Shares of Cullen/Frost Bankers (CFR) surged 5.05% during intraday trading on Thursday, outperforming the broader market. The rally was driven by the bank's impressive fourth quarter earnings results and the announcement of a new share repurchase program.
CFR reported Q4 earnings per share of $2.36, comfortably beating Wall Street's consensus estimate of $2.16. The company's revenue of $536.3 million also exceeded analysts' expectations of $532 million. The strong quarterly performance was a key catalyst for the stock's upward movement.
Adding to the positive sentiment, CFR authorized a new $150 million stock repurchase program. Share buybacks are typically viewed favorably by investors as they increase earnings per share and demonstrate confidence in the company's outlook.
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