Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Cullen/Frost Bankers, Inc. for the reporting period ended March 31, 2026. The report was signed on May 5, 2026, by Coolidge E. Rhodes, Jr., Group Executive VP, General Counsel, and Corporate Secretary. The filing covers the holdings of the primary manager and includes three other institutional investment managers: Frost Bank - FWA, Frost Investment Advisors, LLC, and Frost Investment Services, LLC.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Cullen/Frost Bankers, Inc. itself. The filing provides the following aggregate portfolio metrics:
- Total Portfolio Value: $8,805,425,248
- Total Number of Holdings: 1,393 entries
- Number of Included Managers: 3
The filing text does not provide data on revenue, profit margins, debt levels, or liquidity for the reporting entity's own operations.
Material Changes
The filing text does not provide comparative data for the prior period (e.g., December 31, 2025) to calculate material changes in portfolio value or composition. Consequently, no analysis of period-over-period changes can be derived from this document alone.
Guidance, Outlook, and Risks
This filing is a regulatory disclosure of securities holdings and does not contain management commentary, forward-looking guidance, risk factors, or contingencies regarding the company's future business outlook. The document includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total portfolio value of $8.8 billion against the company's most recent 10-Q or 10-K to understand the proportion of assets managed versus total corporate assets.
- Confirm the specific equity positions within the 1,393 reported entries to assess concentration risk.
- Review the filings of the three included managers (Frost Bank - FWA, Frost Investment Advisors, LLC, Frost Investment Services, LLC) to ensure no double-counting of assets if analyzing the broader group.
- Note that this document does not reflect the bank's own financial health (e.g., loan loss provisions, deposit levels) and should not be used as a proxy for operational performance.