Narrow-Moat-Rated Cullen/Frost Reports Strong 2018 and Is Well-Positioned Looking Forward
Narrow-moat-rated Cullen/Frost Bankers reported good fourth-quarter and full-year 2018 results that were in line with our expectations. Based on these results, we do not anticipate materially changing our $102 per share fair value estimate. Earnings per diluted share grew 25.2% to $6.90, which represents a 14.2% return on average common equity. The net interest margin grew to 3.72%, which is one of the best in our regional bank coverage, largely due to commercial loans repricing upwards from rat...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.
We have operations in 27 countries.
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