Morgan Stanley Trims Cullen/Frost Bankers (NYSE:CFR) Target Price to $117.00

Cullen/Frost Bankers (NYSE:CFR) had its price target cut by equities researchers at Morgan Stanley from $121.00 to $117.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the bank’s stock. Morgan Stanley’s price objective points to a potential upside of 3.95% from the company’s previous close.

A number of other brokerages also recently weighed in on CFR. DA Davidson increased their price target on shares of Cullen/Frost Bankers from $127.00 to $134.00 and gave the company a “buy” rating in a report on Friday, July 26th. Evercore ISI reduced their price target on shares of Cullen/Frost Bankers from $109.00 to $100.00 and set an “underperform” rating for the company in a report on Tuesday, June 25th. Wedbush reduced their price target on shares of Cullen/Frost Bankers from $124.00 to $123.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Truist Financial reduced their price target on shares of Cullen/Frost Bankers from $126.00 to $123.00 and set a “hold” rating for the company in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Cullen/Frost Bankers from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Cullen/Frost Bankers presently has a consensus rating of “Hold” and a consensus target price of $119.36.

Cullen/Frost Bankers Stock Performance

NYSE:CFR traded up $1.36 during midday trading on Monday, reaching $112.55. The stock had a trading volume of 58,171 shares, compared to its average volume of 442,631. Cullen/Frost Bankers has a 1-year low of $82.25 and a 1-year high of $123.17. The firm’s fifty day simple moving average is $110.78 and its 200-day simple moving average is $106.98. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a market capitalization of $7.21 billion, a P/E ratio of 13.30, a PEG ratio of 1.36 and a beta of 1.00.

Cullen/Frost Bankers (NYSE:CFR) last posted its earnings results on Thursday, July 25th. The bank reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.14. Cullen/Frost Bankers had a net margin of 19.51% and a return on equity of 17.43%. The business had revenue of $528.81 million for the quarter, compared to analyst estimates of $506.83 million. During the same period last year, the business posted $2.47 EPS. On average, equities research analysts forecast that Cullen/Frost Bankers will post 8.62 EPS for the current fiscal year.

Insider Activity at Cullen/Frost Bankers

In related news, EVP Candace K. Wolfshohl sold 5,000 shares of Cullen/Frost Bankers stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $119.65, for a total transaction of $598,250.00. Following the completion of the transaction, the executive vice president now directly owns 18,753 shares of the company’s stock, valued at approximately $2,243,796.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cullen/Frost Bankers news, EVP Howard L. Kasanoff sold 3,000 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 1,598 shares in the company, valued at approximately $190,481.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Candace K. Wolfshohl sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $119.65, for a total transaction of $598,250.00. Following the completion of the sale, the executive vice president now owns 18,753 shares of the company’s stock, valued at approximately $2,243,796.45. The disclosure for this sale can be found here. 2.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullen/Frost Bankers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ICA Group Wealth Management LLC acquired a new stake in Cullen/Frost Bankers in the 4th quarter valued at about $33,000. CWM LLC increased its position in Cullen/Frost Bankers by 46.5% in the 1st quarter. CWM LLC now owns 334 shares of the bank’s stock valued at $38,000 after acquiring an additional 106 shares in the last quarter. Whittier Trust Co. increased its position in Cullen/Frost Bankers by 90.7% in the 1st quarter. Whittier Trust Co. now owns 391 shares of the bank’s stock valued at $44,000 after acquiring an additional 186 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Cullen/Frost Bankers by 89.7% during the 4th quarter. Parallel Advisors LLC now owns 461 shares of the bank’s stock worth $50,000 after buying an additional 218 shares during the period. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of Cullen/Frost Bankers during the 2nd quarter worth approximately $54,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.