Cullen/Frost Bankers (CFR) vs Independent Bank (INDB)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Cullen/Frost Bankers (CFR) has outperformed Independent Bank (INDB) over the past year, gaining 19.5% versus a gain of 11.0%. Over five years, CFR leads with a +23.2% price change compared with -4.1% for INDB. Cullen/Frost Bankers is the larger company by market cap ($9.47 billion vs $3.65 billion), about 2.6 times the size, while Independent Bank is growing revenue faster (+24.3% vs +8.3%).
On valuation, Independent Bank trades at a lower forward P/E (9.4x vs 12.7x for Cullen/Frost Bankers). Independent Bank offers the higher dividend yield (3.19% vs 2.65%). Cullen/Frost Bankers converts more of its revenue into profit, with a net margin of 29.0% versus 23.9%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | CFR | INDB |
|---|---|---|
| Share price | $152.36 | $77.12 |
| Market cap | $9.47B | $3.65B |
| 1-day change | +1.32% | -1.39% |
| YTD return | +20.32% | +5.53% |
| 1-year return | +19.53% | +10.96% |
| 5-year return | +23.21% | -4.10% |
| P/E ratio (TTM) | 14.21 | 13.82 |
| Forward P/E | 12.74 | 9.36 |
| EPS (TTM) | $10.72 | $5.58 |
| Dividend yield | 2.65% | 3.19% |
| Annual dividend | $4.03 | $2.46 |
| Revenue (latest FY) | $2.24B | $857.52M |
| Revenue growth (YoY) | +8.31% | +24.32% |
| Net income (latest FY) | $648.56M | $205.12M |
| Net margin | 29.02% | 23.92% |
| 52-week high | $170.80 | $87.50 |
| 52-week low | $119.00 | $63.33 |
| Distance from 52-week high | -10.80% | -11.86% |
| Analyst consensus | hold | buy |
| Avg. price target upside | +13.78% | +21.15% |
| Average volume | 539.26K | 358.03K |
| Shares outstanding | 62.15M | 47.37M |
| Employees | 6,008 | 2,294 |
| Sector | Financial Services | Financial Services |
| Industry | Banks - Regional | Banks - Regional |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Cullen/Frost Bankers is about 2.6 times larger than Independent Bank by market value ($9.47B vs $3.65B).
- Cullen/Frost Bankers is more profitable, keeping 29.0 cents of every revenue dollar as net income versus 23.9 cents for Independent Bank.
- Independent Bank grew revenue faster in its latest fiscal year (+24.32% vs +8.31%).
About Cullen/Frost Bankers
CFR stock →Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas.
Financial Services · Banks - Regional · 6,008 employees
About Independent Bank
INDB stock →Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States.
Financial Services · Banks - Regional · 2,294 employees
CFR vs INDB FAQ
Which is bigger, Cullen/Frost Bankers or Independent Bank?
Cullen/Frost Bankers (CFR) is larger, with a market capitalization of $9.47B compared with $3.65B for Independent Bank (INDB).
Which stock has performed better over the past year, CFR or INDB?
CFR returned +19.53% over the past 12 months, compared with +10.96% for INDB (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, CFR or INDB?
INDB has the lower trailing P/E at 13.8, versus 14.2 for CFR. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Cullen/Frost Bankers or Independent Bank?
Independent Bank has the higher yield at 3.19%, compared with 2.65% for Cullen/Frost Bankers.
Are Cullen/Frost Bankers and Independent Bank in the same industry?
Yes. Both are classified in the Banks - Regional industry within the Financial Services sector.