CFR - Cullen-Frost Bankers Inc Stock Price, Fair Value and News

116.78USD+2.33 (+2.04%)Market Closed

Market Summary

USD116.78+2.33

Market Closed

2.04%

CFR Stock Price

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CFR RSI Chart

CFR Valuation

Market Cap

7.5B

Price/Earnings (Trailing)

12.54

Price/Sales (Trailing)

3.38

EV/EBITDA

-0.51

Price/Free Cashflow

23.41

CFR Price/Sales (Trailing)

CFR Profitability

EBT Margin

32.12%

Return on Equity

16.09%

Return on Assets

1.18%

Free Cashflow Yield

4.27%

CFR Fundamentals

CFR Revenue

Revenue (TTM)

2.2B

Rev. Growth (Yr)

14.78%

Rev. Growth (Qtr)

3.2%

CFR Earnings

Earnings (TTM)

598.0M

Earnings Growth (Yr)

-46.36%

Earnings Growth (Qtr)

-34.11%

Breaking Down CFR Revenue

Last 7 days

8.9%

Last 30 days

9.3%

Last 90 days

6.8%

Trailing 12 Months

15.7%

How does CFR drawdown profile look like?

CFR Financial Health

CFR Investor Care

Dividend Yield

3.07%

Dividend/Share (TTM)

3.58

Buy Backs (1Y)

0.24%

Diluted EPS (TTM)

9.11

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	1.8B	2.0B	2.1B	2.2B
2022	1.0B	1.1B	1.2B	1.5B
2021	1.0B	1.0B	1.0B	1.0B
2020	1.1B	1.1B	1.1B	1.0B
2019	1.1B	1.1B	1.1B	1.1B
2018	924.5M	963.2M	1.0B	1.1B
2017	807.6M	833.4M	863.5M	892.9M
2016	757.7M	765.2M	772.6M	788.4M
2015	722.1M	734.7M	743.2M	749.5M
2014	647.4M	661.8M	682.5M	701.5M
2013	633.5M	636.7M	639.4M	642.5M
2012	626.3M	626.0M	629.3M	631.6M
2011	618.8M	619.6M	618.7M	623.0M
2010	621.1M	619.2M	619.4M	617.3M
2009	0	658.1M	640.6M	623.0M
2008	0	0	0	675.7M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Cullen-Frost Bankers Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 14, 2024	berman bobby	sold	-138,403	105	-1,312	gevp research & strategy
Mar 12, 2024	green phillip d	gifted	-	-	-3,281	chairman and ceo
Mar 05, 2024	salinas jerry	acquired	-	-	4,189	gevp and cfo
Mar 05, 2024	stead jimmy	acquired	-	-	2,375	gevp chief consumer banking
Mar 05, 2024	salinas jerry	back to issuer	-187,921	114	-1,648	gevp and cfo
Mar 05, 2024	bracher paul	back to issuer	-189,746	114	-1,664	president of cfr
Mar 05, 2024	stead jimmy	back to issuer	-106,390	114	-933	gevp chief consumer banking
Mar 05, 2024	alonzo annette m	back to issuer	-116,197	114	-1,019	gevp chief hr officer
Mar 05, 2024	green phillip d	acquired	-	-	19,433	chairman and ceo
Mar 05, 2024	green phillip d	back to issuer	-871,873	114	-7,646	chairman and ceo

Which funds bought or sold CFR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 23, 2024	Venturi Wealth Management, LLC	added	0.3	4,462	114,146	0.01%
Apr 23, 2024	REGIONS FINANCIAL CORP	unchanged	-	9,009	248,555	-%
Apr 23, 2024	Sugarloaf Wealth Management, LLC	unchanged	-	135	3,715	-%
Apr 23, 2024	FIFTH THIRD BANCORP	added	22.46	1,187,220	5,574,020	0.02%
Apr 23, 2024	NEW MEXICO EDUCATIONAL RETIREMENT BOARD	unchanged	-	54,000	1,475,000	0.05%
Apr 23, 2024	AMALGAMATED BANK	reduced	-0.5	137,000	4,367,000	0.04%
Apr 23, 2024	Global Retirement Partners, LLC	unchanged	-	612	6,979	-%
Apr 23, 2024	Louisiana State Employees Retirement System	added	2.78	129,725	2,082,540	0.04%
Apr 22, 2024	LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE	reduced	-0.5	194,176	6,192,590	1.17%
Apr 22, 2024	Raymond James Financial Services Advisors, Inc.	added	172	2,067,960	3,198,480	-%

Are Funds Buying or Selling CFR?

Are funds buying CFR calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own CFR

No. of Funds

Unveiling Cullen-Frost Bankers Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	aristotle capital management, llc	9.75%	6,242,873	SC 13G/A
Feb 13, 2024	vanguard group inc	10.01%	6,412,843	SC 13G/A
Feb 01, 2024	cullen/frost bankers, inc.	8%	3,695,340	SC 13G/A
Jan 24, 2024	state street corp	6.26%	4,006,644	SC 13G/A
Jan 24, 2024	blackrock inc.	9.1%	5,851,996	SC 13G/A
Mar 10, 2023	vanguard group inc	10.03%	6,452,297	SC 13G/A
Feb 14, 2023	aristotle capital management, llc	10.72%	6,895,043	SC 13G/A
Feb 09, 2023	cullen/frost bankers, inc.	5.6%	3,595,098	SC 13G/A
Feb 09, 2023	vanguard group inc	9.95%	6,394,885	SC 13G/A
Feb 03, 2023	state street corp	6.04%	3,884,614	SC 13G/A

Recent SEC filings of Cullen-Frost Bankers Inc

View All Filings

Date Filed	Form Type	Document
Apr 15, 2024	DEFA14A	DEFA14A
Mar 25, 2024	11-K	Employee Benefit Details
Mar 15, 2024	4	Insider Trading
Mar 14, 2024	144	Notice of Insider Sale Intent
Mar 13, 2024	4	Insider Trading
Mar 08, 2024	ARS	ARS
Mar 08, 2024	DEF 14A	DEF 14A
Mar 08, 2024	DEFA14A	DEFA14A
Mar 07, 2024	4	Insider Trading
Mar 07, 2024	4	Insider Trading

Peers (Alternatives to Cullen-Frost Bankers Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	556.1B	171.1B	-0.89%	40.25%	11.22	3.25	60.72%	31.52%
BAC	301.8B	130.3B	3.99%	32.91%	11.38	2.32	79.51%	-3.68%
WFC	216.8B	85.7B	6.82%	49.45%	11.33	2.53	41.49%	39.96%
C	119.4B	133.3B	2.49%	30.42%	12.94	0.9	79.09%	-
CFG	16.3B	10.2B	0.65%	23.03%	10.13	1.6	44.53%	-22.43%
KEY	13.9B	7.9B	-1.71%	42.46%	14.42	1.76	46.47%	-49.56%
MID-CAP
CMA	7.0B	4.2B	1.67%	30.02%	7.96	1.68	56.25%	-23.46%
ZION	6.2B	3.9B	2.80%	57.76%	9.19	1.58	45.91%	-25.03%
ABCB	3.3B	1.3B	2.99%	50.41%	12.38	2.6	43.24%	-22.35%
ASB	3.2B	2.0B	3.49%	25.83%	17.62	1.65	70.97%	-50.03%
SMALL-CAP
AMNB	497.6M	120.2M	6.68%	49.76%	19.02	4.14	45.65%	-13.98%
ALRS	414.5M	164.9M	-2.10%	42.66%	35.44	2.51	42.66%	-70.76%
AROW	380.2M	162.6M	-5.51%	7.64%	12.64	2.34	25.39%	-38.37%
ACNB	284.2M	96.6M	-4.81%	8.26%	8.97	2.94	11.02%	-11.37%
ASRV	47.3M	60.9M	2.22%	-5.80%	-14.14	0.78	24.06%	-144.92%

Cullen-Frost Bankers Inc News

Latest updates

Cullen-Frost Bankers Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	3.2%	579	561	542	535	505	408	307	256	247	252	263	247	249	251	255	266	278	286	288	281	281
EBITDA Margin	-7.6%	1.06*	1.15*	1.22*	1.30*	1.38*	1.45*	1.49*	1.51*	1.53*	1.51*	1.49*	1.45*	-	-	-	-	-	-	-	-	-
Interest Expenses	0.7%	388	385	385	400	398	356	288	249	241	246	257	241	242	243	246	245	251	253	253	246	249
Income Taxes	-42.1%	18.00	31.00	32.00	33.00	29.00	28.00	21.00	13.00	10.00	13.00	15.00	8.00	9.00	10.00	-1.31	3.00	14.00	14.00	15.00	14.00	14.00
Earnings Before Taxes	-35.4%	121	187	194	211	220	197	140	112	111	121	133	124	97.00	105	92.00	58.00	117	125	126	130	133
EBT Margin	-15.2%	0.32*	0.38*	0.41*	0.44*	0.45*	0.46*	0.46*	0.47*	0.49*	0.47*	0.45*	0.42*	-	-	-	-	-	-	-	-	-
Net Income	-34.1%	103	156	162	178	191	170	119	99.00	101	108	118	116	88.00	95.00	93.00	55.00	104	112	112	116	119
Net Income Margin	-15.8%	0.27*	0.32*	0.35*	0.37*	0.39*	0.40*	0.40*	0.42*	0.44*	0.43*	0.41*	0.39*	-	-	-	-	-	-	-	-	-
Free Cashflow	-160.0%	-123	206	116	122	136	217	-53.41	320	67.00	195	114	207	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	4.3%	50,845	48,747	48,597	51,246	52,892	52,946	51,785	51,296	50,878	47,860	46,698	44,047	42,391	40,101	39,378	34,147	34,027	33,098	31,819	31,665	32,293
Cash Equivalents	14.0%	8,687	7,618	7,107	9,302	12,028	13,633	13,659	14,457	16,583	16,254	15,184	11,802	10,289	-	-	-	3,788	-	-	-	236
Net PPE	2.0%	1,190	1,167	1,154	1,131	1,103	1,069	1,046	1,046	1,050	1,023	1,032	1,041	1,046	1,055	1,044	1,036	1,012	988	915	750	552
Goodwill	-	-	-	655	655	655	655	655	655	655	655	655	655	655	655	655	655	655	655	655	655	655
Liabilities	3.0%	47,129	45,747	45,210	47,778	49,755	50,133	48,438	47,520	46,439	43,488	42,324	39,779	38,098	36,016	35,369	30,321	30,116	29,217	28,078	28,071	28,924
Shareholder's Equity	23.9%	3,716	3,000	3,387	3,468	3,137	2,812	3,347	3,776	4,440	4,372	4,374	4,268	4,293	4,085	4,009	3,827	3,912	3,881	3,739	3,592	3,369
Retained Earnings	0.9%	3,658	3,627	3,533	3,429	3,310	3,180	3,070	3,003	2,957	2,920	2,863	2,797	2,751	2,725	2,679	2,636	2,668	2,618	2,558	2,495	2,440
Additional Paid-In Capital	1.1%	1,056	1,044	1,041	1,036	1,030	1,019	1,015	1,012	1,010	1,005	1,003	1,000	997	991	989	986	983	978	975	971	967
Float	-	-	-	6,700	-	-	-	7,200	-	-	-	6,800	-	-	-	4,500	-	-	-	5,600	-	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-134.8%	-83,001	238,688	154,812	168,346	182,670	244,858	-37,771	332,825	95,680	204,023	128,825	219,765	49,145	268,138	-41,968	248,928	48,894	293,281	145,783	146,132	102,220
Share Based Compensation	283.9%	11,944	3,111	4,793	4,742	9,619	3,173	3,418	2,112	4,997	1,985	3,245	2,526	5,691	2,443	3,272	2,512	5,253	2,675	4,364	3,654	4,387
Cashflow From Investing	0.2%	-111,925	-112,193	-69,345	-649,288	-1,727,930	-1,577,503	-1,712,197	-3,259,700	-3,339,812	51,994	1,164,832	-402,029	936,582	-489,430	-2,469,196	390,997	-178,573	-252,252	-170,460	-785,465	-509,447
Cashflow From Financing	229.0%	1,264,119	384,252	-2,279,905	-2,245,416	-59,306	1,306,758	951,470	800,958	3,573,161	813,559	2,088,469	1,695,680	2,127,446	797,404	4,915,147	-232,521	1,009,959	921,462	-311,367	-1,034,992	943,517
Dividend Payments	0.4%	59,771	59,509	56,407	56,636	56,503	56,319	48,515	48,443	48,276	48,114	46,272	46,124	45,822	44,957	44,871	44,934	44,874	44,704	44,826	42,602	42,728
Buy Backs	-80.4%	2,224	11,372	27,951	1,173	3,395	-	-	996	2,522	54.00	-	1,288	1,785	27.00	-	13,973	1,084	17,190	50,000	519	100,940

CFR Income Statement

2023-12-31

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Loans, including fees	$ 1,189,377	$ 770,391	$ 674,611
Securities:
Taxable	406,289	249,797	89,550
Tax-exempt	240,131	237,626	226,683
Interest-bearing deposits	376,010	216,367	17,878
Federal funds sold	1,288	948	31
Resell agreements	4,621	592	16
Total interest income	2,217,716	1,475,721	1,008,769
Interest expense:
Deposits	508,255	140,476	14,520
Federal funds purchased	1,524	690	32
Repurchase agreements	135,969	34,443	2,209
Junior subordinated deferrable interest debentures	8,647	4,172	2,484
Subordinated notes	4,657	4,657	4,657
Total interest expense	659,052	184,438	23,902
Net interest income	1,558,664	1,291,283	984,867
Credit loss expense	46,171	3,000	63
Net interest income after credit loss expense	1,512,493	1,288,283	984,804
Non-interest income:
Trust and investment management fees	153,315	154,679	148,994
Service charges on deposit accounts	93,504	91,891	83,292
Insurance commissions and fees	58,271	53,210	51,548
Interchange and card transaction fees	19,419	18,231	17,461
Other charges, commissions and fees	49,026	41,590	36,836
Net gain (loss) on securities transactions	66	0	69
Other	54,941	45,217	48,528
Total non-interest income	428,542	404,818	386,728
Non-interest expense:
Salaries and wages	547,718	492,096	395,497
Employee benefits	115,306	88,608	82,029
Net occupancy	124,396	112,495	107,344
Technology, furniture and equipment	135,286	120,771	112,738
Deposit insurance	76,589	15,603	12,232
Other	229,367	194,701	172,154
Total non-interest expense	1,228,662	1,024,274	881,994
Income before income taxes	712,373	668,827	489,538
Income taxes	114,400	89,677	46,459
Net income	597,973	579,150	443,079
Preferred stock dividends	6,675	6,675	7,157
Net income available to common shareholders	$ 591,298	$ 572,475	$ 435,922
Earnings per common share:
Basic (in dollars per share)	$ 9.11	$ 8.84	$ 6.79
Diluted (in dollars per share)	$ 9.10	$ 8.81	$ 6.76

CFR Balance Sheet

2023-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 617,569	$ 691,553
Interest-bearing deposits	7,985,057	11,128,902
Federal funds sold	0	120,527
Resell agreements	84,650	87,150
Total cash and cash equivalents	8,687,276	12,028,132
Securities held to maturity, net of allowance for credit losses of $310 in 2023 and $158 in 2022	3,619,428	2,639,083
Securities available for sale, at estimated fair value	16,578,371	18,243,605
Trading account securities	31,717	28,045
Loans, net of unearned discounts	18,824,251	17,154,969
Less: Allowance for credit losses on loans	(245,996)	(227,621)
Net loans	18,578,255	16,927,348
Premises and equipment, net	1,190,033	1,102,695
Accrued interest receivable and other assets	2,159,958	1,923,468
Total assets	50,845,038	52,892,376
Liabilities:
Non-interest-bearing demand deposits	14,926,094	17,598,234
Interest-bearing deposit	26,994,474	26,355,962
Total deposits	41,920,568	43,954,196
Federal funds purchased	14,200	51,650
Repurchase agreements	4,127,188	4,660,641
Junior subordinated deferrable interest debentures, net of unamortized issuance costs	123,127	123,069
Subordinated notes, net of unamortized issuance costs	99,491	99,335
Accrued interest payable and other liabilities	844,017	866,257
Total liabilities	47,128,591	49,755,148
Shareholders’ Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued in 2023 and 2022	145,452	145,452
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued in 2023 and 64,354,695 shares issued in 2022	644	643
Additional paid-in capital	1,055,809	1,029,756
Retained earnings	3,657,688	3,309,671
Accumulated other comprehensive income, net of tax	(1,119,219)	(1,348,294)
Treasury stock, at cost; 219,295 shares in 2023	(23,927)	0
Total shareholders’ equity	3,716,447	3,137,228
Total liabilities and shareholders’ equity	$ 50,845,038	$ 52,892,376

About Cullen-Frost Bankers Inc

Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services, as well as originates commercial leasing services. It also provides consumer banking services, such as checking accounts, savings programs, automated-teller machines (ATMs), overdraft facilities, installment and real estate loans, first mortgage loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. In addition, the company offers international banking services comprising deposits, loans, letters of credit, foreign collections, funds transmitting, and foreign exchange services. Further, it offers trust, investment, agency, and custodial services for individual and corporate clients; provides capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and supports international business activities. Additionally, the company offers insurance and securities brokerage services; and holds securities for investment purposes, as well as investment management services to Frost-managed mutual funds, institutions, and individuals. The company serves energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost Bankers, Inc. was founded in 1868 and is headquartered in San Antonio, Texas.

CEO	Mr. Phillip D. Green
WEBSITE	frostbank.com
INDUSTRY	Banks Diversified
EMPLOYEES	4985

Cullen-Frost Bankers Inc Frequently Asked Questions

What is the ticker symbol for Cullen-Frost Bankers Inc? What does CFR stand for in stocks?

CFR is the stock ticker symbol of Cullen-Frost Bankers Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Cullen-Frost Bankers Inc (CFR)?

As of Wed Apr 24 2024, market cap of Cullen-Frost Bankers Inc is 7.5 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of CFR stock?

You can check CFR's fair value in chart for subscribers.

What is the fair value of CFR stock?

You can check CFR's fair value in chart for subscribers. The fair value of Cullen-Frost Bankers Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Cullen-Frost Bankers Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for CFR so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Cullen-Frost Bankers Inc a good stock to buy?

The fair value guage provides a quick view whether CFR is over valued or under valued. Whether Cullen-Frost Bankers Inc is cheap or expensive depends on the assumptions which impact Cullen-Frost Bankers Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for CFR.

What is Cullen-Frost Bankers Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Wed Apr 24 2024, CFR's PE ratio (Price to Earnings) is 12.54 and Price to Sales (PS) ratio is 3.38. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. CFR PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Cullen-Frost Bankers Inc's stock?

In the past 10 years, Cullen-Frost Bankers Inc has provided 0.067 (multiply by 100 for percentage) rate of return.