Stock Analysis Report

Cullen/Frost Bankers

Executive Summary

Cullen/Frost Bankers, Inc. operates as the holding company for Frost Bank that offers commercial and consumer banking services in Texas.



Flawless balance sheet established dividend payer.

Similar Companies

Share Price & News

How has Cullen/Frost Bankers's share price performed over time and what events caused price changes?

Latest Share Price and Events

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: CFR underperformed the US Banks industry which returned 0.2% over the past year.

Return vs Market: CFR underperformed the US Market which returned 6.7% over the past year.

Share holder returns

7 Day3.1%1.4%1.0%
30 Day-3.4%-2.6%-1.8%
90 Day-5.1%0.8%-1.8%
1 Year-9.6%-12.3%3.1%0.2%9.1%6.7%
3 Year31.8%22.0%52.0%41.5%46.1%36.6%
5 Year35.2%17.4%69.7%51.2%66.9%48.6%

Price Volatility Vs. Market

How volatile is Cullen/Frost Bankers's share price compared to the market and industry in the last 5 years?

Simply Wall St News


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


Discount to future cash flow value

Intrinsic Value Based on Future Cash Flows

Undervalued: CFR ($87.33) is trading below our estimate of fair value ($106.56)

Significantly Undervalued: CFR is trading below fair value, but not by a significant amount.

Price Based on Earnings

PE vs Industry: CFR is good value based on its PE Ratio (12.2x) compared to the Banks industry average (12.5x).

PE vs Market: CFR is good value based on its PE Ratio (12.2x) compared to the US market (17.5x).

Price Based on Expected Growth

Low PEG Ratio: CFR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price Based on Value of Assets

PB vs Industry: CFR is overvalued based on its PB Ratio (1.5x) compared to the US Banks industry average (1.2x).

Next Steps

Future Growth

How is Cullen/Frost Bankers expected to perform in the next 1 to 3 years based on estimates from 12 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Estimates

Future Annual Growth Analysis

Earnings vs Savings Rate: CFR's earnings are forecast to decline over the next 3 years (-3.7% per year).

Earnings vs Market: CFR's earnings are forecast to decline over the next 3 years (-3.7% per year).

High Growth Earnings: CFR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CFR's revenue (3.3% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: CFR's revenue (3.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Estimates

Future Return on Equity

High Future ROE: CFR's Return on Equity is forecast to be low in 3 years time (10.7%).

Next Steps

Past Performance

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


Historical annual earnings growth

Earnings and Revenue History

Past Earnings Growth Analysis

Earnings Trend: CFR's earnings have grown by 12.9% per year over the past 5 years.

Accelerating Growth: CFR's earnings growth over the past year (13.1%) exceeds its 5-year average (12.9% per year).

Earnings vs Industry: CFR earnings growth over the past year (13.1%) underperformed the Banks industry 31.8%.

Return on Equity

High ROE: CFR's Return on Equity (12.4%) is considered low.

Return on Assets

ROA vs Industry: CFR has a higher Return on Assets than the Banks industry average last year.

Return on Capital Employed

ROCE Improving: Insufficient data to calculate CFR's Return on Capital Employed to determine if it has improved over the past 3 years.

Next Steps

Financial Health

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

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: CFR has a low level of unsold assets or inventory.

Debt Coverage by Assets: CFR's debt is covered by short term assets (assets are 1.396750x debt).

Financial Institutions Analysis

Asset Level: CFR's level of assets compared to its equity is low.

Allowance for Bad Loans: CFR has a sufficient allowance for bad loans.

Low Risk Liabilities: CFR's liabilities are made up of primarily low risk sources of funding.

Loan Level: CFR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CFR's loans are broadly funded by customer deposits.

Level of Bad Loans: CFR has an appropriate level of bad loans (0.49%)

Next Steps


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


Expected Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Dividend Yield and Payments Analysis

Notable Dividend: CFR's dividend (3.25%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: CFR's dividend (3.25%) is low compared to the top 25% of dividend payers in the US market (3.77%).

Stable Dividend: CFR's dividends per share have been stable in the past 10 years.

Growing Dividend: CFR's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38%), CFR's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: CFR's dividends in 3 years are forecast to be well covered by earnings (45.7% payout ratio).

Next Steps


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


Average management tenure


Phil Green (64yo)





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 ...

CEO Compensation Analysis

Compensation vs. Market: Phil's total compensation ($USD4.62M) is about average for companies of similar size in the US market ($USD6.81M).

Compensation vs Earnings: Phil's compensation has been consistent with company performance over the past year.

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: CFR's management team is considered experienced (4.1 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: CFR's board of directors are seasoned and experienced ( 16.3 years average tenure).

Insider Trading

Insider Buying: CFR insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

BuyUS$2,552,40016 Aug 19
Carlos Alvarez
Member of the Board of Directors
Max PriceUS$85.08
BuyUS$94,32412 Jun 19
Charles Matthews
Lead Director
Lead Director
Max PriceUS$94.32
BuyUS$93,38017 Dec 18
Cynthia Comparin
Member of the Board of Directors
Max PriceUS$93.38
SellUS$140,65820 Nov 18
Robert Berman
Max PriceUS$101.12
BuyUS$349,70908 Nov 18
Samuel Dawson
Max PriceUS$101.63
BuyUS$5,060,35530 Oct 18
Carlos Alvarez
Member of the Board of Directors
Max PriceUS$93.86

Ownership Breakdown

Management Team

  • Phil Green (64yo)

    Chairman & CEO

    • Tenure: 3.5yrs
    • Compensation: US$4.62m
  • Carole Kilpatrick

    Senior Vice President of Private Client Services for Allen Financial Center

    • Tenure: 14.3yrs
  • Jerry Salinas (60yo)

    Group Executive VP & CFO

    • Tenure: 4.8yrs
    • Compensation: US$1.61m
  • James Waters (52yo)

    Group Executive VP

    • Tenure: 0yrs
  • William DiFilippo

    Senior Vice President of Management Accounting

    • Tenure: 0yrs
  • Emily Skillman (74yo)

    Group Executive Vice President

    • Tenure: 16yrs
  • Bill Perotti (61yo)

    Group Executive VP & Chief Credit Officer

    • Tenure: 18.4yrs
    • Compensation: US$1.45m
  • Paul Bracher (62yo)


    • Tenure: 3.5yrs
    • Compensation: US$1.63m
  • A. Mendez

    Director of Investor Relations

    • Tenure: 1.3yrs
  • Mike Russell (62yo)

    Group Executive VP & COO

    • Tenure: 1.8yrs

Board Members

  • Phil Green (64yo)

    Chairman & CEO

    • Tenure: 3.5yrs
    • Compensation: US$4.62m
  • Pat Frost (59yo)


    • Tenure: 22.4yrs
    • Compensation: US$1.46m
  • Horace Wilkins (68yo)


    • Tenure: 22.8yrs
    • Compensation: US$161.38k
  • Tres Kleberg (76yo)


    • Tenure: 27.8yrs
    • Compensation: US$151.05k
  • Weisie Steen (66yo)


    • Tenure: 23.8yrs
    • Compensation: US$145.72k
  • Graham Weston (55yo)


    • Tenure: 2.5yrs
    • Compensation: US$150.72k
  • Carlos Alvarez (68yo)


    • Tenure: 18.8yrs
    • Compensation: US$132.72k
  • Charles Matthews (74yo)

    Lead Director

    • Tenure: 2.5yrs
    • Compensation: US$195.38k
  • Cynthia Comparin (60yo)


    • Tenure: 1.3yrs
    • Compensation: US$37.50k
  • Crawford Edwards (60yo)


    • Tenure: 13.9yrs
    • Compensation: US$142.05k

Company Information

Cullen/Frost Bankers, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Cullen/Frost Bankers, Inc.
  • Ticker: CFR
  • Exchange: NYSE
  • Founded: 1868
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$5.472b
  • Shares outstanding: 62.66m
  • Website: https://www.frostbank.com

Number of Employees


  • Cullen/Frost Bankers, Inc.
  • 100 West Houston Street
  • San Antonio
  • Texas
  • 78205
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CFRNYSE (New York Stock Exchange)YesCommon StockUSUSDJul 1975
CFZDB (Deutsche Boerse AG)YesCommon StockDEEURJul 1975
CFR.PRANYSE (New York Stock Exchange)PERP PFD SER A %USUSDFeb 2013


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 Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 01:19
End of Day Share Price2019/10/11 00:00
Annual Earnings2018/12/31

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.


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