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Should You Expect Earnings Growth for Cullen/Frost Bankers (CFR)?

Soumya Eswaran
·2-min read

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 9.63% compared to an 8.60% return for the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Madison Mid Cap Fund featured stocks like Cullen/Frost Bankers, Inc. (NYSE:CFR) in the first quarter 2023 investor letter. Headquartered in San Antonio, Texas, Cullen/Frost Bankers, Inc. (NYSE:CFR) is a bank holding company for Frost Bank. On April 17, 2024, Cullen/Frost Bankers, Inc. (NYSE:CFR) stock closed at $107.29 per share. One-month return of Cullen/Frost Bankers, Inc. (NYSE:CFR) was -0.85%, and its shares gained 1.53% of their value over the last 52 weeks. Cullen/Frost Bankers, Inc. (NYSE:CFR) has a market capitalization of $6.89 billion.

Madison Mid Cap Fund stated the following regarding Cullen/Frost Bankers, Inc. (NYSE:CFR) in its first quarter 2024 investor letter:

"During the quarter we added one new holding, Cullen/Frost Bankers, Inc. (NYSE:CFR). Frost is a high-quality regional bank based in San Antonio, Texas. After following the company over the past two decades, we have come to place Frost’s management team and culture in high regard. The excellent historical loan performance and returns on capital place them in a league of their own. We see the potential for earnings growth in the coming years to be driven by organic growth in familiar, but underpenetrated local markets. The various macro headwinds and general negative sentiment surrounding regional banks afforded us the opportunity to buy Frost at an attractive valuation. As part of the purchase, we trimmed our position in Glacier Bancorp to manage our overall bank exposure."

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Cullen/Frost Bankers, Inc. (NYSE:CFR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Cullen/Frost Bankers, Inc. (NYSE:CFR) was held by 19 hedge fund portfolios, compared to 18 in the previous quarter, according to our database.

We previously discussed Cullen/Frost Bankers, Inc. (NYSE:CFR) in another article, where we shared the list of best regional bank dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.