CULLEN FROST BANKERS INC CFR
COM · Common Stock · CUSIP 229899109 · ISIN US2298991090
- SectorFinancials
- IndustryNational Commercial Banks
- HeadquartersSan Antonio, TX
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($54.2m this quarter). Holder counts are more reliable. Shares outstanding: 63.9m as of 2025-10-27, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $126.79. Options: 5 managers hold calls ($4.8m notional), 6 hold puts ($3.3m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 416 |
| Q4 2022 | 455 |
| Q1 2023 | 411 |
| Q2 2023 | 372 |
| Q3 2023 | 383 |
| Q4 2023 | 409 |
| Q1 2024 | 411 |
| Q2 2024 | 399 |
| Q3 2024 | 441 |
| Q4 2024 | 458 |
| Q1 2025 | 483 |
| Q2 2025 | 482 |
| Q3 2025 | 480 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 202 | 169 |
| Q1 2024 | 183 | 188 |
| Q2 2024 | 165 | 215 |
| Q3 2024 | 221 | 171 |
| Q4 2024 | 204 | 192 |
| Q1 2025 | 221 | 221 |
| Q2 2025 | 233 | 218 |
| Q3 2025 | 222 | 203 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $47.3m | $36.3m | 0.77 |
| Q1 2025 | $24.3m | $5.2m | 0.21 |
| Q2 2025 | $20.6m | $3.1m | 0.15 |
| Q3 2025 | $4.8m | $3.3m | 0.70 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +588.2k |
| WESTWOOD HOLDINGS GROUP INC | Added | +556.5k |
| TWO SIGMA INVESTMENTS, LP | Added | +356.4k |
| Fiera Capital Corp | New | +234.8k |
| MILLENNIUM MANAGEMENT LLC | New | +234.2k |
| UBS Group AG | Added | +232.1k |
| TWO SIGMA ADVISERS, LP | Added | +195.7k |
| BlackRock, Inc. | Added | +185.5k |
| Point72 Asset Management, L.P. | New | +127.9k |
| D. E. Shaw & Co., Inc. | Added | +119.4k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -387.7k |
| Aristotle Capital Management, LLC | Reduced | -318.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Reduced | -106.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -84.8k |
| GOLDMAN SACHS GROUP INC | Reduced | -72.8k |
| PRINCIPAL FINANCIAL GROUP INC | Reduced | -71.9k |
| DEPRINCE RACE & ZOLLO INC | Reduced | -69.3k |
| STATE STREET CORP | Reduced | -62.7k |
| CIBC Private Wealth Group LLC | Reduced | -53.8k |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -53.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.4m19.1k shares |
| CITADEL ADVISORS LLC | Reduced | $1.2m9.6k shares |
| WOLVERINE TRADING, LLC | Added | $598.2k4.7k shares |
| JANE STREET GROUP, LLC | Reduced | $380.3k3.0k shares |
| GROUP ONE TRADING LLC | Added | $139.4k1.1k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.4m11.1k shares |
| CITADEL ADVISORS LLC | Added | $722.6k5.7k shares |
| WOLVERINE TRADING, LLC | Reduced | $496.4k3.9k shares |
| Walleye Capital LLC | New | $355.0k2.8k shares |
| JANE STREET GROUP, LLC | Reduced | $329.6k2.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $12.0k100 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Aristotle Capital Management, LLC 13G · institution -1.2 pts · filed 2026-06-02 | 7.5% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.1% |
| STATE STREET CORP 13G · institution +0.2 pts · filed 2026-08-07 | 5.1% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.0% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 2 | $1.2m | $1.1m |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 2 | $955.9k | — |
| Q4 2024 | 0 | — | 3 | $5.7m | — |
| Q1 2025 | 0 | — | 1 | $1.6m | — |
| Q2 2025 | 1 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 6.5m $822.8m | Reduced -40.3k |
| BlackRock, Inc. 0.01% of their portfolio | 6.2m $785.5m | Added +185.5k |
| Aristotle Capital Management, LLC 1.29% of their portfolio | 5.3m $669.4m | Reduced -318.1k |
| STATE STREET CORP 0.01% of their portfolio | 3.4m $427.7m | Reduced -62.7k |
| Champlain Investment Partners, LLC 1.62% of their portfolio | 1.7m $214.2m | Reduced -44.6k |
| NEUBERGER BERMAN GROUP LLC 0.13% of their portfolio | 1.4m $179.9m | Added +94.9k |
| KING LUTHER CAPITAL MANAGEMENT CORP 0.71% of their portfolio | 1.4m $171.7m | Reduced -51.4k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.3m $170.6m | Added +588.2k |
| FMR LLC 0.01% of their portfolio | 1.3m $167.0m | Added +14.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.2m $153.9m | Added +59.5k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 1.2m $150.5m | Added +77.0k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.1m $143.2m | Added +88.1k |
| Boston Trust Walden Corp 1.02% of their portfolio | 1.1m $138.4m | Reduced -8.4k |
| JANUS HENDERSON GROUP PLC 0.06% of their portfolio | 1.1m $133.9m | Added +1.0k |
| WESTWOOD HOLDINGS GROUP INC 0.90% of their portfolio | 996.4k $126.3m | Added +556.5k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 965.8k $122.4m | Added +21.8k |
| Impax Asset Management Group plc 0.68% of their portfolio | 920.8k $116.7m | Added +98.0k |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. 0.96% of their portfolio | 831.8k $105.4m | Added +25.0k |
| FIRST TRUST ADVISORS LP 0.07% of their portfolio | 705.1k $89.4m | Added +52.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 702.0k $89.0m | Reduced -71.9k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 636.8k $80.7m | Reduced -72.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.07% of their portfolio | 636.4k $80.7m | Reduced -106.6k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 571.7k $72.5m | Reduced -40.0k |
| SEI INVESTMENTS CO 0.08% of their portfolio | 568.4k $72.1m | Added +20.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 527.8k $66.9m | Reduced -11.9k |
| MORGAN STANLEY 0.00% of their portfolio | 477.0k $60.5m | Added +1.3k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 444.4k $56.3m | Reduced -387.7k |
| GW&K Investment Management, LLC 0.45% of their portfolio | 400.0k $50.7m | Added +46.3k |
| Madison Asset Management, LLC 0.53% of their portfolio | 377.2k $47.8m | Reduced -4.0k |
| TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio | 374.0k $47.4m | Added +356.4k |
| NATIXIS ADVISORS, LLC 0.07% of their portfolio | 365.4k $46.3m | Added +37.0k |
| UBS Group AG 0.01% of their portfolio | 349.6k $44.3m | Added +232.1k |
| BARTLETT & CO. WEALTH MANAGEMENT LLC 0.57% of their portfolio | 339.9k $43.1m | Reduced -42.5k |
| Alberta Investment Management Corp 0.30% of their portfolio | 330.0k $41.8m | Added +30.0k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.15% of their portfolio | 300.7k $38.1m | Reduced -27.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 276.1k $35.0m | Added +20.8k |
| PALISADE CAPITAL MANAGEMENT, LP 0.91% of their portfolio | 264.6k $33.5m | Reduced -3.3k |
| ProShare Advisors LLC 0.07% of their portfolio | 258.6k $32.8m | Reduced -29.2k |
| Polaris Capital Management, LLC 2.07% of their portfolio | 247.9k $31.4m | Reduced -6.2k |
| Fiera Capital Corp 0.10% of their portfolio | 234.8k $29.8m | New |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 234.2k $29.7m | New |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 221.8k $28.1m | Added +74.0k |
| TCTC Holdings, LLC 0.82% of their portfolio | 218.2k $27.7m | Reduced -12.1k |
| DEPRINCE RACE & ZOLLO INC 0.52% of their portfolio | 206.1k $26.1m | Reduced -69.3k |
| TWO SIGMA ADVISERS, LP 0.05% of their portfolio | 199.7k $25.3m | Added +195.7k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.09% of their portfolio | 198.1k $25.1m | Added +30.3k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 189.2k $24.0m | Added +59.5k |
| Formuepleje A/S 1.32% of their portfolio | 184.5k $23.4m | Added +115.3k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 181.2k $23.0m | Added +14.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 179.5k $22.8m | Added +79.2k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 163.0k $20.7m | Reduced -2.9k |
| Retirement Systems of Alabama 0.07% of their portfolio | 162.6k $20.6m | Reduced -801 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 160.3k $20.3m | Added +24.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 152.6k $19.3m | Added +24.3k |
| Lido Advisors, LLC 0.08% of their portfolio | 149.3k $18.9m | Added +6.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 144.7k $18.3m | Reduced -84.8k |
| Bridgewater Associates, LP 0.07% of their portfolio | 138.5k $17.6m | Added +73.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 138.4k $17.5m | Added +72.0k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 135.3k $17.1m | Added +119.4k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 134.1k $17.0m | Reduced -3.6k |
| Point72 Asset Management, L.P. 0.04% of their portfolio | 127.9k $16.2m | New |
| Invesco Ltd. 0.00% of their portfolio | 123.8k $15.7m | Reduced -2.3k |
| Swiss National Bank 0.01% of their portfolio | 118.4k $15.0m | Added +1.8k |
| SPRUCEGROVE INVESTMENT MANAGEMENT LTD 1.16% of their portfolio | 113.6k $14.4m | Reduced -12.0k |
| Ceredex Value Advisors LLC 0.32% of their portfolio | 109.5k $13.9m | Reduced -9.8k |
| BARCLAYS PLC 0.01% of their portfolio | 108.4k $13.7m | Added +45.5k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 108.0k $13.7m | Reduced -53.2k |
| California Public Employees Retirement System 0.01% of their portfolio | 105.8k $13.4m | Added +1.2k |
| FIRST NATIONAL BANK OF OMAHA 0.82% of their portfolio | 102.2k $13.0m | Reduced -591 |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 99.4k $12.6m | Reduced -2.9k |
| Legal & General Group Plc 0.00% of their portfolio | 97.2k $12.3m | Reduced -3.5k |
| M&T Bank Corp 0.04% of their portfolio | 96.2k $12.2m | Reduced -6.8k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 86.2k $10.9m | Added +275 |
| Verition Fund Management LLC 0.06% of their portfolio | 85.7k $10.9m | Reduced -373 |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 77.6k $9.8m | Added +49.0k |
| Nuveen, LLC 0.00% of their portfolio | 77.1k $9.8m | Reduced -1.0k |
| Rafferty Asset Management, LLC 0.03% of their portfolio | 77.0k $9.8m | Added +10.7k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 75.7k $9.6m | Unchanged |
| WHITTIER TRUST CO 0.10% of their portfolio | 66.7k $8.4m | Added +998 |
| Martin Capital Partners, LLC 3.24% of their portfolio | 66.0k $8.4m | Reduced -1.1k |
| WealthPlan Investment Management, LLC 0.52% of their portfolio | 62.0k $7.9m | Reduced -1.1k |
| Cerity Partners LLC 0.01% of their portfolio | 60.7k $7.7m | Reduced -5.6k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 60.7k $7.7m | Added +7.4k |
| LPL Financial LLC 0.00% of their portfolio | 58.8k $7.5m | Reduced -4.3k |
| Hilton Capital Management, LLC 0.58% of their portfolio | 56.2k $7.1m | Added +3.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 56.2k $7.1m | Added +3 |
| LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE 1.25% of their portfolio | 54.0k $6.8m | Reduced -11 |
| Greenfield Seitz Capital Management, LLC 2.20% of their portfolio | 53.8k $6.8m | Added +969 |
| ROWLANDMILLER & PARTNERS.ADV 1.34% of their portfolio | 53.7k $6.8m | Added +981 |
| CITIGROUP INC 0.00% of their portfolio | 53.7k $6.8m | Added +362 |
| Argent Trust Co 0.24% of their portfolio | 53.5k $6.8m | Added +1.6k |
| STRS OHIO 0.02% of their portfolio | 51.5k $6.5m | Added +1 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 49.3k $6.2m | Added +3.1k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 49.0k $6.2m | Reduced -5.3k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 48.7k $6.2m | Added +794 |
| Oak Harvest Investment Services 0.65% of their portfolio | 44.0k $5.6m | Added +1.4k |
| MAIRS & POWER INC 0.05% of their portfolio | 43.5k $5.5m | Added +75 |
| TUDOR INVESTMENT CORP ET AL 0.04% of their portfolio | 43.0k $5.5m | Added +38.8k |
| FIFTH THIRD BANCORP 0.02% of their portfolio | 42.4k $5.4m | Added +3.2k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 41.2k $5.2m | Added +2.7k |