Cullen Frost Bankers Inc. reduced its holding in Booking Holdings Inc. by 2.0% during the third quarter, selling 153 shares and ending the period with 7,390 shares. At the close of the quarter, that stake was valued at approximately $39.9 million. This modest reduction contrasts with more aggressive rebalancing moves seen at other institutions and signals continued confidence in the company’s long-term growth profile despite slight portfolio adjustments.

Several other major investors have adjusted their stakes in recent quarters. Y Intercept Hong Kong Ltd. increased its position by 15.6%, adding 69 shares to reach 511 shares valued at $2.96 million. Vontobel Holding Ltd. boosted its stake by 18.6%, acquiring 11,829 additional shares to hold 75,534 shares worth $437.3 million. Panagora Asset Management Inc. expanded its position by 67.3%, buying 12,148 shares for a total of 30,210 shares valued at $174.9 million. GRIMES & Co Wealth Management LLC grew its stake by 339.0%, adding 139 shares to hold 180 shares worth $974,000. Covey Capital Advisors LLC marginally increased its holding by 1.0%, purchasing 11 shares to reach 1,117 shares valued at $6.47 million. Hedge funds and other institutions now own 92.42% of the company’s shares.

In its latest quarterly report, Booking Holdings delivered earnings per share of $99.50, surpassing consensus estimates by $3.94. Revenue rose 12.7% year-over-year to $9.01 billion, beating analysts’ forecasts by $300 million. The company reported a net margin of 19.37% and a negative return on equity of 134.86%, reflecting substantial share repurchases and balance sheet adjustments. Booking also declared a quarterly dividend of $9.60 per share—equating to $38.40 on an annualized basis—with a payout ratio of 24.96% and a yield of approximately 0.8%, marking a steady income stream for long-term shareholders.

CEO Glenn D. Fogel sold 953 shares in a mid-January transaction valued at about $4.94 million, reducing his direct ownership by 4.63% to 19,615 shares. Director Vanessa Ames Wittman also sold 15 shares for approximately $77,867, trimming her position by 2.14%. Over the past 90 days, insiders disposed of 3,324 shares totaling roughly $17.19 million. On the sell-side, 27 analysts maintain Buy ratings, nine have Hold ratings and one has a Strong Buy, yielding an average consensus price target of near $6,210. This reflects broad confidence in continued revenue growth and margin expansion over the next 12 months.