Cullen/Frost's Matthew Bradley Henson sells 534 shares

After the transaction, the chief accounting officer directly held 317 common shares, alongside reported depositary-share and 401(k) holdings.

Available on EDGAR 11/03/2026 - 09:53 AM EST Accepted by SEC EDGAR 11/03/2026 - 09:53 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. (CFR) Chief Accounting Officer Matthew Bradley Henson sold 534 shares of common stock on November 2, 2026, at $159.72 per share. He directly held 317 common shares after the sale. His reported positions also included 5,545 depositary shares and 6,593 common shares through the 401(k) Plan. Each depositary share represents a 1/40th interest in a share of the issuer’s 4.450% Non-Cumulative Perpetual Preferred Stock Series B. The sale was not reported under a Rule 10b5-1 plan.

Insider Trade Summary

Net Seller: 534 shares

Net Sell 1 txn

Insider Henson Matthew Bradley

Role Chief Accounting Officer

Sold 534 shs ($85K)

Type	Security	Shares	Price	Value
Sale	Common Stock, $0.01 par value	534	$159.72	$85K
Holding	Depositary Share F1	--	--	--
Holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Common Stock, $0.01 par value — 317 shares (Direct); Depositary Share — 5,545 shares (Direct); Common Stock, $0.01 par value — 6,592.548 shares (Indirect, Through 401(k) Plan)

Footnotes (1)

1. F1. Each depositary shares represents 1/40th interest in a share of our 4.450% Non-Cumulative Perpetual Preferred Stock Series B

Key Figures

Common Shares Sold: 534 shares Sale Price: $159.72 per share Direct Common Shares After Sale: 317 shares +4 more

7 metrics

Common Shares Sold 534 shares November 2, 2026

Sale Price $159.72 per share November 2, 2026

Direct Common Shares After Sale 317 shares November 2, 2026

Direct Depositary Shares 5,545 shares Reported as of November 2, 2026

Common Shares Through 401(k) Plan 6,593 shares Reported as of November 2, 2026

Depositary Share Interest 1/40th interest in a share Each depositary share represents this interest in the preferred stock

Preferred Stock Rate 4.450% Non-Cumulative Perpetual Preferred Stock Series B

Key Terms

Depositary Share, Non-Cumulative Perpetual Preferred Stock Series B, Rule 10b5-1

3 terms

Depositary Share financial

"Each depositary shares represents 1/40th interest"

A depositary share is a special type of stock that represents ownership in a company but is traded on the stock market like regular shares. It often makes it easier for people to buy and sell shares of companies from other countries or smaller companies that don’t list directly on big exchanges.

Non-Cumulative Perpetual Preferred Stock Series B financial

"4.450% Non-Cumulative Perpetual Preferred Stock Series B"

Rule 10b5-1 financial

"Rule 10b5-1 plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

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

How many CFR shares did Matthew Henson sell, and at what price?

Cullen/Frost Bankers Chief Accounting Officer Matthew Bradley Henson sold 534 common shares at $159.72 per share on November 2, 2026. The sale was not reported under a Rule 10b5-1 plan.

How many shares did Matthew Henson hold after the CFR sale?

After the sale, Henson directly held 317 common shares. His reported holdings also included 5,545 depositary shares and 6,593 common shares through the 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^*

Henson Matthew Bradley

(Last) (First) (Middle)

111 W. HOUSTON ST

(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)
	Chief Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	11/02/2026		S		534	D	$159.72	317	D
Depositary Share								5,545(1)	D
Common Stock, $0.01 par value								6,592.548	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Each depositary shares represents 1/40th interest in a share of our 4.450% Non-Cumulative Perpetual Preferred Stock Series B

Remarks:

	Matt Henson, under POA by Kirsten Irwin	11/03/2026
	** 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)