Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios for Cullen/Frost at the end of Q4 were 14.06%, 14.50%, and 15.95%, respectively. Q4 net interest margin was 3.66% vs. 3.53% for Q4 2024 and 3.69% for Q3 2025. Book value per common share at end of quarter was $69.96 from $67.64 at previous quarter end. "We carry great momentum with us as we enter 2026 and continue executing on a number of strategic growth initiatives," said CEO, Phil Green. "Frost bankers throughout the state remain squarely focused on making our customers' lives better and supporting their growth in an increasing range of ways over time. We continue to execute on our organic growth strategy, and continue to believe that it is a durable and scalable strategy that will fuel Frost's growth for years to come. During Q4, we opened new financial centers in the Austin, Dallas, and San Antonio markets, bringing us to a total of 10 new locations opened during 2025."
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Wall Street analysts forecast CFR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CFR is 139.78 USD with a low forecast of 114.00 USD and a high forecast of 154.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
Wall Street analysts forecast CFR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CFR is 139.78 USD with a low forecast of 114.00 USD and a high forecast of 154.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Buy
4 Hold
2 Sell
Hold
Current: 135.190
Low
114.00
Averages
139.78
High
154.00
Current: 135.190
Low
114.00
Averages
139.78
High
154.00
Keefe Bruyette
Catherine Mealor
Market Perform -> Outperform
upgrade
$150
2026-01-04
Reason
Keefe Bruyette
Catherine Mealor
Price Target
$150
AI Analysis
2026-01-04
upgrade
Market Perform -> Outperform
Reason
Keefe Bruyette analyst Catherine Mealor upgraded Cullen/Frost to Outperform from Market Perform with an unchanged price target of $150. The firm cites the stock's underperformance in 2025 and catalysts for upside to 2027 earnings estimates for the upgrade. Cullen/Frost's organic loan growth will improve and be the highest of its peer group at 8% in 2026, the analyst tells investors in a research note. Keefe also expects the company to be more active in capital deployment and believes the Street is underestimating accretion from its branch expansion strategy.
Barclays
Equal Weight
downgrade
$145 -> $140
2025-12-19
Reason
Barclays
Price Target
$145 -> $140
2025-12-19
downgrade
Equal Weight
Reason
Barclays lowered the firm's price target on Cullen/Frost to $140 from $145 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the mid-cap bank group as part of its 2026 outlook. More differentiation in loan growth and book value expansion is expected within the group next year, the analyst tells investors in a research note.
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About CFR
Cullen/Frost Bankers, Inc. is a financial holding company and a bank holding company. The Company provides an array of products and services throughout numerous Texas markets. The Company's segments include Banking and Frost Wealth Advisors. The Banking segment includes both commercial and consumer banking services and Frost Insurance Agency. Commercial banking services are provided to corporations and other business clients and include a wide array of lending and cash management products. Consumer banking services include direct lending and depository services. Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. The Frost Wealth Advisors segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and securities brokerage services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
