SAN ANTONIO—Howard L. Kasanoff, the Chief Credit Officer of Cullen/Frost Bankers, Inc. (NYSE:CFR), recently sold a significant portion of his holdings in the company. According to a regulatory filing, Kasanoff sold 4,000 shares of Cullen/Frost common stock on November 8, 2024, at a price of $138.34 per share, amounting to a total sale value of $553,360.
In a related transaction, Kasanoff exercised options to acquire 4,000 shares at a price of $65.11 per share, with the total value of this transaction being $260,440. Following these transactions, Kasanoff retains direct ownership of 2,888 shares, while also holding 3,286 shares indirectly through a 401(k) plan.
These moves come as part of Kasanoff's ongoing management of his equity holdings in the company. Cullen/Frost Bankers, headquartered in San Antonio, operates as a national commercial bank.
In other recent news, Cullen/Frost Bankers, Inc. reported a decrease in Q3 earnings for 2024, with earnings falling to $144.8 million, or $2.24 per share, from $154 million, or $2.38 per share, year-over-year. Despite this, the company remains optimistic about future growth, particularly in Texas markets. Expansion efforts in Houston, Dallas, and Austin have exceeded goals, with significant achievements in loan and deposit targets.
Commercial loan balances and consumer loans showed growth, with improved credit quality. However, the company's return on average assets and common equity saw a year-over-year decline. Average deposits slightly decreased, while average loans increased by 11.8%.
The company anticipates two rate cuts by the Fed, projecting an increase in net interest income and loan growth. Despite a revised full-year guidance for average deposits to a slight decline, the company's expansion efforts and customer acquisition strategies show resilience. These are the recent developments concerning Cullen/Frost Bankers, Inc.
InvestingPro Insights
As Howard L. Kasanoff adjusts his equity position in Cullen/Frost Bankers, Inc. (NYSE:CFR), recent data from InvestingPro sheds light on the company's financial health and market performance. CFR's stock has shown remarkable strength, with a 59.35% price total return over the past year and a 36.85% return in the last three months. This upward trajectory aligns with the company's current trading near its 52-week high, with the price at 97.55% of its peak.
Cullen/Frost's commitment to shareholder value is evident in its dividend history. An InvestingPro Tip highlights that the company has raised its dividend for 32 consecutive years, demonstrating a strong track record of returning value to investors. This consistency is further underscored by a current dividend yield of 2.66%.
From a valuation perspective, CFR's P/E ratio stands at 17.49, which may be of interest to investors considering the company's profitability and growth prospects. The company's revenue for the last twelve months as of Q3 2024 was $1,964.47 million, with a modest revenue growth of 0.42% over the same period.
These insights from InvestingPro provide context to Kasanoff's recent stock transactions and offer a glimpse into Cullen/Frost's financial position. For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips on CFR, which could provide further depth to understanding the company's outlook and potential.
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