Cullen/Frost Bankers Inc

CFR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$813.28	Sdlz	Kyfchzwh

Looking Past Higher Q4 Expenses, Cullen/Frost's Expansions Are Adding Customers, Revenue, and Value

Eric Compton

Jan 26, 2023

Narrow-moat-rated Cullen/Frost reported fourth-quarter earnings per share of $2.91, exceeding the FactSet consensus of $2.76, although a bit shy of our own estimate of $3.16. Revenue came in at $504 million, just below our own estimate of $509 million, while taxable equivalent revenue of $530 million was ahead of consensus. The biggest driver of the earnings beat versus consensus was indeed the higher revenue.

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