In its latest Form 13F filing, Cullen Frost Bankers Inc. increased its holdings in International Business Machines Corporation by 3.8% during the third quarter. The Texas‐based bank ended the period with 88,856 shares, acquiring an additional 3,227 shares. At quarter-end, the position carried a book value of $25,072,000, marking IBM as one of the firm’s top technology investments and reflecting confidence in the company’s cloud and consulting revenue growth trajectory.

Global Assets Advisory LLC lifted its stake in IBM by 33.5% over the same reporting period, purchasing 3,024 additional shares to reach a total of 12,044. This holding represented approximately 1.0% of the advisor’s overall portfolio and ranked IBM as its 17th largest position. The newly added shares were valued at $3,398,000, underscoring the fund’s strategic tilt toward established tech names with durable enterprise services demand.

First Citizens Bank & Trust Co. reduced its IBM stake by 9.4% in Q3, divesting 2,693 shares to finish with 26,064 remaining. The reduction lowered the position’s carrying value to $7,354,000. This move contrasted with broader institutional increases and may indicate profit-taking following IBM’s recent outperformance in infrastructure and software licensing segments.

IBM reported third-quarter revenue of $16.33 billion, up 9.1% year-over-year, and delivered $2.65 in EPS, beating consensus by $0.20. Net margin reached 12.09%, while return on equity stood at 37.76%. Following the results, Royal Bank of Canada raised its target by 16.7%, from $300 to $350, and Jefferies Financial Group boosted its objective by 20%, from $300 to $360. MarketBeat data shows a consensus target of $306.86 and a “Moderate Buy” average rating from 19 analysts.