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

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

A number of other brokerages have recently weighed in on CFR. DA Davidson boosted their target price 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 cut 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 cut 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 cut 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. cut their target price 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. Cullen/Frost Bankers currently has a consensus rating of “Hold” and a consensus price target of $119.36, according to MarketBeat.com.

Check out our latest stock report on Cullen/Frost Bankers

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 company’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 cap 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 – Get Your Free Report ) last issued its earnings results on Thursday, July 25th. The bank reported $2.21 earnings per share (EPS) for the quarter, topping 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 EPS of $2.47. 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 on the SEC’s website. In other Cullen/Frost Bankers news, EVP Howard L. Kasanoff sold 3,000 shares of the business’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 company’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 shares are 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 purchased a new stake in Cullen/Frost Bankers in the 4th quarter valued at about $33,000. CWM LLC raised its position in Cullen/Frost Bankers by 46.5% in the first 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. grew its position in Cullen/Frost Bankers by 90.7% in the first quarter. Whittier Trust Co. now owns 391 shares of the bank’s stock valued at $44,000 after acquiring an additional 186 shares during 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 the period. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of Cullen/Frost Bankers during the second quarter valued at about $54,000. Institutional investors and hedge funds own 86.90% of the company’s shares.

Cullen/Frost Bankers Company Profile

(Get a free report)

Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank, which provides commercial and consumer banking services in Texas. The Company provides commercial banking services to corporations, including financing for industrial and commercial property, temporary construction related to industrial and commercial property, equipment, inventory and accounts receivable and purchases; and treasury management services, as well as commercial leasing services.

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