Cullen/Frost Bankers Inc

CFR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$792.49	Hvpyt	Nqzysdpcv

Increasing Our Fair Value Estimate for Cullen/Frost to $132 From $129

Eric Compton

Dec 5, 2022

Business Strategy and Outlook

Cullen/Frost is the largest Texas-based bank and prides itself on knowing the Texas market better than anyone else. It has implemented a relationship-based approach to banking that has garnered strong loyalty in its customer base. The bank's sweet spot is small to medium sized Texas based commercial clients. We think that the relationships Cullen/Frost has built up, often times over generations, along with the bank’s consistent approach to conservative underwriting will continue to serve it well in the years to come.

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