Cullen/Frost Bankers
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
1 Year Returns
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.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Cullen/Frost Bankers.
| 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.
| 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.
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Cullen/Frost Bankers's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Cullen/Frost Bankers's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Cullen/Frost Bankers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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.
Past performance checks
We assess Cullen/Frost Bankers's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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
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.
Balance sheet
Assets
Liabilities and shares
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.
All data from Cullen/Frost Bankers Company Filings, last reported 2 months ago.
| 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.
- 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%).
Financial health checks
We assess Cullen/Frost Bankers's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Cullen/Frost Bankers has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
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
- 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.
| 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.
| 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 |
| 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).
- Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
Income/ dividend checks
We assess Cullen/Frost Bankers's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Cullen/Frost Bankers management team is about average.
Management Team
Phil Green
Chairman & CEO
$5M
63
3.2 yrs
Paul Bracher
President
$2M
61
3.2 yrs
Jerry Salinas
Group Executive VP & CFO
$2M
59
4.4 yrs
Bill Perotti
Group Executive VP & Chief Credit Officer
$1M
60
18.1 yrs
Sosuke Takemura
Head of Finance
Mike Russell
Group Executive VP & COO
61
1.4 yrs
A. Mendez
Director of Investor Relations
1 yrs
James Waters
Group Executive VP
51
Carole Kilpatrick
Senior Vice President of Private Client Services for Allen Financial Center
13.9 yrs
William DiFilippo
Senior Vice President of Management Accounting
Board of Directors Tenure
Average tenure and age of the Cullen/Frost Bankers board of directors in years:
- 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
Chairman & CEO
$5M
63
3.2 yrs
Tres Kleberg
Director
$151K
75
27.4 yrs
Horace Wilkins
Director
$161K
67
22.4 yrs
Charles Matthews
Lead Director
$195K
73
2.2 yrs
Graham Weston
Director
$151K
54
2.2 yrs
Pat Frost
Director
$1M
58
22.1 yrs
Weisie Steen
Director
$146K
65
23.4 yrs
Carlos Alvarez
Director
$133K
67
18.4 yrs
Crawford Edwards
Director
$142K
59
13.6 yrs
Karen Jennings
Director
$143K
67
18.4 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Cullen/Frost Bankers insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess Cullen/Frost Bankers's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleYou 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 - – Full articleAre 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 - – Full articleDo 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 - – Full articleWhat 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 - – Full articleWhen 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 - – Full articleCan 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 - – Full articleCullen/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 - – Full articleIs 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 - – Full articleShould 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 - – Full articleCompany 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
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.
