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Cullen/Frost Bankers

NYSE:CFR
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CFR
NYSE
$6B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Cullen/Frost Bankers, Inc. operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. The last earnings update was 59 days ago. More info.


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CFR Share Price and Events
7 Day Returns
-0.1%
NYSE:CFR
0.1%
US Banks
2.2%
US Market
1 Year Returns
-18.2%
NYSE:CFR
-7.1%
US Banks
3.8%
US Market
CFR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cullen/Frost Bankers (CFR) -0.1% -4.2% -2% -18.2% 49.4% 16.8%
US Banks 0.1% 1.5% 5.5% -7.1% 51.1% 40.9%
US Market 2.2% 4.2% 4.4% 3.8% 43% 40.9%
1 Year Return vs Industry and Market
  • CFR underperformed the Banks industry which returned -7.1% over the past year.
  • CFR underperformed the Market in United States of America which returned 3.8% over the past year.
Price Volatility
CFR
Industry
5yr Volatility vs Market

Value

 Is Cullen/Frost Bankers undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cullen/Frost Bankers to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cullen/Frost Bankers.

NYSE:CFR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 14 analysts.
= Stable Book Value * Return on Equity
= $60.01 * 12.5%
$7.50
Book Value of Equity per Share Weighted future Book Value estimates from 11 analysts. $60.01
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CFR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.592 (1 + (1- 21%) (25.61%))
0.807
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.807 * 5.96%)
7.54%

Discounted Cash Flow Calculation for NYSE:CFR using Excess Returns Model Model

The calculations below outline how an intrinsic value for Cullen/Frost Bankers is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:CFR Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.5% – 7.54%) * $60.01)
$2.97
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $2.97 / (7.54% - 2.73%)
$61.88
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $60.01 + $61.88
$121.89
NYSE:CFR Discount to Share Price
Calculation Result
Value per share (USD) From above. $121.89
Current discount Discount to share price of $92.41
= -1 x ($92.41 - $121.89) / $121.89
24.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cullen/Frost Bankers is available for.
Intrinsic value
24%
Share price is $92.41 vs Future cash flow value of $121.89
Current Discount Checks
For Cullen/Frost Bankers to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cullen/Frost Bankers's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cullen/Frost Bankers's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cullen/Frost Bankers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cullen/Frost Bankers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CFR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $7.14
NYSE:CFR Share Price ** NYSE (2019-06-21) in USD $92.41
United States of America Banks Industry PE Ratio Median Figure of 600 Publicly-Listed Banks Companies 12.7x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cullen/Frost Bankers.

NYSE:CFR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CFR Share Price ÷ EPS (both in USD)

= 92.41 ÷ 7.14

12.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cullen/Frost Bankers is overvalued based on earnings compared to the US Banks industry average.
  • Cullen/Frost Bankers is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cullen/Frost Bankers's expected growth come at a high price?
Raw Data
NYSE:CFR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
1.7%per year
United States of America Banks Industry PEG Ratio Median Figure of 272 Publicly-Listed Banks Companies 1.36x
United States of America Market PEG Ratio Median Figure of 2,134 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:CFR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.95x ÷ 1.7%

7.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cullen/Frost Bankers is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Cullen/Frost Bankers's assets?
Raw Data
NYSE:CFR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $54.68
NYSE:CFR Share Price * NYSE (2019-06-21) in USD $92.41
United States of America Banks Industry PB Ratio Median Figure of 603 Publicly-Listed Banks Companies 1.19x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.81x
NYSE:CFR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CFR Share Price ÷ Book Value per Share (both in USD)

= 92.41 ÷ 54.68

1.69x

* Primary Listing of Cullen/Frost Bankers.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cullen/Frost Bankers is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Cullen/Frost Bankers's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Cullen/Frost Bankers has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cullen/Frost Bankers expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cullen/Frost Bankers expected to grow at an attractive rate?
  • Cullen/Frost Bankers's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cullen/Frost Bankers's earnings growth is positive but not above the United States of America market average.
  • Cullen/Frost Bankers's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CFR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CFR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 1.7%
NYSE:CFR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 6.5%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CFR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CFR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,656 1
2020-12-31 1,554 458 7
2019-12-31 1,482 448 8
NYSE:CFR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,305 498 453
2018-12-31 1,287 562 444
2018-09-30 1,260 643 425
2018-06-30 1,224 604 401
2018-03-31 1,197 619 375
2017-12-31 1,167 538 354
2017-09-30 1,147 458 338
2017-06-30 1,129 446 325
2017-03-31 1,101 437 311
2016-12-31 1,074 438 295
2016-09-30 1,024 371 270
2016-06-30 1,016 458 265

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cullen/Frost Bankers's earnings are expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
  • Cullen/Frost Bankers's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CFR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Cullen/Frost Bankers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CFR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 7.16 7.32 6.90 14.00
2019-12-31 7.00 7.06 6.91 14.00
NYSE:CFR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 7.14
2018-12-31 6.96
2018-09-30 6.68
2018-06-30 6.30
2018-03-31 5.89
2017-12-31 5.56
2017-09-30 5.30
2017-06-30 5.13
2017-03-31 4.95
2016-12-31 4.73
2016-09-30 4.34
2016-06-30 4.27

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Cullen/Frost Bankers is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Cullen/Frost Bankers's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cullen/Frost Bankers has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cullen/Frost Bankers performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cullen/Frost Bankers's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cullen/Frost Bankers's year on year earnings growth rate has been positive over the past 5 years.
  • Cullen/Frost Bankers's 1-year earnings growth exceeds its 5-year average (20.8% vs 12.6%)
  • Cullen/Frost Bankers's earnings growth has not exceeded the US Banks industry average in the past year (20.8% vs 40.7%).
Earnings and Revenue History
Cullen/Frost Bankers's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cullen/Frost Bankers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CFR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,304.57 453.42 628.88
2018-12-31 1,286.57 443.69 620.04
2018-09-30 1,260.12 425.28 608.50
2018-06-30 1,224.07 400.84 601.95
2018-03-31 1,197.42 375.34 595.52
2017-12-31 1,167.43 354.07 588.79
2017-09-30 1,147.32 337.56 580.22
2017-06-30 1,129.05 324.84 573.41
2017-03-31 1,100.94 310.98 568.85
2016-12-31 1,074.37 295.05 561.79
2016-09-30 1,023.57 269.75 556.56
2016-06-30 1,015.54 265.40 552.55
2016-03-31 1,015.13 266.98 546.56
2015-12-31 1,013.52 270.32 539.17
2015-09-30 1,035.46 284.74 533.47
2015-06-30 1,030.02 286.25 522.56
2015-03-31 1,015.30 279.88 510.73
2014-12-31 990.76 268.91 499.33
2014-09-30 963.58 258.79 488.88
2014-06-30 929.70 241.93 481.59
2014-03-31 907.62 234.25 476.13
2013-12-31 902.79 230.30 471.24
2013-09-30 897.75 229.95 463.83
2013-06-30 892.30 230.22 458.98
2013-03-31 886.81 231.33 452.84
2012-12-31 883.57 237.18 447.84
2012-09-30 873.98 232.44 440.78
2012-06-30 869.36 228.32 433.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cullen/Frost Bankers has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cullen/Frost Bankers used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Cullen/Frost Bankers improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Cullen/Frost Bankers's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cullen/Frost Bankers has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cullen/Frost Bankers's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Cullen/Frost Bankers's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cullen/Frost Bankers Company Filings, last reported 2 months ago.

NYSE:CFR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,593.58 1,493.05 2,323.04
2018-12-31 3,368.92 1,647.49 3,821.43
2018-09-30 3,308.25 1,382.58 3,466.83
2018-06-30 3,309.51 1,270.37 3,360.48
2018-03-31 3,243.43 1,312.23 4,714.61
2017-12-31 3,297.86 1,416.88 4,911.02
2017-09-30 3,189.04 1,254.09 5,128.54
2017-06-30 3,223.93 1,191.90 3,751.74
2017-03-31 3,097.38 1,160.21 4,564.93
2016-12-31 3,002.53 1,249.07 4,002.12
2016-09-30 3,161.80 1,101.94 4,047.85
2016-06-30 3,136.67 1,041.15 3,427.96
2016-03-31 2,992.24 999.13 3,920.24
2015-12-31 2,890.34 1,183.54 3,454.86
2015-09-30 2,904.97 937.55 3,840.00
2015-06-30 2,871.67 886.20 3,339.73
2015-03-31 2,910.93 925.09 3,921.90
2014-12-31 2,851.40 1,117.43 4,266.45
2014-09-30 2,817.85 869.31 5,365.98
2014-06-30 2,770.67 909.19 5,092.33
2014-03-31 2,565.92 797.60 5,249.91
2013-12-31 2,514.16 949.30 4,510.78
2013-09-30 2,481.17 861.84 4,335.25
2013-06-30 2,427.84 828.61 2,916.83
2013-03-31 2,443.33 798.28 3,238.72
2012-12-31 2,417.48 861.11 3,442.75
2012-09-30 2,418.62 903.06 2,762.60
2012-06-30 2,362.61 957.28 2,306.71
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Cullen/Frost Bankers has an acceptable proportion of non-loan assets held.
  • Cullen/Frost Bankers's liabilities are made up of primarily low risk sources of funding.
  • Loans at Cullen/Frost Bankers are broadly funded by customer deposits.
  • Cullen/Frost Bankers's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Cullen/Frost Bankers has a sufficient allowance for bad loans.
  • Cullen/Frost Bankers has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Cullen/Frost Bankers's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cullen/Frost Bankers has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cullen/Frost Bankers's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.9%
Current annual income from Cullen/Frost Bankers dividends. Estimated to be 3.07% next year.
If you bought $2,000 of Cullen/Frost Bankers shares you are expected to receive $58 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cullen/Frost Bankers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Cullen/Frost Bankers's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CFR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CFR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.02 1.00
2020-12-31 2.88 13.00
2019-12-31 2.78 14.00
NYSE:CFR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-31 2.680 2.702
2018-10-25 2.680 2.804
2018-07-26 2.680 2.495
2018-04-26 2.280 1.992
2017-10-26 2.280 2.247
2017-07-27 2.280 2.516
2017-04-27 2.280 2.430
2017-01-26 2.160 2.391
2016-10-27 2.160 2.565
2016-07-28 2.160 3.038
2016-04-28 2.160 3.359
2016-01-28 2.120 3.945
2015-10-29 2.120 3.510
2015-07-30 2.120 3.249
2015-04-30 2.120 2.823
2015-01-29 2.040 2.961
2014-10-30 2.040 2.860
2014-07-31 2.040 2.636
2014-04-24 2.040 2.637
2014-01-30 2.000 2.644
2013-10-31 2.000 2.748
2013-07-25 2.000 2.812
2013-04-25 2.000 3.060
2013-01-31 1.920 3.140
2012-10-25 1.920 3.442
2012-07-26 1.920 3.397
2012-04-26 1.920 3.379
2012-01-26 1.840 3.208
2011-10-27 1.840 3.550
2011-07-28 1.840 3.798
2011-04-28 1.840 3.243
2011-01-27 1.800 3.059
2010-10-28 1.800 3.117
2010-07-29 1.800 3.377
2010-04-29 1.800 3.315
2010-01-28 1.720 3.126
2009-10-22 1.720 3.505
2009-07-23 1.720 3.467

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Cullen/Frost Bankers's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Cullen/Frost Bankers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cullen/Frost Bankers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cullen/Frost Bankers has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cullen/Frost Bankers's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Phil Green
COMPENSATION $4,617,644
AGE 63
TENURE AS CEO 3.2 years
CEO Bio

Mr. Phillip D. Green, also known as Phil, has been the Chairman and Chief Executive Officer of Cullen/Frost Bankers, Inc. since March 31, 2016 and served as its President since January 28, 2015 until March 31, 2016. Mr. Green served as the Chief Financial Officer and Group Executive Vice President of Cullen/Frost Bankers, Inc. since October 1995 until January 28, 2015 and served as its Principal Accounting Officer until January 28, 2015. Mr. Green served as the Chief Financial Officer and Group Executive Vice President of Frost Bank, Inc. (formerly The Frost National Bank, Inc.), a subsidiary of Cullen/Frost Bankers, Inc. until January 28, 2015. He joined the Cullen/Frost organization in July 1980 and served in a number of managerial positions in the company's financial division before being named chief financial officer in 1995. He served as Vice President and Controller of Frost Bank from January 1981 to January 1983, as Senior Vice President and Controller of Frost Bank from January 1983 to July 1985. Mr. Green served as Senior Vice President and Treasurer of Cullen/ Frost from July 1985 to April 1989, as Executive Vice President and Treasurer of Cullen/ Frost from May 1989 to October 1995, as Executive Vice President and Chief Financial Officer of Cullen/ Frost from October 1995 to July 1998. He served as Senior Executive Vice President and Chief Financial Officer from July 1998 to May 2001. He spent three years in public accounting with Ernst & Ernst. Mr. Green served as the President and Director of the South Texas Chapter of the Financial Executives Institute (FEI). He is a Federal Advisory Council Member of Federal Reserve Bank Of Dallas. He was director and executive committee member of the San Antonio Symphony. He served on the Advisory Committee for Strategic Planning for the Boy Scouts of San Antonio. He serves on the Investment Committee of the Baptist Health Foundation of San Antonio. Mr. Green graduated with honors from the University of Texas at Austin in 1977, earning a Bachelor's Degree in Accounting. He is a Certified Public Accountant.

CEO Compensation
  • Phil's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Phil's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cullen/Frost Bankers management team in years:

3.2
Average Tenure
60.5
Average Age
  • The tenure for the Cullen/Frost Bankers management team is about average.
Management Team

Phil Green

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
63
TENURE
3.2 yrs

Paul Bracher

TITLE
President
COMPENSATION
$2M
AGE
61
TENURE
3.2 yrs

Jerry Salinas

TITLE
Group Executive VP & CFO
COMPENSATION
$2M
AGE
59
TENURE
4.4 yrs

Bill Perotti

TITLE
Group Executive VP & Chief Credit Officer
COMPENSATION
$1M
AGE
60
TENURE
18.1 yrs

Sosuke Takemura

TITLE
Head of Finance

Mike Russell

TITLE
Group Executive VP & COO
AGE
61
TENURE
1.4 yrs

A. Mendez

TITLE
Director of Investor Relations
TENURE
1 yrs

James Waters

TITLE
Group Executive VP
AGE
51

Carole Kilpatrick

TITLE
Senior Vice President of Private Client Services for Allen Financial Center
TENURE
13.9 yrs

William DiFilippo

TITLE
Senior Vice President of Management Accounting
Board of Directors Tenure

Average tenure and age of the Cullen/Frost Bankers board of directors in years:

18.4
Average Tenure
66
Average Age
  • The average tenure for the Cullen/Frost Bankers board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Phil Green

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
63
TENURE
3.2 yrs

Tres Kleberg

TITLE
Director
COMPENSATION
$151K
AGE
75
TENURE
27.4 yrs

Horace Wilkins

TITLE
Director
COMPENSATION
$161K
AGE
67
TENURE
22.4 yrs

Charles Matthews

TITLE
Lead Director
COMPENSATION
$195K
AGE
73
TENURE
2.2 yrs

Graham Weston

TITLE
Director
COMPENSATION
$151K
AGE
54
TENURE
2.2 yrs

Pat Frost

TITLE
Director
COMPENSATION
$1M
AGE
58
TENURE
22.1 yrs

Weisie Steen

TITLE
Director
COMPENSATION
$146K
AGE
65
TENURE
23.4 yrs

Carlos Alvarez

TITLE
Director
COMPENSATION
$133K
AGE
67
TENURE
18.4 yrs

Crawford Edwards

TITLE
Director
COMPENSATION
$142K
AGE
59
TENURE
13.6 yrs

Karen Jennings

TITLE
Director
COMPENSATION
$143K
AGE
67
TENURE
18.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Cullen/Frost Bankers insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Jun 19 Buy Charles Matthews Individual 10. Jun 19 10. Jun 19 1,000 $94.32 $94,324
17. Dec 18 Buy Cynthia Comparin Individual 14. Dec 18 14. Dec 18 1,000 $93.38 $93,380
20. Nov 18 Sell Robert Berman Individual 19. Nov 18 19. Nov 18 -1,391 $101.12 $-140,658
08. Nov 18 Buy Samuel Dawson Individual 07. Nov 18 07. Nov 18 3,441 $101.63 $349,709
30. Oct 18 Buy Carlos Alvarez Individual 26. Oct 18 26. Oct 18 54,000 $93.86 $5,060,355
X
Management checks
We assess Cullen/Frost Bankers's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cullen/Frost Bankers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Does Cullen/Frost Bankers, Inc.'s (NYSE:CFR) P/E Ratio Tell You?

See our latest analysis for Cullen/Frost Bankers How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Cullen/Frost Bankers: P/E of 13.22 = $94.36 ÷ $7.14 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … Most would be impressed by Cullen/Frost Bankers earnings growth of 21% in the last year.

Simply Wall St -

You Have To Love Cullen/Frost Bankers, Inc.'s (NYSE:CFR) Dividend

Dividend Growth Potential Dividend payments have been consistent over the past few years, but we should always check if earnings per share (EPS) are growing, as this will help maintain the purchasing power of the dividend. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Cullen/Frost Bankers has grown its earnings per share at 13% per annum over the past five years. A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. At the right price, we might be interested. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Next, growing earnings per share and steady dividend payments is a great combination.

Simply Wall St -

Are Insiders Buying Cullen/Frost Bankers, Inc. (NYSE:CFR) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Cullen/Frost Bankers, Inc. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … The good news for Cullen/Frost Bankers share holders is that insiders were buying at near the current price.

Simply Wall St -

Do Cullen/Frost Bankers's (NYSE:CFR) Earnings Warrant Your Attention?

How Quickly Is Cullen/Frost Bankers Increasing Earnings Per Share. … Impressively, Cullen/Frost Bankers has grown EPS by 17% per year, compound, in the last three years. … Cullen/Frost Bankers maintained stable EBIT margins over the last year, all while growing revenue 10% to US$1.3b.

Simply Wall St -

What You Should Know About Cullen/Frost Bankers, Inc.’s (NYSE:CFR) Risks

Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Cullen/Frost Bankers’s bottom line. … Today we will analyse Cullen/Frost Bankers’s level of bad debt and liabilities in order to understand the risk involved with investing in the bank. … Does Cullen/Frost Bankers Understand Its Own Risks?

Simply Wall St -

When Should You Buy Cullen/Frost Bankers, Inc. (NYSE:CFR)?

saw a decent share price growth in the teens level on the NYSE over the last few months. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on Cullen/Frost Bankers’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Can You Imagine How Cullen/Frost Bankers's Shareholders Feel About The 88% Share Price Increase?

(NYSE:CFR) shareholders have seen the share price rise 88% over three years, well in excess of the market return (40%, not including dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Cullen/Frost Bankers achieved compound earnings per share growth of 17% per year.

Simply Wall St -

Cullen/Frost Bankers, Inc. (NYSE:CFR): 4 Days To Buy Before The Ex-Dividend Date

To qualify for the dividend check of US$0.67 per share, investors must have owned the shares prior to 27 February 2019, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Below, I will explain how holding Cullen/Frost Bankers can impact your portfolio income stream, by analysing the stock's most recent financial data and dividend attributes. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:?

Simply Wall St -

Is Cullen/Frost Bankers, Inc. (NYSE:CFR) A Smart Pick For Income Investors?

(NYSE:CFR) has pleased shareholders over the past 10 years, by paying out dividends. … Does Cullen/Frost Bankers tick all the boxes of a great dividend stock? … See our latest analysis for Cullen/Frost Bankers

Simply Wall St -

Should You Worry About Cullen/Frost Bankers, Inc.'s (NYSE:CFR) CEO Pay?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … Check out our latest analysis for Cullen/Frost Bankers? … How Does Phil Green's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Company Info

Description

Cullen/Frost Bankers, Inc. operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services. It also provides consumer banking services, such as checking accounts, savings programs, automated-teller machines (ATMs), overdraft facilities, installment and real estate loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. In addition, the company offers international banking services comprising deposits, loans, letters of credit, foreign collections, funds, and foreign exchange services. Further, it acts as a correspondent for approximately 194 financial institutions; offers trust, investment, agency, and custodial services for individual and corporate clients; provides capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and supports international business activities. Additionally, the company offers insurance and securities brokerage services; holds securities for investment purposes; and provides loans to qualified borrowers, as well as investment management services to Frost-managed mutual funds, institutions, and individuals. It operates approximately 131 financial centers and 1,200 ATMs. The company serves the energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost Bankers, Inc. was founded in 1868 and is headquartered in San Antonio, Texas.

Details
Name: Cullen/Frost Bankers, Inc.
CFR
Exchange: NYSE
Founded: 1868
$5,830,447,786
63,093,256
Website: http://www.frostbank.com
Address: Cullen/Frost Bankers, Inc.
100 West Houston Street,
San Antonio,
Texas, 78205,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CFR Common Stock New York Stock Exchange US USD 07. Jul 1975
DB CFZ Common Stock Deutsche Boerse AG DE EUR 07. Jul 1975
NYSE CFR.PRA PERP PFD SER A % New York Stock Exchange US USD 14. Feb 2013
Number of employees
Current staff
Staff numbers
4,370
Cullen/Frost Bankers employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 23:36
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/05/28
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.