Provisioning Normalizes as Returns Come Back to What We Expect From Narrow-Moat Cullen/Frost
Narrow-moat Cullen/Frost reported third-quarter results that were largely in line with our expectations, and we are maintaining our $64 fair value estimate for the firm. The quarter was largely a return to form for Cullen/Frost, with provisioning levels normalizing after being elevated for several quarters due to the energy loan book. The return on average assets was back above 1%, at 1.07%, and the return on average common equity was 10.31% for the quarter.As seen previously, Cullen/Frost is ...
Cullen/Frost Bankers is a financial holding company and a bank holding company. Through its subsidiaries, the company provides a range of products and services throughout various Texas markets. The company provides commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services. The company serves a variety of industries including, among others, energy, manufacturing, services, construction, retail, telecommunications, healthcare, military and transportation. The company's reportable operating segments are: Banking and Frost Wealth Advisors.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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