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Ken GriffinReduced
Citadel Advisors · Q2 2026
$2.59M
16.76K shares · 0.0% of portfolio
Cullen/frost Bankers Inc
Cullen/frost Bankers Inc (CFR) is listed on NYSE and classified in Banks - Regional, part of the Financial Services sector. It is headquartered in San Antonio, United States and has 6,008 employees. The company is worth $9.8B and trades at 14.7x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $2.24B in fiscal 2025, up 8.3% from the year before. Net income was $648.56M. The share price is 7.7% below its 52-week high of $170.80. It pays a dividend yielding 2.61%, and has raised its annual dividend for 28 years in a row in our records. 6 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Baillie Gifford (Baillie Gifford & Co), at $345.09M. In that quarter, 3 of them opened or added to the position and 3 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +23.2% over 5Y.
today you would have $1,388.45▲ +38.8%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 18 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $126.63 | $134.25 | $108.49 | $133.70 | $126.07 | $87.23 | $97.78 | $87.94 | $94.65 | $88.23 | $60.00 | $70.64 | $74.43 | $54.27 | $52.91 | $61.12 | $50.00 | $50.68 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 14.2% a year plus a 2.6% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 15.2 across this company’s own years on record.
Cash flow growing 14.2% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Dividend growing 5.5% a year against a 7.0% required return, from the stock’s beta.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| EVREvercore Inc. | $255.39 | 14.4x | 5.3x | 1.39% | 39.50% | $9.82B |
| ZIONZions Bancorporation National Association | $66.39 | 8.1x | 1.3x | 2.89% | 16.66% | $9.69B |
| ORIOld Republic International Corp | $40.08 | 8.8x | 1.6x | 9.32% | 18.57% | $9.68B |
| ONBOld National Bancorp |
| P/E | 15.2x | 12.8x | 15.1x | 11.9x | 15.2x | 18.6x | 17.1x | 14.3x | 12.7x | 17.2x | 18.8x | 14.0x | 16.5x | 19.6x | 14.1x | 14.9x | 17.8x | 16.7x | 14.5x |
| P/S | 4.2x | 3.6x | 4.2x | 3.5x | 5.1x | 5.9x | 3.8x | 4.5x | 4.2x | 5.0x | 5.0x | 3.5x | 4.4x | 4.9x | 3.7x | 3.7x | 4.4x | 3.6x | — |
| P/B | 1.8x | 1.8x | 2.2x | 1.9x | 2.7x | 1.8x | 1.3x | 1.6x | 1.6x | 1.8x | 1.9x | 1.3x | 1.6x | 1.8x | 1.4x | 1.4x | 1.8x | 1.6x | — |
| EPS | $9.92 | $8.87 | $9.10 | $8.81 | $6.76 | $5.10 | $6.84 | $6.90 | $5.51 | $4.70 | $4.28 | $4.29 | $3.80 | $3.86 | $3.54 | $3.44 | $3.00 | $3.50 |
| Dividend yield | 2.92% | 3.12% | 2.79% | 3.30% | 2.42% | 2.33% | 3.27% | 2.86% | 2.93% | 2.38% | 2.44% | 3.50% | 2.87% | 2.66% | 3.50% | 3.46% | 2.91% | 3.42% | 3.28% |
| Payout | 46.53% | 39.82% | 42.16% | 39.34% | 36.78% | 43.49% | 55.88% | 40.94% | 37.39% | 40.83% | 45.74% | 49.07% | 47.32% | 52.11% | 49.22% | 51.69% | 51.74% | 57.00% | 47.43% |
| Profit margin | 27.31% | 29.02% | 28.23% | 30.09% | 34.15% | 32.30% | 22.97% | 32.43% | 34.75% | 30.27% | 27.02% | 26.22% | 27.60% | 25.76% | 26.63% | 24.95% | 24.69% | 21.56% | 25.23% |
| ROE | 10.13% | 14.18% | 14.94% | 16.09% | 18.46% | 9.98% | 7.71% | 11.34% | 13.50% | 11.04% | 10.13% | 9.66% | 9.75% | 9.46% | 9.84% | 9.53% | 10.13% | 9.45% | 11.75% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
+34.7% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $25.16 |
| 10.2x |
| 1.2x |
| 2.31% |
| 10.61% |
| $9.63B |
| BNTBrookfield Wealth Solutions Ltd. | $36.54 | 43.5x | 0.7x | 0.77% | 1.04% | $10.03B |
| IRENIREN Ltd | $25.51 | — | 2.3x | 0.00% | -23.41% | $10.05B |