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

SecurityCFR / Cullen/Frost Bankers, Inc.
InstitutionAdvisor Group Holdings, Inc.
Latest Disclosed Ownership11,879 shares
Latest Disclosed Value $ 1,628,373
Advisor Group Holdings, Inc. reports 20.65% increase in ownership of CFR / Cullen/Frost Bankers, Inc.

On May 15, 2026 - Advisor Group Holdings, Inc. filed a 13F-HR form disclosing ownership of 11,879 shares of Cullen/Frost Bankers, Inc. (US:CFR) valued at $1,628,373 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 9,846 shares of Cullen/Frost Bankers, Inc.. This represents a change in shares of 20.65% during the quarter. The current value of the position is $1,595,112 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 11,879 2,033 20.65 1,628 30.66 0.0014
2026-02-17 2025-12-31 13F CULLEN FROST BANKERS COM 229899109 9,846 -2,638 -21.13 1,247 -21.68 0.0018
2025-11-14 2025-09-30 13F CULLEN FROST BANKERS COM 229899109 12,484 6,556 110.59 1,592 110.45 0.0022
2025-09-04 2025-06-30 13F/A-1 ULLEN FROST BANKERS COM 229899109 5,928 3,333 128.44 756 133.33 0.0013
2025-08-13 2025-06-30 13F ULLEN FROST BANKERS COM 229899109 2,758 163 353 0.0004
2025-05-12 2025-03-31 13F CULLEN FROST BANKERS COM 229899109 2,595 1,353 108.94 325 95.18 0.0007
2025-06-06 2024-12-31 13F/A-1 CULLEN FROST BANKERS COM 229899109 1,242 -8,065 -86.66 167 -84.05 0.0004
2025-02-07 2024-12-31 13F CULLEN FROST BANKERS COM 229899109 1,212 -8,095 146 0.0004
2024-11-13 2024-09-30 13F CULLEN FROST BANKERS COM 229899109 9,307 -1,120 -10.74 1,041 -1.70 0.0023
2024-08-13 2024-06-30 13F CULLEN FROST BANKERS COM 229899109 10,427 -815 -7.25 1,060 -16.28 0.0025
2024-05-10 2024-03-31 13F CULLEN FROST BANKERS COM 229899109 11,242 -3,822 -25.37 1,266 -22.34 0.0028
2024-02-12 2023-12-31 13F CULLEN FROST BANKERS COM 229899109 15,064 954 6.76 1,630 26.57 0.0029
2023-11-13 2023-09-30 13F CULLEN FROST BANKERS COM 229899109 14,110 3,471 32.63 1,288 12.40 0.0019
2023-08-21 2023-06-30 13F/A-1 CULLEN FROST BANKERS COM 229899109 10,639 -14,744 -58.09 1,145 -57.18 0.0021
2023-08-10 2023-06-30 13F CULLEN FROST BANKERS COM 229899109 11,065 -14,318 1,145 0.0003
2023-05-12 2023-03-31 13F CULLEN FROST BANKERS COM 229899109 25,383 -19,463 -43.40 2,674 -55.41 0.0050
2023-02-10 2022-12-31 13F CULLEN FROST BANKERS COM 229899109 44,846 8,524 23.47 5,997 24.83 0.0121
2022-11-14 2022-09-30 13F CULLEN FROST BANKERS COM 229899109 36,322 -1,345 -3.57 4,804 9.56 0.0110
2022-08-10 2022-06-30 13F CULLEN FROST BANKERS COM 229899109 37,667 12,063 47.11 4,385 20.14 0.0097
2022-05-04 2022-03-31 13F CULLEN FROST BANKERS COM 229899109 25,604 -156 -0.61 3,650 12.38 0.0071
2022-02-03 2021-12-31 13F CULLEN FROST BANKERS COM 229899109 25,760 -494 -1.88 3,248 4.24 0.0061
2021-11-05 2021-09-30 13F CULLEN FROST BANKERS COM 229899109 26,254 -654 -2.43 3,116 3.38 0.0065
2021-08-02 2021-06-30 13F CULLEN FROST BANKERS COM 229899109 26,908 212 0.79 3,014 3.79 0.0065
2021-05-13 2021-03-31 13F CULLEN FROST BANKERS COM 229899109 26,696 -797 -2.90 2,904 21.15 0.0070
2021-02-10 2020-12-31 13F CULLEN FROST BANKERS COM 229899109 27,493 378 1.39 2,397 38.24 0.0064
2020-11-12 2020-09-30 13F CULLEN FROST BANKERS COM 229899109 27,115 -1,930 -6.64 1,734 -19.69 0.0052
2020-08-14 2020-06-30 13F CULLEN FROST BANKERS COM 229899109 29,045 1,364 4.93 2,159 40.19 0.0072
2020-05-18 2020-03-31 13F CULLEN FROST BANKERS COM 229899109 27,681 27,681 1,540 0.0063
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.