Lathrop Investment Management Corp lessened its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 1.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 123,757 shares of the bank’s stock after selling 2,115 shares during the quarter. Cullen/Frost Bankers makes up about 3.3% of Lathrop Investment Management Corp’s investment portfolio, making the stock its 14th biggest position. Lathrop Investment Management Corp’s holdings in Cullen/Frost Bankers were worth $11,591,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the business. Twin Capital Management Inc. lifted its stake in shares of Cullen/Frost Bankers by 0.3% during the 1st quarter. Twin Capital Management Inc. now owns 38,050 shares of the bank’s stock worth $3,694,000 after purchasing an additional 100 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of Cullen/Frost Bankers by 5.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,916 shares of the bank’s stock worth $186,000 after buying an additional 102 shares during the last quarter. ETF Managers Group LLC increased its holdings in shares of Cullen/Frost Bankers by 9.2% during the 1st quarter. ETF Managers Group LLC now owns 1,365 shares of the bank’s stock worth $133,000 after buying an additional 115 shares during the last quarter. FDx Advisors Inc. increased its holdings in shares of Cullen/Frost Bankers by 3.5% during the 2nd quarter. FDx Advisors Inc. now owns 3,914 shares of the bank’s stock worth $367,000 after buying an additional 131 shares during the last quarter. Finally, Cardinal Capital Management increased its holdings in shares of Cullen/Frost Bankers by 1.8% during the 1st quarter. Cardinal Capital Management now owns 7,628 shares of the bank’s stock worth $740,000 after buying an additional 136 shares during the last quarter. 81.30% of the stock is currently owned by institutional investors.
Shares of NYSE CFR opened at $87.20 on Wednesday. Cullen/Frost Bankers, Inc. has a 12-month low of $81.87 and a 12-month high of $114.86. The firm has a market cap of $5.57 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.36 and a beta of 1.33. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average of $92.68.
Cullen/Frost Bankers declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 1.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.84 annualized dividend and a dividend yield of 3.26%. Cullen/Frost Bankers’s dividend payout ratio is presently 41.16%.
In other news, insider Patrick B. Frost sold 9,360 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $94.26, for a total transaction of $882,273.60. Following the completion of the sale, the insider now directly owns 157,433 shares in the company, valued at $14,839,634.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles W. Matthews bought 1,000 shares of the stock in a transaction dated Monday, June 10th. The shares were acquired at an average price of $94.32 per share, with a total value of $94,320.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at $282,960. The disclosure for this purchase can be found here. 4.84% of the stock is owned by company insiders.
A number of research firms have recently commented on CFR. Wedbush upped their price objective on Cullen/Frost Bankers from $94.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Zacks Investment Research upgraded Cullen/Frost Bankers from a “sell” rating to a “hold” rating in a report on Monday, May 20th. Bank of America downgraded Cullen/Frost Bankers from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $102.00 to $87.00 in a report on Thursday, July 11th. They noted that the move was a valuation call. Stephens set a $100.00 price objective on Cullen/Frost Bankers and gave the stock a “hold” rating in a report on Friday, April 26th. Finally, Piper Jaffray Companies set a $100.00 price objective on Cullen/Frost Bankers and gave the stock a “hold” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $99.33.
Cullen/Frost Bankers Company Profile
Cullen/Frost Bankers, Inc operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services.
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