Cullen/Frost Bankers Board Declares Dividend, Approves $150 Mln Share Buyback

(RTTNews) - While reporting its third-quarter financial results today, Cullen/Frost Bankers Inc. (CFR) said its board of directors declared a fourth-quarter cash dividend and also authorized a new $150 million stock repurchase plan.

The company's board declared a fourth-quarter cash dividend of $0.57 per common share, payable December 15, 2017 to shareholders of record on November 30 of this year.

The board also declared a cash dividend of $0.3359375 per share of the Noncumulative Perpetual Preferred Stock, Series A, which is traded on the NYSE under the symbol "CFR PrA." The Series A Preferred Stock dividend is also payable on December 15, 2017, to shareholders of record on November 30 of this year.

In addition, the board authorized a new $150.0 million stock repurchase plan. Under the plan, shares may be repurchased over a two-year period from time to time at various prices in the open market or through private transactions.