Published on 29 Oct 2021 on Zacks via Yahoo Finance
Cullen/Frost (CFR) Stock Up 2.96% as Q3 Earnings Top Estimates
Following the second-quarter 2021 results, shares of Cullen/Frost Bankers, Inc. CFR have gained 2.96%. The company reported earnings per share of $1.65, surpassing the Zacks Consensus Estimate of $1.52. Results also compare favorably with the prior-year quarter figure of $1.5 per share.
Rise in revenues and deposit balances were major tailwinds in the quarter. Moreover, improved credit quality and sound capital positions drove bottom-line growth. However, elevated expenses and margin contraction were major drags.
The company reported net income available to common shareholders of $106.3 million compared with the $95.1 million recorded in the prior-year quarter.