Cullen/Frost executive Bobby Berman sells 2,406 shares

Q: How many CFR shares did Bobby Berman sell, and at what price?

Bobby Berman sold 2,406 common shares on October 30, 2026, at a weighted average price of $157.10 per share. Actual sale prices ranged from $156.705 to $158.01 per share.

Q: How many CFR shares did Bobby Berman hold after the sale?

After the sale, Bobby Berman held 28,406 shares directly and 20,051 shares through a 401(k) plan.

The reported post-sale position included 28,406 directly held shares and 20,051 shares through a 401(k) plan.

Available on EDGAR 11/02/2026 - 10:07 AM EST Accepted by SEC EDGAR 11/02/2026 - 10:07 AM EST

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Filing Sentiment

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Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. (CFR) executive Bobby Berman, GEVP Research & Strategy, sold 2,406 common shares on October 30, 2026, at a weighted average price of $157.10 per share. Actual sale prices ranged from $156.705 to $158.01 per share. No Rule 10b5-1 plan is reported. After the sale, Berman held 28,406 shares directly and 20,051 shares through a 401(k) plan.

Insider Trade Summary

Net Seller: 2,406 shares

Net Sell 1 txn

Insider Berman Bobby

Role GEVP Research & Strategy

Sold 2,406 shs ($378K)

Type	Security	Shares	Price	Value
Sale	Common Stock, $0.01 par value ^F1	2,406	$157.10	$378K
Holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Common Stock, $0.01 par value — 28,406 shares (Direct); Common Stock, $0.01 par value — 20,051.067 shares (Indirect, Through 401(k) Plan)

Footnotes (1)

F1. The price in Column 4 is based on a weighted average price. The prices actually paid range from $156.705 to $158.01. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

Key Figures

Shares sold: 2,406 shares Weighted average sale price: $157.10 per share Lowest actual sale price: $156.705 per share +3 more

6 metrics

Shares sold 2,406 shares Common shares sold on October 30, 2026

Weighted average sale price $157.10 per share Sale on October 30, 2026

Lowest actual sale price $156.705 per share Price range for the October 30, 2026 sale

Highest actual sale price $158.01 per share Price range for the October 30, 2026 sale

Direct shares after sale 28,406 shares Direct holding following the October 30, 2026 sale

Shares held through 401(k) plan 20,051 shares Indirect holding following the October 30, 2026 sale

Key Terms

weighted average price, par value, 401(k) Plan

3 terms

weighted average price financial

"based on a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

par value financial

"Common Stock, $0.01 par value"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

401(k) Plan financial

"Through 401(k) Plan"

A 401(k) plan is a workplace retirement account that lets employees set aside part of their pay into a tax-advantaged savings pot, often with employers adding matching contributions — like a workplace piggy bank for future income. It matters to investors because the amount people save and how employers fund these plans influence consumer spending, corporate payroll costs and the flow of money into financial markets, which can affect stock prices and company valuations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many CFR shares did Bobby Berman sell, and at what price?

Bobby Berman sold 2,406 common shares on October 30, 2026, at a weighted average price of $157.10 per share. Actual sale prices ranged from $156.705 to $158.01 per share.

How many CFR shares did Bobby Berman hold after the sale?

After the sale, Bobby Berman held 28,406 shares directly and 20,051 shares through a 401(k) plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Berman Bobby

(Last)

(First)

(Middle)

111 WEST HOUSTON STREET

(Street)

SAN ANTONIO

TEXAS

78205

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CULLEN/FROST BANKERS, INC. [ CFR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	GEVP Research & Strategy

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $0.01 par value	10/30/2026		S		2,406	D	$157.1⁽¹⁾	28,406	D
Common Stock, $0.01 par value								20,051.067	I	Through 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price in Column 4 is based on a weighted average price. The prices actually paid range from $156.705 to $158.01. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

Remarks:

	/s/ Bobby Berman, by Kirsten Irwin under POA	11/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR