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

SecurityCFR / Cullen/Frost Bankers, Inc.
InstitutionNorthern Trust Corp
Latest Disclosed Ownership945,979 shares
Latest Disclosed Value $ 129,674,801
Northern Trust Corp reports 0.32% decrease in ownership of CFR / Cullen/Frost Bankers, Inc.

On May 14, 2026 - Northern Trust Corp filed a 13F-HR form disclosing ownership of 945,979 shares of Cullen/Frost Bankers, Inc. (US:CFR) valued at $129,674,801 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 949,039 shares of Cullen/Frost Bankers, Inc.. This represents a change in shares of -0.32% during the quarter. The current value of the position is $130,422,125 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)
2026-05-14 2026-03-31 13F CULLEN FROST BANKERS COM 229899109 945,979 -3,060 -0.32 129,675 7.90 0.0171
2026-02-17 2025-12-31 13F CULLEN FROST BANKERS COM 229899109 949,039 -16,782 -1.74 120,177 -1.85 0.0153
2025-11-14 2025-09-30 13F CULLEN FROST BANKERS COM 229899109 965,821 21,793 2.31 122,437 0.90 0.0157
2025-08-13 2025-06-30 13F CULLEN FROST BANKERS COM 229899109 944,028 -107,140 -10.19 121,345 -7.80 0.0167
2025-05-13 2025-03-31 13F CULLEN FROST BANKERS COM 229899109 1,051,168 77,592 7.97 131,606 0.69 0.0195
2025-02-14 2024-12-31 13F CULLEN FROST BANKERS COM 229899109 973,576 245,458 33.71 130,703 60.47 0.0185
2024-11-13 2024-09-30 13F CULLEN FROST BANKERS COM 229899109 728,118 89,959 14.10 81,447 25.58 0.0133
2024-08-14 2024-06-30 13F CULLEN FROST BANKERS COM 229899109 638,159 73,479 13.01 64,856 2.03 0.0109
2024-05-14 2024-03-31 13F CULLEN FROST BANKERS COM 229899109 564,680 -55,991 -9.02 63,566 -5.60 0.0110
2024-02-13 2023-12-31 13F CULLEN FROST BANKERS COM 229899109 620,671 2,500 0.40 67,337 19.43 0.0122
2023-11-13 2023-09-30 13F CULLEN FROST BANKERS COM 229899109 618,171 -279 -0.05 56,383 -15.21 0.0109
2023-08-11 2023-06-30 13F CULLEN FROST BANKERS COM 229899109 618,450 -6,024 -0.96 66,502 1.09 0.0128
2023-05-15 2023-03-31 13F CULLEN FROST BANKERS COM 229899109 624,474 15,182 2.49 65,782 -19.25 0.0130
2023-02-13 2022-12-31 13F CULLEN FROST BANKERS COM 229899109 609,292 -1,052 -0.17 81,462 0.94 0.0171
2022-11-14 2022-09-30 13F CULLEN FROST BANKERS COM 229899109 610,344 11,632 1.94 80,701 15.75 0.0184
2022-08-12 2022-06-30 13F CULLEN FROST BANKERS COM 229899109 598,712 -4,377 -0.73 69,720 -16.48 0.0149
2022-05-13 2022-03-31 13F CULLEN FROST BANKERS COM 229899109 603,089 1,513 0.25 83,473 10.06 0.0147
2022-02-08 2021-12-31 13F CULLEN FROST BANKERS COM 229899109 601,576 56,425 10.35 75,840 17.28 0.0124
2021-11-15 2021-09-30 13F CULLEN FROST BANKERS COM 229899109 545,151 4,501 0.83 64,666 6.79 0.0114
2021-08-13 2021-06-30 13F CULLEN FROST BANKERS COM 229899109 540,650 787 0.15 60,553 3.13 0.0107
2021-05-12 2021-03-31 13F CULLEN FROST BANKERS COM 229899109 539,863 63,531 13.34 58,716 41.31 0.0109
2021-02-11 2020-12-31 13F CULLEN FROST BANKERS COM 229899109 476,332 -496 -0.10 41,551 36.26 0.0081
2020-11-16 2020-09-30 13F CULLEN FROST BANKERS COM 229899109 476,828 -21,211 -4.26 30,494 -18.04 0.0067
2020-08-14 2020-06-30 13F CULLEN FROST BANKERS COM 229899109 498,039 2,950 0.60 37,208 34.71 0.0088
2020-05-14 2020-03-31 13F CULLEN FROST BANKERS COM 229899109 495,089 14,762 3.07 27,620 -41.19 0.0079
2020-02-14 2019-12-31 13F CULLEN FROST BANKERS COM 229899109 480,327 10,540 2.24 46,967 12.90 0.0105
2019-11-13 2019-09-30 13F CULLEN FROST BANKERS COM 229899109 469,787 -43,745 -8.52 41,600 -13.51 0.0100
2019-08-13 2019-06-30 13F CULLEN FROST BANKERS COM 229899109 513,532 -482 -0.09 48,097 -3.60 0.0114
2019-05-13 2019-03-31 13F CULLEN FROST BANKERS COM 229899109 514,014 9,492 1.88 49,895 12.45 0.0123
2019-02-12 2018-12-31 13F CULLEN FROST BANKERS COM 229899109 504,522 7,069 1.42 44,369 -14.60 0.0124
2018-11-14 2018-09-30 13F CULLEN FROST BANKERS COM 229899109 497,453 35,148 7.60 51,954 3.82 0.0127
2018-09-18 2018-06-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 462,305 -547 -0.12 50,040 1.93 0.0127
2018-08-14 2018-06-30 13F CULLEN FROST BANKERS COM 229899109 466,427 3,575 50,486
2018-05-09 2018-03-31 13F CULLEN FROST BANKERS COM 229899109 462,852 20,586 4.65 49,094 17.28 0.0128
2018-02-14 2017-12-31 13F CULLEN FROST BANKERS COM 229899109 442,266 -27,609 -5.88 41,860 -6.15 0.0106
2017-11-13 2017-09-30 13F CULLEN FROST BANKERS COM 229899109 469,875 -530 -0.11 44,601 0.96 0.0116
2017-08-11 2017-06-30 13F CULLEN FROST BANKERS COM 229899109 470,405 9,621 2.09 44,176 7.76 0.0124
2017-05-12 2017-03-31 13F CULLEN FROST BANKERS COM 229899109 460,784 -60,147 -11.55 40,996 -10.80 0.0118
2017-02-13 2016-12-31 13F CULLEN FROST BANKERS COM 229899109 520,931 926 0.18 45,961 22.86 0.0141
2016-11-09 2016-09-30 13F CULLEN FROST BANKERS COM 229899109 520,005 25,909 5.24 37,409 18.80 0.0117
2016-08-12 2016-06-30 13F CULLEN FROST BANKERS COM 229899109 494,096 12,825 2.66 31,488 17.44 0.0102
2016-08-19 2016-03-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 481,271 13,834 2.96 26,813 -4.40 0.0089
2016-05-13 2016-03-31 13F Cullen Frost Bankers COMM 229899109 481,268 26,523
2016-02-12 2015-12-31 13F Cullen Frost Bankers COMM 229899109 467,437 -113,342 -19.52 28,046 -24.05 0.0093
2015-11-12 2015-09-30 13F CULLEN FROST BANKERS COM 229899109 580,779 -3,873 -0.66 36,926 -19.63 0.0123
2015-08-13 2015-06-30 13F CULLEN FROST BANKERS COM 229899109 584,652 -55,645 -8.69 45,943 3.87 0.0311
2015-08-13 2015-06-30 13F Cullen Frost Bankers COMM 022989910 34,079 -606,218 2,678 0.0018
2015-05-14 2015-03-31 13F Cullen Frost Bankers COMM 229899109 640,297 25,155 4.09 44,231 1.79 0.0133
2015-02-12 2014-12-31 13F Cullen Frost Bankers COM 229899109 615,142 -270,215 -30.52 43,453 -35.85 0.0131
2014-11-13 2014-09-30 13F Cullen Frost Bankers COMM 229899109 885,357 -55,356 -5.88 67,739 -9.33 0.0213
2014-08-14 2014-06-30 13F CULLEN FROST BANKERS com 229899109 940,713 -283,796 -23.18 74,712 -21.30 0.0233
2014-05-14 2014-03-31 13F CULLEN FROST BANKERS COMM 229899109 1,224,509 30,435 2.55 94,936 6.82 0.0299
2014-02-21 2013-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 1,194,074 -16,907 -1.40 88,874 4.03 0.0285
2014-02-12 2013-12-31 13F CULLEN FROST BANKERS COM 229899109 1,194,074 88,874
2013-11-13 2013-09-30 13F CULLEN FROST BANKERS COM 229899109 1,210,981 771,026 175.25 85,435 190.84 0.0301
2013-08-09 2013-06-30 13F CULLEN FROST BANKERS COM 229899109 439,955 439,955 29,375 0.0106
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.