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

SecurityCFR / Cullen/Frost Bankers, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership852,041 shares
Latest Disclosed Value $ 116,798,122
Morgan Stanley reports 32.74% increase in ownership of CFR / Cullen/Frost Bankers, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 852,041 shares of Cullen/Frost Bankers, Inc. (US:CFR) valued at $116,797,780 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 641,890 shares of Cullen/Frost Bankers, Inc.. This represents a change in shares of 32.74% during the quarter. The current value of the position is $117,470,893 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)
2026-05-15 2026-03-31 13F CULLEN FROST BANKERS COM 229899109 852,041 210,151 32.74 116,798 43.69 0.0070
2026-05-27 2025-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 641,890 164,854 34.56 81,283 34.41 0.0049
2026-02-13 2025-12-31 13F CULLEN FROST BANKERS COM 229899109 641,890 164,854 81,283 0.0049
2026-05-27 2025-09-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 477,036 1,313 0.28 60,474 -1.11 0.0037
2025-11-14 2025-09-30 13F CULLEN FROST BANKERS COM 229899109 477,036 1,313 60,474 0.0037
2025-08-15 2025-06-30 13F CULLEN FROST BANKERS COM 229899109 475,723 -176,893 -27.11 61,150 -25.16 0.0040
2025-05-15 2025-03-31 13F CULLEN FROST BANKERS COM 229899109 652,616 127,919 24.38 81,708 16.00 0.0058
2025-05-15 2024-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 524,697 -208,285 -28.42 70,441 -14.09 0.0049
2025-02-14 2024-12-31 13F CULLEN FROST BANKERS COM 229899109 524,697 -208,285 70,441 0.0049
2025-05-14 2024-09-30 13F/A-2 CULLEN FROST BANKERS COM 229899109 732,982 67,184 10.09 81,991 21.17 0.0059
2025-02-14 2024-09-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 732,982 67,184 81,991 0.0059
2024-11-14 2024-09-30 13F CULLEN FROST BANKERS COM 229899109 732,982 67,184 81,991 0.0007
2025-05-14 2024-06-30 13F/A-2 CULLEN FROST BANKERS COM 229899109 665,798 158,559 31.26 67,665 18.50 0.0052
2024-10-17 2024-06-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 665,798 158,559 67,665 0.0052
2024-08-14 2024-06-30 13F CULLEN FROST BANKERS COM 229899109 665,798 158,559 67,665 0.0052
2024-10-17 2024-03-31 13F/A-2 CULLEN FROST BANKERS COM 229899109 507,239 164,387 47.95 57,100 53.51 0.0046
2024-08-16 2024-03-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 507,239 164,387 57,100 0.0005
2024-05-15 2024-03-31 13F CULLEN FROST BANKERS COM 229899109 507,239 164,387 57,100 0.0046
2024-08-16 2023-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 342,852 -90,400 -20.87 37,196 -5.87 0.0033
2024-02-13 2023-12-31 13F CULLEN FROST BANKERS COM 229899109 342,852 -90,400 37,196 0.0033
2023-11-15 2023-09-30 13F CULLEN FROST BANKERS COM 229899109 433,252 -144,062 -24.95 39,517 -36.34 0.0040
2023-08-14 2023-06-30 13F CULLEN FROST BANKERS COM 229899109 577,314 18,904 3.39 62,079 5.54 0.0061
2023-05-15 2023-03-31 13F CULLEN FROST BANKERS COM 229899109 558,410 170,507 43.96 58,823 13.42 0.0063
2023-02-14 2022-12-31 13F CULLEN FROST BANKERS COM 229899109 387,903 41,165 11.87 51,863 13.12 0.0059
2022-11-14 2022-09-30 13F CULLEN FROST BANKERS COM 229899109 346,738 -66,213 -16.03 45,846 -4.67 0.0062
2022-10-27 2022-06-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 412,951 328,671 389.98 48,090 312.26 0.0062
2022-08-15 2022-06-30 13F CULLEN FROST BANKERS COM 229899109 412,951 328,671 48,090 0.0062
2022-10-27 2022-03-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 84,280 -63,069 -42.80 11,665 -37.20 0.0016
2022-05-13 2022-03-31 13F CULLEN FROST BANKERS COM 229899109 84,280 -63,069 11,665 0.0016
2022-02-14 2021-12-31 13F CULLEN FROST BANKERS COM 229899109 147,349 1,045 0.71 18,576 7.04 0.0023
2021-11-15 2021-09-30 13F CULLEN FROST BANKERS COM 229899109 146,304 49,268 50.77 17,354 59.68 0.0023
2021-08-23 2021-06-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 97,036 3,044 3.24 10,868 6.31 0.0014
2021-08-16 2021-06-30 13F CULLEN FROST BANKERS COM 229899109 97,036 3,044 10,868 0.0003
2021-05-17 2021-03-31 13F CULLEN FROST BANKERS COM 229899109 93,992 -13,206 -12.32 10,223 9.33 0.0015
2021-02-16 2020-12-31 13F CULLEN FROST BANKERS COM 229899109 107,198 -92,767 -46.39 9,351 -26.88 0.0014
2020-11-13 2020-09-30 13F CULLEN FROST BANKERS COM 229899109 199,965 67,577 51.04 12,788 29.29 0.0025
2020-08-14 2020-06-30 13F CULLEN FROST BANKERS COM 229899109 132,388 -34,530 -20.69 9,891 6.22 0.0022
2020-05-26 2020-03-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 166,918 93,487 127.31 9,312 29.69 0.0025
2020-05-15 2020-03-31 13F CULLEN FROST BANKERS COM 229899109 166,918 93,487 9,312 715.3557
2020-02-14 2019-12-31 13F CULLEN FROST BANKERS COM 229899109 73,431 25,239 52.37 7,180 68.27 0.0017
2019-11-14 2019-09-30 13F CULLEN FROST BANKERS COM 229899109 48,192 2,346 5.12 4,267 -0.61 0.0011
2019-08-14 2019-06-30 13F CULLEN FROST BANKERS COM 229899109 45,846 -4,742 -9.37 4,293 -12.58 0.0011
2019-05-15 2019-03-31 13F CULLEN FROST BANKERS COM 229899109 50,588 -41,948 -45.33 4,911 -39.65 0.0014
2019-02-14 2018-12-31 13F CULLEN FROST BANKERS COM 229899109 92,536 -151,468 -62.08 8,137 -68.07 0.0024
2019-04-23 2018-09-30 13F/A-2 CULLEN FROST BANKERS COM 229899109 244,004 36,286 17.47 25,483 13.34 0.0064
2018-11-20 2018-09-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 244,004 0 25,483 0.0064
2018-11-14 2018-09-30 13F CULLEN FROST BANKERS COM 229899109 244,004 36,286 25,483
2019-04-23 2018-06-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 207,718 -271,405 -56.65 22,483 -55.76 0.0061
2018-08-14 2018-06-30 13F CULLEN FROST BANKERS COM 229899109 207,718 -271,405 22,483
2019-04-23 2018-03-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 479,123 -118,662 -19.85 50,821 -10.18 0.0141
2018-05-14 2018-03-31 13F CULLEN FROST BANKERS COM 229899109 479,123 -118,662 50,821
2019-04-23 2017-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 597,785 395,135 194.98 56,581 194.16 0.0155
2018-02-14 2017-12-31 13F CULLEN FROST BANKERS COM 229899109 597,785 395,135 56,581
2017-11-14 2017-09-30 13F CULLEN FROST BANKERS COM 229899109 202,650 43,687 27.48 19,235 28.83 0.0058
2017-08-11 2017-06-30 13F CULLEN FROST BANKERS COM 229899109 158,963 -28,994 -15.43 14,930 -10.72 0.0045
2017-05-22 2017-03-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 187,957 16,275 9.48 16,723 10.40 0.0051
2017-05-12 2017-03-31 13F CULLEN FROST BANKERS COM 229899109 187,957 16,723
2017-02-22 2016-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 171,682 -7,127 -3.99 15,147 17.76 0.0050
2017-02-13 2016-12-31 13F CULLEN FROST BANKERS COM 229899109 171,682 15,147
2016-11-10 2016-09-30 13F CULLEN FROST BANKERS COM 229899109 178,809 33,635 23.17 12,863 39.03 0.0044
2016-08-12 2016-06-30 13F CULLEN FROST BANKERS COM 229899109 145,174 52,283 56.28 9,252 80.70 0.0033
2016-05-12 2016-03-31 13F CULLEN FROST BANKERS COM 229899109 92,891 -328,311 -77.95 5,120 -79.74 0.0020
2016-02-09 2015-12-31 13F CULLEN FROST BANKERS COM 229899109 421,202 328,916 356.41 25,273 330.69 0.0091
2016-02-08 2015-09-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 92,286 -13,625 -12.86 5,868 -29.49 0.0022
2015-11-09 2015-09-30 13F CULLEN FROST BANKERS COM 229899109 92,286 5,868
2015-08-12 2015-06-30 13F CULLEN FROST BANKERS COM 229899109 105,911 29,451 38.52 8,322 57.55 0.0029
2015-05-14 2015-03-31 13F CULLEN FROST BANKERS COM 229899109 76,460 -643,214 -89.38 5,282 -89.61 0.0019
2015-02-13 2014-12-31 13F CULLEN FROST BANKERS COM 229899109 719,674 629,799 700.75 50,839 639.37 0.0186
2014-12-16 2014-09-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 89,875 58,807 189.28 6,876 178.72 0.0026
2014-11-14 2014-09-30 13F CULLEN FROST BANKERS COM 229899109 89,875 6,876
2014-08-12 2014-06-30 13F CULLEN FROST BANKERS COM 229899109 31,068 -2,085 -6.29 2,467 -4.01 0.0042
2014-05-13 2014-03-31 13F CULLEN FROST BANKERS COM 229899109 33,153 -27,706 -45.52 2,570 -43.25 0.0011
2014-02-13 2013-12-31 13F CULLEN FROST BANKERS COM 229899109 60,859 -15,901 -20.72 4,529 -16.36 0.0019
2013-11-13 2013-09-30 13F CULLEN FROST BANKER COM 229899109 76,760 29,263 61.61 5,415 70.77 0.0026
2013-08-08 2013-06-30 13F CULLEN FROST BANKER COM 229899109 47,497 47,497 3,171 0.0016
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.