This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cullen/Frost Bankers: Financial Winner

Stocks in this article: CFRJPMI:BKX

NEW YORK ( TheStreet) -- Cullen Frost Bankers (CFR) of San Antonio was the winner among large U.S. banks on Friday, with shares rising 2% to close at $69.44.

The KBW Bank Index (I:BKX) ended with a slight decline to close at 63.60, with the 24 index components evenly split between winners and losers.

The broad indices all ended lower after James Bullard -- the president of the Federal Reserve Bank of St. Louis and a member of the Federal Open Market Committee -- said during an interview on Bloomberg TV that the FOMC on Wednesday made a "borderline decision" not to curtail the Fed's bond-buying, based on recent economic data. Bullard went on to say the tapering of the "QE3" balance sheet expansion by the Fed could take place as soon as next month.

After the broad market's strong favorable reaction to Wednesday's FOMC decision, which was followed by a very rough Thursday for several large regional banks that may be waiting even longer than they had previously expected for short-term interest rates to rise, Bullard may have rekindled the market's hysteria over Federal Reserve policy.

Bullard said he was "a little dismayed at those in markets that are saying they're surprised" by the FOMC's decision on Wednesday. Then again, his comments may confuse the market again, since the possibility of tapering next month is a bit different from Federal Reserve Chairman Ben Bernanke's statement during his Wednesday press conference that "We could move later this year."

Then again, both Bullard and Bernanke emphasized this week that the FOMC's decisions would be "data dependent."

Shares of JPMorgan Chase (JPM) on Friday were up a nickel to close at $52.80, one day after the company was hit with $920 million in fines from four bank regulators, springing from the "London Whale" trading debacle, along with another $369 million in customer refunds and fines for "illegal credit card practices." TheStreet reported that JPMorgan's attorneys believe CEO James Dimon will face no individual charges from the Securities and Exchange Commission , and that corporate litigation experts see little benefit to plaintiffs suing JPM from the bank's "historic" admission of wrongdoing.

Societe General on Friday initiated coverage of the "big four" U.S. banks, with "buy" ratings for Bank of America (BAC) and Citigroup (C), but "hold" ratings for the far more profitable JPMorgan Chase and Wells Fargo (WFC).

Cullen/Frost Bankers

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs