Cullen/Frost Bankers, Inc.
US ˙ NYSE ˙ US2298991090

SecurityCFR / Cullen/Frost Bankers, Inc.
InstitutionDiversified Trust Co
Latest Disclosed Ownership12,943 shares
Latest Disclosed Value $ 1,774,226
Diversified Trust Co reports 6.67% decrease in ownership of CFR / Cullen/Frost Bankers, Inc.

On April 16, 2026 - Diversified Trust Co filed a 13F-HR form disclosing ownership of 12,943 shares of Cullen/Frost Bankers, Inc. (US:CFR) valued at $1,774,226 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 9, 2026 disclosing 13,868 shares of Cullen/Frost Bankers, Inc.. This represents a change in shares of -6.67% during the quarter. The current value of the position is $1,737,986 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-04-16 2026-03-31 13F CULLEN FROST BANKERS COM 229899109 12,943 -925 -6.67 1,774 1.03 0.0217
2026-01-09 2025-12-31 13F CULLEN FROST BANKERS COM 229899109 13,868 74 0.54 1,756 0.46 0.0323
2025-10-20 2025-09-30 13F CULLEN FROST BANKERS COM 229899109 13,794 245 1.81 1,749 0.40 0.0349
2025-07-11 2025-06-30 13F CULLEN FROST BANKERS COM 229899109 13,549 1,012 8.07 1,742 10.96 0.0386
2025-04-24 2025-03-31 13F CULLEN FROST BANKERS COM 229899109 12,537 -5,902 -32.01 1,570 -36.61 0.0388
2025-01-07 2024-12-31 13F CULLEN FROST BANKERS COM 229899109 18,439 -3,646 -16.51 2,475 0.20 0.0603
2024-10-07 2024-09-30 13F CULLEN FROST BANKERS COM 229899109 22,085 2,755 14.25 2,470 25.76 0.0622
2024-07-16 2024-06-30 13F CULLEN FROST BANKERS COM 229899109 19,330 462 2.45 1,965 -7.49 0.0555
2024-04-18 2024-03-31 13F CULLEN FROST BANKERS COM 229899109 18,868 4,033 27.19 2,124 31.95 0.0640
2024-01-08 2023-12-31 13F CULLEN FROST BANKERS COM 229899109 14,835 4,391 42.04 1,609 69.01 0.0541
2023-11-17 2023-09-30 13F CULLEN FROST BANKERS COM 229899109 10,444 4,928 89.34 953 60.54 0.0360
2023-07-18 2023-06-30 13F CULLEN FROST BANKERS COM 229899109 5,516 1,462 36.06 593 38.88 0.0216
2023-04-07 2023-03-31 13F CULLEN FROST BANKERS COM 229899109 4,054 -91 -2.20 427 -22.92 0.0166
2023-01-17 2022-12-31 13F CULLEN FROST BANKERS COM 229899109 4,145 1,140 37.94 1 -100.00 0.0231
2022-10-14 2022-09-30 13F CULLEN FROST BANKERS COM 229899109 3,005 0 0.00 397 13.43 0.0180
2022-07-12 2022-06-30 13F CULLEN FROST BANKERS COM 229899109 3,005 -900 -23.05 350 -35.19 0.0147
2022-04-07 2022-03-31 13F CULLEN FROST BANKERS COM 229899109 3,905 -1,700 -30.33 540 -23.62 0.0188
2022-01-13 2021-12-31 13F CULLEN FROST BANKERS COM 229899109 5,605 0 0.00 707 6.32 0.0233
2022-01-13 2021-09-30 13F CULLEN FROST BANKERS COM 229899109 5,605 0 0.00 665 5.89 0.0239
2021-07-20 2021-06-30 13F CULLEN FROST BANKERS COM 229899109 5,605 -1,025 -15.46 628 -12.90 0.0227
2021-05-10 2021-03-31 13F CULLEN FROST BANKERS COM 229899109 6,630 425 6.85 721 33.27 0.0278
2021-01-08 2020-12-31 13F CULLEN FROST BANKERS COM 229899109 6,205 0 0.00 541 36.27 0.0219
2020-10-15 2020-09-30 13F CULLEN FROST BANKERS COM 229899109 6,205 0 0.00 397 -14.44 0.0183
2020-07-07 2020-06-30 13F CULLEN FROST BANKERS COM 229899109 6,205 1,550 33.30 464 78.46 0.0234
2020-04-10 2020-03-31 13F CULLEN FROST BANKERS COM 229899109 4,655 1,145 32.62 260 -24.20 0.0152
2020-01-09 2019-12-31 13F CULLEN FROST BANKERS COM 229899109 3,510 1,000 39.84 343 54.50 0.0154
2019-10-09 2019-09-30 13F CULLEN FROST BANKERS COM 229899109 2,510 0 0.00 222 -5.53 0.0104
2019-07-12 2019-06-30 13F CULLEN FROST BANKERS COM 229899109 2,510 310 14.09 235 9.81 0.0112
2019-05-22 2019-03-31 13F CULLEN FROST BANKERS COM 229899109 2,200 2,200 214 0.0104
2019-01-18 2018-12-31 13F CULLEN FROST BANKERS COM 229899109 0 -2,110 -100.00 0 -100.00
2018-11-26 2018-09-30 13F CULLEN FROST BANKERS COM 229899109 2,110 0 0.00 220 -3.51 0.0110
2018-07-23 2018-06-30 13F CULLEN FROST BANKERS COM 229899109 2,110 -268 -11.27 228 -9.52 0.0145
2018-06-01 2018-03-31 13F CULLEN FROST BANKERS COM 229899109 2,378 -12 -0.50 252 11.50 0.0161
2018-01-19 2017-12-31 13F CULLEN FROST BANKERS COM 229899109 2,390 40 1.70 226 1.35 0.0138
2017-10-17 2017-09-30 13F CULLEN FROST BANKERS COM 229899109 2,350 100 4.44 223 5.69 0.0170
2017-07-18 2017-06-30 13F CULLEN FROST BANKERS COM 229899109 2,250 0 0.00 211 5.50 0.0171
2017-04-21 2017-03-31 13F CULLEN FROST BANKERS COM 229899109 2,250 -450 -16.67 200 -15.97 0.0153
2017-02-22 2016-12-31 13F CULLEN FROST BANKERS COM 229899109 2,700 -800 -22.86 238 -5.56 0.0202
2016-11-03 2016-09-30 13F CULLEN FROST BANKERS COM 229899109 3,500 -1,350 -27.84 252 -18.45 0.0294
2016-07-26 2016-06-30 13F CULLEN FROST BANKERS COM 229899109 4,850 -1,150 -19.17 309 -6.36 0.0357
2016-05-02 2016-03-31 13F CULLEN FROST BANKERS COM 229899109 6,000 800 15.38 330 5.77 0.0363
2016-01-27 2015-12-31 13F CULLEN FROST BANKERS COM 229899109 5,200 -100 -1.89 312 -7.42 0.0334
2015-11-02 2015-09-30 13F CULLEN FROST BANKERS COM 229899109 5,300 0 0.00 337 -18.99 0.0362
2015-07-15 2015-06-30 13F CULLEN FROST BANKERS COM 229899109 5,300 -400 -7.02 416 5.58 0.0393
2015-04-29 2015-03-31 13F CULLEN FROST BANKERS COM 229899109 5,700 5,700 0.00 394 0.0341
2015-02-04 2014-12-31 13F CULLEN FROST BANKERS COM 229899109 0 -6,920 -100.00 0 -100.00
2014-08-15 2014-06-30 13F CULLEN FROST BANKERS COM 229899109 6,920 -1,190 -14.67 550 -8.94 0.0459
2014-02-10 2013-12-31 13F CULLEN FROST BANKERS Common 229899109 8,110 2,200 37.23 604 44.84 0.0616
2013-10-18 2013-09-30 13F CULLEN FROST BANKERS Common 229899109 5,910 885 17.61 417 24.11 0.0441
2013-07-23 2013-06-30 13F CULLEN FROST BANKERS Common 229899109 5,025 5,025 336 0.0400
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.