Cullen/Frost Bankers, Inc. (CFR) announced its fourth-quarter earnings this Thursday, exceeding analysts' predictions. Their reported net income for this quarter was $100.9 million or $1.55 per share. This outcome shows a drop from the previous year's profit, which stood at $189.5 million or $2.91 per share.
Upon adjusting, the reported income was $141.6 million, equating to $2.18 per share. On average, analysts had expected the company to yield $2.02 per share, as suggested by data collated by Thomson Reuters.
In addition, the organization's board has granted approval for a new share repurchase program. The program allows for the purchase of up to $150 million in common Cullen/Frost stock over a one-year period, with the scheme set to expire on January 24, 2025.
