Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
Cullen/Frost Bankers, Inc. (NYSE:CFR), a $7.47 billion regional bank trading at a P/E ratio of 13.08 with a 3.23% dividend yield, announced the results of its recent shareholder meeting, where a series of proposals were voted upon. According to InvestingPro data, the bank has maintained an impressive 32-year streak of consecutive dividend increases. The meeting, held on Wednesday, culminated in the election of thirteen director nominees to the company’s board. These directors will serve a one-year term until the next annual meeting in 2026. The bank’s strong governance practices have contributed to its GOOD Financial Health score, as reported by InvestingPro.
The voting outcomes for the director nominees displayed a majority of votes in favor, with a minority against and a few abstentions. Broker non-votes were also reported for each nominee. Additionally, shareholders provided nonbinding approval of executive compensation, with a substantial number of votes for, fewer votes against, and some abstentions. Broker non-votes were recorded here as well.
Another critical agenda item was the ratification of Ernst & Young LLP as the company’s independent auditors for the fiscal year that began on January 1, 2025. This proposal received overwhelming support from the shareholders.
All voting outcomes were decisive, indicating shareholder confidence in the board’s composition and executive compensation practices. The selection of Ernst & Young LLP as independent auditors also reflects trust in the firm’s ability to provide a fair and accurate assessment of Cullen/Frost Bankers, Inc.’s financial statements.
This information is based on an 8-K filing with the Securities and Exchange Commission.
In other recent news, Mytheresa has received the necessary regulatory approval from the European Commission to finalize its acquisition of YOOX NET-A-PORTER from Richemont (SIX:CFR), with the transaction expected to close on April 23, 2025. This strategic move will result in the formation of LuxExperience B.V., a leading digital luxury group. Mytheresa aims for LuxExperience to achieve an annual Gross Merchandise Value of 4 billion Euros with an Adjusted EBITDA margin of over 8%. Richemont will gain a 33% stake in Mytheresa as part of the deal and will support YNAP with a 100 million Euro revolving credit facility.
Meanwhile, Cullen/Frost Bankers reported better-than-expected earnings for the fourth quarter of 2024, with an earnings per share (EPS) of $2.36, surpassing the forecast of $2.16. The bank’s revenue also exceeded expectations, coming in at $556.55 million against a projected $530.92 million. In related developments, Keefe, Bruyette & Woods raised their price target for Cullen/Frost to $148 while maintaining a Market Perform rating, citing the bank’s strong positioning in a favorable interest rate environment. They also increased their 2025 earnings estimate by 7% to $8.90 per share.
In contrast, DA Davidson downgraded Cullen/Frost’s stock from Buy to Neutral, although they raised the price target to $143, reflecting the bank’s premium trading position. Despite the downgrade, Cullen/Frost remains part of DA Davidson’s Best-of-Breed Bison list, highlighting its robust market position. These developments underscore the bank’s solid financial performance and strategic expansion efforts, which are expected to contribute positively to earnings by 2026.
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