Company Reports

Cullen/Frost is a United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost is a United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost reported solid second-quarter results with earnings per share of $2.70, a 13% year-over-year increase. This quarter's results translated into a 15.4% return on average common equity.

Cullen/Frost is a United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost is a United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost reported solid first-quarter results with earnings per share of $2.65, a 15% year-over-year increase. This quarter's results translate into a 15.2% return on average common equity.

The Federal Reserve released its long-awaited proposals for a few key regulatory measures, including adopting the global Basel III endgame standards and revising the surplus capital that global systemically important banks must hold.

Shares of US banks traded down by low-to-mid single digits on Feb. 23, mostly due to macro concerns stemming from tariff uncertainty, possible credit losses from an increase in the unemployment rate driven by artificial intelligence disruption, and private credit-related exposure.

Cullen/Frost is a United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost posted solid fourth-quarter results, with net interest income and earnings both growing over 8% annually. The results translated into a strong return on average common equity ratio of 14.8% for the quarter.

Cullen/Frost is a large United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost delivered solid third-quarter results. Net interest income grew 9% from the prior-year quarter and earnings per share came in at $2.67, a 19% year-over-year increase. The bank continued to experience strong year-over-year loan growth of 7%.

Cullen/Frost is a large United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost reported solid second-quarter results. Average loans grew by 7% from a year ago, and earnings per share was $2.39, about 8% higher than the prior year's period. The company's shares closed down approximately 5%.

The Federal Reserve, with the support of the Office of the Comptroller of the Currency and the Federal Deposit Insurance, released draft changes to the enhanced supplemental leverage ratio today. The Morningstar US Banks Index rose by 0.6% on the news, while the broader market was flat.

Advancing capabilities in digitization, data analytics, and artificial intelligence are starting to have a profound impact on banks. Physical branches no longer define banking as technology affects not only how banks operate but also how they interact with customers, manage risk, and drive growth.

Narrow-moat-rated Cullen/Frost reported strong first-quarter results, including net income to common shareholders of $149 million, or $2.30 per diluted share, on $560 million of taxable-equivalent revenue. Management increased its full-year net interest income and noninterest income guidance ranges by 1%. As we incorporate first-quarter results and updated guidance, we maintain our $114 fair value estimate and view the shares as fairly valued. We think some other regional banks offer more-attractive risk-adjusted returns. While we are closely monitoring the impact of tariffs on the US economy and US banks, we are holding our current projections for Cullen/Frost for now.

Cullen/Frost is a large United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

Cullen/Frost is a large United States regional bank operating exclusively in the Texas market. The bank has a history of weathering market downturns and remaining firm throughout pressured economic environments. For example, Cullen/Frost exited retail mortgage lending in 2000 and rejected government assistance during the global financial crisis. The bank has also navigated energy downturns in 2016 and the coronavirus pandemic, despite having 100% Texas and high energy exposure.

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.