Cullen/Frost (CFR) Stock Down 5.2% Despite Q1 Earnings Beat

Shares of Cullen/Frost Bankers, Inc. (CFR) declined 5.2% despite better-than-expected first-quarter 2024 earnings. Adjusted earnings per share (excluding the impact of FDIC surcharge) were $2.15, down 20.4% from the prior-year quarter. Nonetheless, the bottom line surpassed the Zacks Consensus Estimate of $2.13.Results were primarily aided by a rise in non-interest income and higher loan balances during the quarter. However, a rise in non-interest expenses and credit loss expenses and reduced net interest i ...