NYSE:CFR (USA) Also Trade In: Germany

Cullen/Frost Bankers Inc $ 70.6 2.43 (3.56%)

Volume:
714,419
Avg Vol (1m):
341,456
Market Cap $:
4.43 Bil
Enterprise Value $:
-1,888,707,000.00
P/E (TTM):
12.72
P/B:
1.10
Warning! GuruFocus has detected 2 Medium warning signs with CFR. Click here to check it out.
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CFR News and Headlines - Cullen/Frost Bankers Inc

GuruFocus Articles Total 53
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A review of the classic value investing ratio that comes into its own when a recession is near and fear is in the air

The Graham number is named after the “father of value investing” Benjamin Graham, who was a mentor of Warren Buffett (Trades, Portfolio). The figure takes into account earnings per share and book value per share to measure a stock's maximum fair market value. In other words, it is the upper end of the price range that a defensive investor should pay for a stock.

Theoretically, any stock trading below its Graham number is considered undervalued, but from a practical point of view, it works best for large-cap stocks that depend on the balance sheet

224 Views    Praveen Chawla    2020-05-14 19:16
Companies with little or no debt have staying power when an unexpected emergency pops up

I love low-debt stocks.

Companies with little or no debt have staying power when an unexpected emergency pops up -- the current pandemic, for example. They almost never have to sell a promising division because they need cash. They may be able to launch new initiatives, make acquisitions or increase dividends.

My affection for low debt hasn’t always helped my clients’ returns. There are years when junk companies with high debt thrive, usually because interest rates are falling, making their debt less burdensome. But I think that a low-debt approach helps more often than it hurts.

The history of this

700 Views    John Dorfman    2020-05-04 13:45
Their Graham Blended Multiplier is less than 22.5

Benjamin Graham, the father of value investing, co-author with David Dodd of "Security Analysis" and author of "The Intelligent Investor," recommended searching for stocks whose price-earnings ratio multiplied by the price-book ratio yields less than 22.5. Why? Because these stocks are likely trading at discount to their intrinsic value.

The value investor may, therefore, want to consider the following three stocks, as their Graham Blended Multiplier is below 22.5.

1st Constitution Bancorp

The first company that displays the screening criteria is 1st Constitution Bancorp (FCCY), a Cranbury, New Jersey-based holding of 1st Constitution Bank which operates in the central,

86 Views    Alberto Abaterusso    2020-01-23 16:24
These companies have grown their dividends annually for at least the last 20 years

Dividend growth investing is a very popular approach that can fit within the ModernGraham methods. When searching for companies that have grown their dividends annually for at least the last 20 years, only 70 out of over 800 companies covered met this requirement.Â

Defensive Investors are defined as investors who need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to select companies that present a moderate (though still low) amount of risk.

The elite

The following companies have been rated as undervalued and suitable for either

470 Views    Benjamin Clark    2019-02-04 20:26
Companies that have grown their dividends annually for at least the last 20 years

Dividend growth investing is a very popular approach that can fit within the ModernGraham methods. Here are companies that have grown their dividends annually for at least the last 20 years. Out of over 900 companies covered by ModernGraham, only 73 have grown dividends annually for at least the last 20 years.

Defensive Investors are defined as investors who are not able or willing to do substantial research into individual investments, and therefore need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to do substantial research and

149 Views    Benjamin Clark    2018-08-07 14:38
Largest insider trades of the month

The GuruFocus All-in-One Screener can be used to find insider trades from the past week. Under the Insiders tab, change the settings for All Insider Buying to “$2,000,000+” and the duration to “April 2018.” Set All Insider Sales to “$5,000,000+.”

According to these filters, company insiders made the following trades this week.

Basswood Capital Management, 10% owner of Bridge Bancorp Inc. (BDGE) bought 118,070 shares for $33.31 per share on May 3.

The company is a provider of commercial and consumer banking. It has a market cap of $672.53 million and an enterprise value of $1.16 billion. It

61 Views    Tiziano Frateschi    2018-05-04 21:36
Once you have a gain in a stock, you'll feel the itch to sell. Remember these 3 rules

Warren Buffett (Trades, Portfolio) said that there was one part of how businesses worked that he didn’t believe and wasn’t prepared for till he saw it in action himself. He called it the “institutional imperative.” And he said this institutional imperative was: “the tendency of executives to mindlessly imitate the behavior of their peers, no matter how foolish it may be to do so.”

I’ve spent over 12 years now mostly in the company of other value investors. The virtual company, that is. It’s rare that a day goes by without me conversing by email or Skype

371 Views    Geoff Gannon    2018-02-02 17:21
Investors need to check out every upcoming spinoff and study the opportunities

On Tuesday, I talked about how there are two good approaches to finding the next stock you should research: 1) Make a list of obviously great businesses. 2) Make a list of stocks that are more likely to be mispriced than the average stock out there.

Today, we’ll talk about how to create list No. 2. How can you come up with a list of stocks that are more likely to be mispriced?

You can use GuruFocus to invert your thinking. GuruFocus is all about finding the stocks that value investors like. But value investors are themselves a crowd. So,

2732 Views    Geoff Gannon    2018-01-24 16:23
Your goal as a value investor should be to buy cheap stocks you understand. If you understand a business' 'market power' you understand the stock. Cheap means cheaper than peers

NACCO (NC) is spinning off its Hamilton Beach small appliance business this week. NACCO’s remaining business will be a lignite coal miner (NACoal) that operates mostly unconsolidated mines under mostly long-term cost-plus supply contracts. In an earlier article, I explained why this lignite (“brown”) coal-producing business would be inside my “circle of competence” and the Hamilton Beach small appliance business would be outside my “circle of competence.” This led some people to ask: But what if Hamilton Brands trades at a deeper discount to your appraisal value than the post-spinoff NACCO? What if the value is in Hamilton Beach,

555 Views    Geoff Gannon    2017-09-28 15:08
The best way to form a 'correct yet contrarian view' of a stock is to pick a stock to research where you already have some background knowledge on the company, its products or the industry

The concept of “buy what you know” is a Peter Lynch idea. Most investors I talk to think it’s too simplistic. Like any idea, perhaps it is too simplistic if taken to the extreme. But I’ve found talking to other investors that they underestimate how much of an advantage you have in starting your research process on the firm footing of knowing something about the business you are about to research and how it works in the real world.

First, let’s put the Peter Lynch quote in context. What Lynch was saying is that if a man worked his whole

626 Views    Geoff Gannon    2017-09-25 22:11
The time to pounce is when a business you like is misunderstood. When an odd or complex businesses is about to be spun off, drop everything and focus 100% of your attention on researching that stock

I’m a concentrated investor. But I’m also a selective investor in the sense that I don’t flip the stocks I do own very fast. This means I sometimes go a long time without buying a new stock. For example, at the end of last quarter I had 42% of my portfolio in Frost (CFR), 23% of my portfolio in BWX Technologies (BWXT) and 6% of my portfolio in Natoco. I consider Frost and BWX Technologies to be good businesses that should be fairly predictable EPS growers in future years. They’re high quality companies. The kind of thing Warren Buffett

430 Views    Geoff Gannon    2017-09-24 02:39
The way to compound your money is to find a wide moat stock at a 12 to 15 P/E, hold it for a long time and then sell it at a 25 to 30 P/E

You need to find companies with a moat that the market is pricing like companies without a moat.

A deeper, qualitative inspection is usually how you find such opportunities. If a company looks like it has a moat, is highly predictable and is growing at a nice clip year after year, it will tend to trade at 25 to 30 times earnings. If a company is doing all those things “under the hood” but does not appear to have a moat when you do a surface scan of the corporate financial data – then that same business will trade around

1846 Views    Geoff Gannon    2017-05-30 22:28
Focus on finding the right industry and the right company in that industry. Then wait till you can pay an average price for that above average business - and pounce.

I buy very few stocks. Right now, 65% of my portfolio is in two stocks (Frost and BWXT). And 30% of my portfolio is in cash. So I’m less fully invested than most investors want to be. And I’m less diversified than most investors want to be.

Why is that?

Most people who email me asking about the subject of concentration – and that’s the topic I get asked about the most – assume I put so much of my account into my best ideas because they offer the highest returns.

They imagine I do a calculation where stock A

2568 Views    Geoff Gannon    2017-05-29 18:09
Investors make mistakes in cyclical stocks for two reasons: 1) They think the stock is cheap when it's expensive. 2) They think the business is high quality when it's actually low quality

Someone emailed me this question:

“How do you take the industry cycle into your consideration? For example, you say CRMT shouldn't trade below receivables per share. I believe it does now and people may be worried that subprime auto loans are in the beginning of down trend (or frothy). I think it may not be a concern considering the company’s track record and in the long-term view, but I'm curious how you incorporate the industry cycle into your investment decision.”

One way to think of this question is to divide up what I think about “a cyclical

811 Views    Geoff Gannon    2017-03-31 20:26
Growth is most predictable when it is repeatable growth such as the adding of more locations to a retail chain or restaurant chain. This is only true until the concept reaches 'saturation'

Someone emailed me this question:

“How do you estimate the reasonable growth rate for a company? I believe one way is to see the penetration rate of the product or service in each country and where they are in the current cycle, also considering the population growth and real spend per household as you did for Hunter Douglas. What is the general way of thinking about the growth?”

I am not very good at estimating future growth. I try to err on the side of being conservative. I focus on simple, repeatable growth that seems backed up by the

358 Views    Geoff Gannon    2017-03-27 18:45
Great businesses with catalysts are rare. You may go a year or more without finding one. But, catalysts can improve annual returns even in a great business by getting those returns faster

Someone emailed me this question:

“Do you ever invest with a catalyst in mind?”

Yes. Although it depends on what you mean by catalyst. My three largest positions are: Frost (CFR), BWX Technologies (BWXT) and George Risk (RSKIA). In a sense, all of these investments were based in part on the possibility of something happening in the future that would cause the market to re-value the stock. Let’s start with George Risk. I bought George Risk when it was a net-net. This was back in 2010. I probably paid something like $4.50 a share for a stock with $4.75 a

370 Views    Geoff Gannon    2017-03-05 00:19
A bank with stable market share will grow its deposits at close to the rate of nominal GDP growth. But growth in deposits per branch and deposits per share are what really matter

Someone emailed me this question:

“I own Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC). Each of them is growing deposits at different rates (off the top of my head, around 5%, 1% and 6% per annum). U.S. deposits have been very consistent at 6% for many, many years. This is probably an incredibly stupid question, but how can deposits continuously grow at such a clip? My initial reaction was that the Fed is printing money at a rate above real GDP growth of around 3.5-4.0%? Are deposits continuously pouring in from overseas? Is that growth rate sustainable

486 Views    Geoff Gannon    2017-02-19 04:52
The only quantitative parts of my research process are collecting 20 to 25 years of past financial data and comparing a company to five publicly traded peers. Everything else I do is qualitative

Someone emailed me this question:

“Do you use checklists or research templates, and if so, what sorts of things are on them?”

For a couple years, I wrote a stock newsletter. The structure of that newsletter reflected the way I think about stocks. Basically, I just did my typical research process for a stock and published it. Each issue started with a data sheet. The two key parts of that data sheet were a very long-term historical record – as long-term as I could get – showing the income statement and balance sheet ratios, growth rates, etc. for the business.

1476 Views    Geoff Gannon    2017-02-19 04:51
Stocks with abnormal margins will have misleading PE ratios

Someone emailed me this question:

“Conceptually there are a few short-cuts in the high-quality business "asset class" such as "underutilized brands" (for example Marvel and LucasFilm before being bought out by Disney). Are there other such short-cuts?”

The biggest short-cut is finding those situations where a high-quality business is under-reporting its current earnings for some reason. This is probably the area where I have had the most success. If I could only invest in one technique, it would probably be this one. Find great businesses that are temporarily reporting worse earnings than you expect them to have five

1470 Views    Geoff Gannon    2017-01-29 23:27
Commit to starting new positions at a smaller size

Someone emailed me this question:

“I'd like to hear you talk about position sizing, cash size and the buying or selling pressures they put on an investor (in a general sense, I'll just add my specific current situation as a potential starting point). My retirement account right now has three positions and a 32% cash balance, the largest holding has recently appreciated to the point where it's 36% of the account.

I've considered selling a bit of my biggest holding, but I'd still rather have $X of this stock than $X of USD, especially while I already have an

416 Views    Geoff Gannon    2017-01-29 08:01

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