Victory Capital Management Inc. Sells 1,073 Shares of Cullen/Frost Bankers, Inc. (NYSE:CFR)

Victory Capital Management Inc. decreased its holdings in shares of Cullen/Frost Bankers, Inc. (NYSE:CFR) by 8.4% in the third quarter, HoldingsChannel reports. The firm owned 11,776 shares of the bank’s stock after selling 1,073 shares during the quarter. Victory Capital Management Inc.’s holdings in Cullen/Frost Bankers were worth $1,317,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CFR. Covestor Ltd boosted its position in shares of Cullen/Frost Bankers by 169.9% during the third quarter. Covestor Ltd now owns 224 shares of the bank’s stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. Asset Dedication LLC lifted its position in Cullen/Frost Bankers by 63.3% during the third quarter. Asset Dedication LLC now owns 271 shares of the bank’s stock valued at $30,000 after buying an additional 105 shares during the period. Allworth Financial LP boosted its holdings in shares of Cullen/Frost Bankers by 116.6% during the 3rd quarter. Allworth Financial LP now owns 444 shares of the bank’s stock valued at $50,000 after buying an additional 239 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Cullen/Frost Bankers in the 3rd quarter worth about $52,000. Finally, Abich Financial Wealth Management LLC bought a new position in shares of Cullen/Frost Bankers in the 2nd quarter worth about $54,000. Institutional investors own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

CFR has been the subject of a number of analyst reports. Evercore ISI decreased their target price on shares of Cullen/Frost Bankers from $123.00 to $115.00 and set an “underperform” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley reduced their price objective on Cullen/Frost Bankers from $121.00 to $117.00 and set an “underweight” rating for the company in a research report on Monday, September 30th. Royal Bank of Canada boosted their target price on Cullen/Frost Bankers from $118.00 to $130.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Maxim Group raised their price target on Cullen/Frost Bankers from $138.00 to $149.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Stephens lifted their price target on Cullen/Frost Bankers from $125.00 to $136.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Cullen/Frost Bankers has an average rating of “Hold” and a consensus target price of $123.86.

Cullen/Frost Bankers Stock Performance

Cullen/Frost Bankers stock opened at $142.91 on Wednesday. The firm has a 50 day simple moving average of $124.74 and a 200-day simple moving average of $112.39. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 1.72 and a beta of 0.98. 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, Inc. has a 1-year low of $94.09 and a 1-year high of $147.64.

Cullen/Frost Bankers (NYSE:CFR) last released its quarterly earnings results on Thursday, October 31st. The bank reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.17 by $0.07. Cullen/Frost Bankers had a net margin of 18.81% and a return on equity of 15.82%. The business had revenue of $518.04 million for the quarter, compared to the consensus estimate of $517.25 million. During the same period in the previous year, the firm earned $2.38 EPS. The business’s revenue was up 5.4% on a year-over-year basis. On average, analysts expect that Cullen/Frost Bankers, Inc. will post 8.71 EPS for the current year.

Cullen/Frost Bankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Friday, November 29th. Cullen/Frost Bankers’s dividend payout ratio is currently 47.15%.

Insider Activity

In related news, EVP Bobby Berman sold 3,506 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $126.31, for a total value of $442,842.86. Following the transaction, the executive vice president now owns 26,661 shares in the company, valued at $3,367,550.91. The trade was a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Phillip D. Green sold 14,358 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $137.96, for a total transaction of $1,980,829.68. Following the completion of the sale, the chief executive officer now owns 94,423 shares of the company’s stock, valued at approximately $13,026,597.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,864 shares of company stock worth $2,977,033. 2.89% of the stock is currently owned by company insiders.

Cullen/Frost Bankers 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.