Cullen/Frost Bankers Inc

CFR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cullen/Frost Earnings: Strong Loan Growth and Fees Close Out 2024; Shares Overvalued

Maoyuan Chen , Dev Patel

Jan 30, 2025

Cullen/Frost reported good fourth-quarter results that are slightly better than our expectations, driven by strong fees. The bank reported net income to common shareholders of $153 million, or $2.36 per diluted share. After incorporating fourth-quarter results and 2025 management guidance, we anticipate increasing our fair value estimate of $106 per share by a mid- to high-single-digit percentage. Although we believe that narrow-moat-rated Cullen/Frost is a superb-quality regional bank, we continue to view shares as expensive at current prices.

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Cullen/Frost Bankers Inc

Cullen/Frost Earnings: Strong Loan Growth and Fees Close Out 2024; Shares Overvalued

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