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CFR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Cullen/Frost Bankers, Inc. (CFR) stock moving?
Cullen/Frost posted a solid Q3 2026: EPS of $2.84 beat the $2.79 estimate, revenue of $626.7M topped $609.8M, and net income rose to $178.5M from $172.7M. Average loans grew 9.0% year over year to $23.4B and deposits rose 3.6% to $43.6B, while net interest income gained 5.8%. Returns slipped slightly, with ROE at 16.16% versus 16.72% a year earlier. Since the print, the stock has traded in a range of about $155 to $164, peaking near $160 on Nov 2 and dipping to $155.23 on Nov 6 before recovering to $158.16 on Nov 10. Volume has eased from the 500k-680k range seen in early November to about 359k, and the tape shows little follow-through from the beat. Analyst views are mixed: KBW downgraded to Market Perform with a $175 target, Evercore kept In-Line with a $170 target, DA Davidson stayed Neutral with a $168 target, and Stephens rates it Buy with a $190 target. The four targets average about $176, roughly 11% above the latest close. The planned move to the Texas Stock Exchange on Nov 12 requires no shareholder action and keeps the ticker, so its direct financial effect is limited, though it adds a Texas-identity angle.
News behind the analysis
- Evercore ISI Group Raises Price Target for Cullen/Frost BankersEvercore ISI kept its 'In-Line' rating on CFR and raised its price target from $166 to $170.
- Evercore ISI Group Maintains In-Line on Cullen/Frost Bankers, Raises Price Target to $170Benzinga reports the same Evercore ISI update: In-Line rating retained and target lifted to $170.
- Keefe, Bruyette & Woods Downgrades Cullen/Frost Bankers to Market PerformKBW cut CFR from Outperform to Market Perform and lowered its price target, with Benzinga citing a new target of $175.
- Keefe, Bruyette & Woods Downgrades Cullen/Frost Bankers to Market Perform, Lowers Price Target to $175Benzinga confirms the KBW downgrade to Market Perform with the price target cut to $175.
- DA Davidson Maintains Neutral on Cullen/Frost Bankers, Raises Price Target to $168DA Davidson kept a Neutral rating on CFR and raised its price target to $168.
- Stephens Maintains Buy Rating and Raises Price Target for Cullen/Frost BankersStephens analyst Matt Olney kept a Buy rating and raised the price target from $183 to $190.
- Cullen/Frost Bankers, Inc. Reports Third Quarter 2026 Financial ResultsQ3 net income was $178.5M, or $2.84 per diluted share vs $2.67 a year earlier, and the board declared a $1.03 quarterly dividend.
- Cullen/Frost Bankers Q3 EPS $2.84 Beats $2.79 Estimate, Sales $626.729M Beat $609.790M EstimateBenzinga reports Q3 EPS and revenue both above consensus estimates.
- Cullen/Frost Bankers, Inc. Announces Transfer of Stock Exchange Listing to Texas Stock ExchangeCFR will move its primary listing from NYSE to the Texas Stock Exchange, trading on the TXSE from Nov 12 with the ticker unchanged.
About Cullen/Frost Bankers Inc.
Cullen/Frost Bankers is the San Antonio-based holding company for Frost Bank, one of the largest Texas-focused banks, with roughly $43 billion in deposits and about $23 billion in loans as of 2026. It stands out for a large base of low-cost deposits, conservative lending, and an organic growth strategy of opening new branches in Texas cities like Houston, Dallas and Austin instead of buying other banks.
How it makes money
Most of its revenue, roughly three-quarters, is net interest income: the gap between what it earns on commercial and consumer loans plus a large securities portfolio and what it pays on deposits. The rest comes from fees for trust and investment management, insurance brokerage through Frost Insurance, service charges on deposit accounts, and card and other banking fees.
What usually moves CFR
- Interest rates and net interest margin
- Texas economy and energy sector
- Loan and deposit growth from branch expansion
- Credit quality and loan losses
- Unrealized losses in the securities portfolio