Cullen Frost Banker Inc (CFR, +1, May 18th)
In the first half of May, two directors, the Chief Credit Officer, and the EVP-Research and Strategy purchased a combined $920,000 worth of stock at prices ranging from $95-100.
Chris Avery (Director since 2015) and Jack Willome (Director since 2023) both were buyers in March when we upgraded the stock to a +N at slightly higher prices.
Howard Kasanoff (Chief Credit Officer, joined 1992) is making his first reported purchase and Bobby Berman (EVP- Research & Strategy, joined 1985) is also making his first purchase, a reversal from sales he made in October 2022 at $151.
The May and March insider buying in these shares is a solid cluster which now includes two directors, the CEO, and four key operating officers, spending a total of $2.9 million.
We are upgrading the shares further, from +N to +1.