Sprucegrove Investment Management Ltd. Has $19.03 Million Stake in Cullen/Frost Bankers, Inc. (NYSE:CFR)

Sprucegrove Investment Management Ltd. lifted its position in Cullen/Frost Bankers, Inc. (NYSE:CFR) by 1.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 187,277 shares of the bank’s stock after buying an additional 3,200 shares during the quarter. Cullen/Frost Bankers accounts for about 1.0% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 20th biggest holding. Sprucegrove Investment Management Ltd.’s holdings in Cullen/Frost Bankers were worth $19,033,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CFR. Norges Bank bought a new stake in shares of Cullen/Frost Bankers in the 4th quarter valued at approximately $72,627,000. Champlain Investment Partners LLC grew its stake in shares of Cullen/Frost Bankers by 18.4% in the 1st quarter. Champlain Investment Partners LLC now owns 3,192,486 shares of the bank’s stock valued at $359,378,000 after buying an additional 495,215 shares in the last quarter. Strategic Financial Concepts LLC grew its stake in shares of Cullen/Frost Bankers by 7,109.7% in the 2nd quarter. Strategic Financial Concepts LLC now owns 250,896 shares of the bank’s stock valued at $255,000 after buying an additional 247,416 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Cullen/Frost Bankers by 44.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 798,403 shares of the bank’s stock valued at $86,619,000 after buying an additional 244,197 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Cullen/Frost Bankers by 18.8% in the 1st quarter. Janus Henderson Group PLC now owns 1,021,559 shares of the bank’s stock valued at $114,994,000 after buying an additional 161,580 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Cullen/Frost Bankers Stock Up 3.4 %

CFR opened at $115.58 on Friday. Cullen/Frost Bankers, Inc. has a 1-year low of $82.25 and a 1-year high of $123.17. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.35 and a beta of 1.00. The business has a 50 day moving average of $110.57 and a 200-day moving average of $106.90.

Cullen/Frost Bankers (NYSE:CFR) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.14. Cullen/Frost Bankers had a return on equity of 17.43% and a net margin of 19.51%. The company had revenue of $528.81 million during the quarter, compared to analysts’ expectations of $506.83 million. During the same period in the prior year, the business earned $2.47 earnings per share. As a group, sell-side analysts anticipate that Cullen/Frost Bankers, Inc. will post 8.62 earnings per share for the current year.

Cullen/Frost Bankers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.29%. This is a positive change from Cullen/Frost Bankers’s previous quarterly dividend of $0.92. The ex-dividend date was Friday, August 30th. Cullen/Frost Bankers’s dividend payout ratio is presently 44.92%.

Insider Activity at Cullen/Frost Bankers

In related news, EVP Howard L. Kasanoff sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $119.20, for a total value of $357,600.00. Following the completion of the transaction, the executive vice president now directly owns 1,598 shares in the company, valued at $190,481.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Candace K. Wolfshohl sold 5,000 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $119.65, for a total value of $598,250.00. Following the completion of the transaction, the executive vice president now directly owns 18,753 shares in the company, valued at $2,243,796.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Howard L. Kasanoff sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $119.20, for a total value of $357,600.00. Following the completion of the transaction, the executive vice president now owns 1,598 shares of the company’s stock, valued at $190,481.60. The disclosure for this sale can be found here. 2.89% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. lowered their price target on Cullen/Frost Bankers from $140.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Maxim Group upped their target price on Cullen/Frost Bankers from $132.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Truist Financial upped their target price on Cullen/Frost Bankers from $102.00 to $126.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Morgan Stanley cut Cullen/Frost Bankers from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $112.00 to $121.00 in a research report on Monday, August 5th. Finally, Stephens upped their target price on Cullen/Frost Bankers from $116.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $119.93.

Cullen/Frost Bankers Company 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.