Cullen Frost Bankers Inc. lowered its position in Facebook Inc. (NASDAQ:FB) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 374,676 shares of the social networking company’s stock after selling 7,536 shares during the period. Facebook comprises 1.6% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 8th largest position. Cullen Frost Bankers Inc.’s holdings in Facebook were worth $42,818,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Stelac Advisory Services LLC purchased a new position in shares of Facebook during the first quarter valued at about $106,000. Kings Point Capital Management increased its position in shares of Facebook by 20.1% in the first quarter. Kings Point Capital Management now owns 1,193 shares of the social networking company’s stock valued at $136,000 after buying an additional 200 shares in the last quarter. Gradient Investments LLC increased its position in shares of Facebook by 25.2% in the second quarter. Gradient Investments LLC now owns 1,365 shares of the social networking company’s stock valued at $156,000 after buying an additional 275 shares in the last quarter. Duncker Streett & Co. Inc. increased its position in shares of Facebook by 75.0% in the second quarter. Duncker Streett & Co. Inc. now owns 1,400 shares of the social networking company’s stock valued at $160,000 after buying an additional 600 shares in the last quarter. Finally, Carroll Financial Associates Inc. increased its position in shares of Facebook by 3.0% in the second quarter. Carroll Financial Associates Inc. now owns 1,540 shares of the social networking company’s stock valued at $175,000 after buying an additional 45 shares in the last quarter. 56.61% of the stock is owned by institutional investors.
Facebook Inc. (NASDAQ:FB) traded up 0.21% during midday trading on Thursday, hitting $128.74. The stock had a trading volume of 11,682,729 shares. The firm has a market cap of $369.70 billion, a price-to-earnings ratio of 61.54 and a beta of 0.77. The firm has a 50 day moving average of $127.42 and a 200 day moving average of $119.59. Facebook Inc. has a 52 week low of $89.37 and a 52 week high of $131.98.
Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, July 27th. The social networking company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.15. The company earned $6.44 billion during the quarter, compared to the consensus estimate of $6 billion. Facebook had a return on equity of 14.38% and a net margin of 27.07%. The firm’s revenue for the quarter was up 59.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. Equities research analysts predict that Facebook Inc. will post $3.94 EPS for the current year.
Several brokerages recently issued reports on FB. JPMorgan Chase & Co. reissued an “overweight” rating and set a $170.00 price target on shares of Facebook in a report on Friday, September 9th. Loop Capital started coverage on shares of Facebook in a research note on Thursday, September 22nd. They issued a “buy” rating and a $165.00 target price for the company. They noted that the move was a valuation call. Credit Agricole SA reaffirmed a “buy” rating on shares of Facebook in a research note on Friday, September 23rd. Robert W. Baird reaffirmed an “outperform” rating and issued a $155.00 target price on shares of Facebook in a research note on Tuesday, September 6th. Finally, Vetr downgraded shares of Facebook from a “buy” rating to a “hold” rating and set a $134.63 target price for the company. in a research note on Tuesday, September 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, forty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Facebook currently has a consensus rating of “Buy” and a consensus target price of $149.99.
In other news, insider Christopher K. Cox sold 37,217 shares of the stock in a transaction on Friday, July 15th. The stock was sold at an average price of $117.18, for a total value of $4,361,088.06. Following the sale, the insider now directly owns 377,357 shares of the company’s stock, valued at $44,218,693.26. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Sheryl Sandberg sold 109,000 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $128.31, for a total value of $13,985,790.00. Following the completion of the sale, the chief operating officer now directly owns 4,250,008 shares in the company, valued at $545,318,526.48. The disclosure for this sale can be found here. Corporate insiders own 19.08% of the company’s stock.
Facebook, Inc builds products that enable people to connect and share through mobile devices and personal computers. The Company enables people to share their opinions, ideas, photos and videos, and other activities. Its products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook is a mobile application and Website that enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.