Cullen/Frost Bankers Inc . (NYSE:CFR) has reached a new 52-week high, with its shares trading at $120.39. This milestone reflects the strong performance of the company over the past year, despite the challenging economic environment. However, it's worth noting that the 1-year change data shows a slight decrease of -0.43%. This indicates that while CFR has reached a significant high, it has experienced a minor dip in its overall performance over the past year. The company's resilience and ability to reach this 52-week high amidst a slight annual downturn demonstrates its potential for future growth.
In other recent news, Cullen/Frost Bankers Inc. reported a decrease in Q1 earnings for 2024, with net income falling to $134 million, or $2.06 per share, from $176 million, or $2.70 per share, in the same quarter the previous year. This decline was influenced by an additional FDIC insurance surcharge accrual related to bank failures in early 2023. Despite this, the company saw growth in loans and new household additions. The company's organic growth strategy yielded $2 billion in deposits and $1.5 billion in loans, even as average deposits decreased by 4.8% to $40.7 billion.
In other recent developments, Cullen/Frost's net interest margin increased to 3.48% from 3.41% in the previous quarter. The company expects full-year average loan growth in the high single digits and net interest income growth between 2% to 4%. In personnel news, Jerry Salinas, the firm's long-serving Chief Financial Officer, will retire at the end of the year. Dan Geddes, the current San Antonio Region President, will step down from his role to prepare for his new position as CFO, effective January 1, 2025. These are the recent highlights for Cullen/Frost Bankers Inc.
InvestingPro Insights
In light of Cullen/Frost Bankers Inc.'s (CFR) recent achievement of a 52-week high, a closer look at the company's financial metrics and InvestingPro Tips can provide a more nuanced understanding of its performance and potential. With a robust market capitalization of $7.53 billion and a P/E ratio that stands at 13.52, CFR shows a stable valuation in the market. Additionally, the company has a consistent track record of dividend growth, having raised its dividend for 31 consecutive years, and maintaining dividend payments for 32 years, signaling a strong commitment to shareholder returns.
InvestingPro Tips further reveal that CFR has strong return over the last month with a 15.88% price total return, which complements the stock's nearness to its 52-week high, currently trading at approximately 94.63% of this peak value. Moreover, analysts have confidence in the company's profitability, predicting that CFR will be profitable this year and noting its profitability over the last twelve months. For those seeking to delve deeper into the company's prospects, InvestingPro provides additional insights, including a total of 7 tips for CFR investors, which can be accessed at https://www.investing.com/pro/CFR. Utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and gain an edge in your investment decisions.
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