|Over a month ago|
Cullen/Frost price target raised to $119 from $113 at Wedbush » 07:4111/0111/01/21
Wedbush analyst Peter J.…
Wedbush analyst Peter J. Winter raised the firm's price target on Cullen/Frost to $119 from $113 and keeps an Underperform rating on the shares. The analyst notes Cullen/Frost reported a "solid quarter" along with some positive trends heading into Q4 and next year.
Cullen/Frost reports Q3 EPS $1.65, consensus $1.52 » 09:1010/2810/28/21
Reports Q3 NII on a…
Reports Q3 NII on a taxable-equivalent basis $269.3M, up 0.9%, vs. the same quarter in 2020. Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of Q3 were 13.42%, 14.01% and 15.90%, respectively. For Q3 the company did not report credit loss expense, and reported net charge-offs of $2.1M. For 3Q20, the company recorded a $20.3M credit loss expense and reported net charge-offs of $10.2M. "These results are reflective of a solid quarter, and we're optimistic going forward, both for the company and the economy in general," said CEO Phil Green. "Loans are trending upward and headwinds associated with the pandemic's effects are beginning to diminish. Our team has made excellent progress helping our PPP borrowers through the forgiveness process, and I'm proud to report that approximately 85 percent of our PPP loans have been forgiven as of mid-October. At the same time, we've made investments to bolster access to our services and locations. We built strong relationships during these extraordinary times, and that puts us in a good position for the future."
Cullen/Frost price target raised to $130 from $117 at Truist » 08:1510/0110/01/21
Truist analyst Jennifer…
Truist analyst Jennifer Demba raised the firm's price target on Cullen/Frost to $130 from $117 but keeps a Hold rating on the shares. The analyst attributes the price change to higher sector valuations from the greater likelihood of an interest rate hike in 2022 but also lowers her FY21 EPS view by 16c to $6.32 and FY22 view by 53c to $5.52 on revisions that reflect lower spread income that is offset partially by higher fee income and lower provisioning.
|Over a quarter ago|
Cullen/Frost increases dividend 4% to 75c per share » 09:1907/2907/29/21
Cullen/Frost declared a…
Cullen/Frost declared a Q3 dividend of 75c per common share, an increase of 4% from the previous quarterly dividend of 72c. The dividend on common stock is payable September 15 to shareholders of record on August 31 of this year.
Cullen/Frost reports Q2 EPS $1.80, consensus $1.56 » 09:0907/2907/29/21
Reports Q2 net interest…
Reports Q2 net interest income on a taxable-equivalent basis $280.0M, up 3.8% vs. the same quarter in 2020. Q2 returns on average assets and average common equity were 1.02% and 11.18%, respectively, for Q2 vs. 0.99% and 9.60%, respectively, for the same period a year earlier. Reports Q2 net charge-offs $1.59M vs. $41.05M a year ago. Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of Q2 were 13.60%, 14.21% and 16.17%, respectively. "Since the end of the quarter, we've begun to see stabilization in non-PPP loans," said CEO Phil Green. "As we emerge from the pandemic lockdown and the economy reopens, our company is in a strong position to benefit from the rebound in economic activity. During Q2, we completed our 25-branch expansion program in the Houston market area. Based on the success of our new Houston area locations to date, we've announced a similar organic expansion effort in Dallas, as well as some follow-on new location openings in the Houston area. At the same time, we continue to take steps to enhance the Frost experience for our customers and our employees."
KeyCorp appoints James Waters as General Counsel, Corporate Secretary » 09:0805/2405/24/21
KeyCorp (KEY) announced…
KeyCorp (KEY) announced that L. Waters will be joining the bank as General Counsel and Corporate Secretary effective July 6. Waters will lead Key's Law Group and serve as the company's senior legal officer. Prior to joining Key, he served as General Counsel and Corporate Secretary at Cullen/Frost Bankers (CFR). Waters serves on the boards of the San Antonio Symphony and the Center for American and International Law, as well as the Board of Advisors for the Center for Medical Humanities and Ethics at the University of Texas Health Science Center.
Cullen/Frost price target raised to $134 from $111 at Truist » 08:1505/0305/03/21
Truist analyst Jennifer…
Truist analyst Jennifer Demba raised the firm's price target on Cullen/Frost to $134 from $111 but keeps a Hold rating on the shares after its Q1 earnings beat last week. The company's loan growth has been challenging due to the pandemic and its net interest margins should remain under pressure in the low interest rate environment, but its expansion in Dallas should drive increased market share growth in the longer term, the analyst tells investors in a research note.
Cullen/Frost price target raised to $144 from $111 at Maxim » 08:0004/3004/30/21
Maxim analyst Michael…
Maxim analyst Michael Diana raised the firm's price target on Cullen/Frost to $144 from $111 and keeps a Buy rating on the shares after its better than expected Q1 results. The analyst cites no credit loss provisioning and lower non-performing assets driving the company's Q1 earnings beat.
Cullen/Frost reports Q1 EPS $1.77, consensus $1.43 » 09:0404/2904/29/21
Reports Q1 net interest…
Reports Q1 net interest income $263.9M, down 1.7% vs. the same quarter in 2020. Reports Q1 net charge-offs $1.9M vs. $38.6M a year ago. Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at Q1 end were 13.45%, 14.07% and 16.07%, respectively. "Our Q1 results reflect the continued high level of effort put forth across our company," said CEO Phil Green. "We were ready to respond when the federal government's Paycheck Protection Program restarted early in the quarter, and the hard work our bankers have put into helping customers get PPP loans is showing up in the increased number of customer relationships we've built, as well as in our net promoter scores and overall customer satisfaction levels. Our new locations in Houston are performing above our projections. All of this has positioned us well to respond to increased economic activity as the country emerges from the pandemic."
Truist to hold a virtual summit » 04:5503/1503/15/21
ABCB, ACBI, BOKF, BXS, CADE, CFR, CMA, FFIN, HTH, HWC, IBTX, NFP, PB, PNFP, RNST, SNV, SSB, TCBI, UCBI
Virtual Atlanta and Texas…
Virtual Atlanta and Texas Bank Summit will be held on March 11-12 and resume on March 15.