Cullen/Frost Bankers, Inc.

NYSE:CFR Stock Report

Market Cap: US$8.5b

Cullen/Frost Bankers Valuation

Is CFR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CFR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CFR ($132.87) is trading below our estimate of fair value ($216.61)

Significantly Below Fair Value: CFR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CFR?

Key metric: As CFR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CFR. This is calculated by dividing CFR's market cap by their current earnings.
What is CFR's PE Ratio?
PE Ratio16.5x
EarningsUS$517.44m
Market CapUS$8.52b

Price to Earnings Ratio vs Peers

How does CFR's PE Ratio compare to its peers?

The above table shows the PE ratio for CFR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.3x
WAL Western Alliance Bancorporation
13.1x22.5%US$9.2b
WTFC Wintrust Financial
13.6x7.5%US$8.3b
PNFP Pinnacle Financial Partners
21.3x23.9%US$8.6b
CBSH Commerce Bancshares
17.2x1.5%US$8.5b
CFR Cullen/Frost Bankers
16.5x1.6%US$8.5b

Price-To-Earnings vs Peers: CFR is expensive based on its Price-To-Earnings Ratio (16.5x) compared to the peer average (16.3x).

Price to Earnings Ratio vs Industry

How does CFR's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
CFR 16.5xIndustry Avg. 12.4xNo. of Companies83PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CFR is expensive based on its Price-To-Earnings Ratio (16.5x) compared to the US Banks industry average (12.4x).

Price to Earnings Ratio vs Fair Ratio

What is CFR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CFR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.5x
Fair PE Ratio13.5x

Price-To-Earnings vs Fair Ratio: CFR is expensive based on its Price-To-Earnings Ratio (16.5x) compared to the estimated Fair Price-To-Earnings Ratio (13.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CFR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$132.87
US$132.92
+0.04%
10.1%US$149.00US$106.00n/a12
Dec ’25US$140.62
US$128.42
-8.7%
9.6%US$149.00US$106.00n/a12
Nov ’25US$125.98
US$125.54
-0.4%
9.9%US$149.00US$106.00n/a13
Oct ’25US$107.98
US$124.00
+14.8%
8.1%US$140.00US$104.00n/a13
Sep ’25US$112.23
US$124.00
+10.5%
7.7%US$140.00US$107.00n/a14
Aug ’25US$112.64
US$123.36
+9.5%
8.1%US$140.00US$107.00n/a14
Jul ’25US$100.74
US$116.36
+15.5%
8.7%US$132.00US$93.00n/a14
Jun ’25US$101.58
US$117.86
+16.0%
8.9%US$140.00US$94.00n/a14
May ’25US$105.29
US$118.43
+12.5%
8.7%US$140.00US$94.00n/a14
Apr ’25US$111.97
US$117.93
+5.3%
7.8%US$135.00US$94.00n/a14
Mar ’25US$107.55
US$117.07
+8.8%
7.7%US$135.00US$94.00n/a15
Feb ’25US$103.50
US$116.13
+12.2%
8.1%US$135.00US$94.00n/a15
Jan ’25US$108.49
US$111.87
+3.1%
10.3%US$135.00US$94.00n/a15
Dec ’24US$102.15
US$110.36
+8.0%
10.5%US$135.00US$97.00US$140.6214
Nov ’24US$89.84
US$111.07
+23.6%
10.6%US$135.00US$97.00US$125.9815
Oct ’24US$91.21
US$115.87
+27.0%
9.0%US$135.00US$97.00US$107.9815
Sep ’24US$95.74
US$118.20
+23.5%
6.6%US$135.00US$100.00US$112.2315
Aug ’24US$107.65
US$118.40
+10.0%
7.2%US$135.00US$97.00US$112.6415
Jul ’24US$107.53
US$122.60
+14.0%
8.3%US$135.00US$98.00US$100.7415
Jun ’24US$102.23
US$122.40
+19.7%
8.0%US$136.00US$98.00US$101.5815
May ’24US$107.20
US$123.60
+15.3%
8.2%US$136.00US$98.00US$105.2915
Apr ’24US$105.34
US$138.40
+31.4%
13.4%US$170.00US$107.00US$111.9715
Mar ’24US$133.00
US$151.00
+13.5%
9.3%US$180.00US$133.00US$107.5514
Feb ’24US$129.23
US$152.40
+17.9%
8.2%US$180.00US$132.00US$103.5015
Jan ’24US$133.70
US$158.40
+18.5%
7.6%US$180.00US$132.00US$108.4915
Dec ’23US$141.13
US$160.62
+13.8%
7.6%US$180.00US$129.00US$102.1513

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 02:05
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Cullen/Frost Bankers, Inc. is covered by 39 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Matthew KeatingBarclays
Lana ChanBMO Capital Markets Equity Research
Leanne CaravaggioBMO Capital Markets Equity Research