankers from $104.00 to $113.00 and gave the company a “sell” rating in a research report on Monday, November 4th. Finally, Morgan Stanley decreased 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 research note on Monday, September 30th. Four investment 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’s stock. According to MarketBeat.com, Cullen/Frost Bankers has a consensus rating of “Hold” and a consensus target price of $127.07.

Cullen/Frost Bankers Stock Performance

NYSE CFR opened at $132.87 on Friday. The stock has a market capitalization of $8.52 billion, a PE ratio of 16.49, a P/E/G ratio of 1.66 and a beta of 0.99. Cullen/Frost Bankers, Inc. has a 1-year low of $94.09 and a 1-year high of $147.64. The business has a 50 day simple moving average of $134.42 and a two-hundred day simple moving average of $116.91. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.66 and a quick ratio of 0.66.

Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.07. The firm had revenue of $518.04 million during the quarter, compared to analyst estimates of $517.25 million. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. Cullen/Frost Bankers’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the firm posted $2.38 earnings per share. On average, research analysts predict that Cullen/Frost Bankers, Inc. will post 8.75 EPS for the current fiscal year.

Cullen/Frost Bankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a $0.95 dividend. The ex-dividend date was Friday, November 29th. This represents a $3.80 annualized dividend and a yield of 2.86%. Cullen/Frost Bankers’s dividend payout ratio is currently 47.15%.

About Cullen/Frost Bankers

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.