Vanguard reports 3.19M shares (5.05%) of Cullen/Frost

Cullen/Frost Bankers Inc. ownership disclosure: Vanguard Capital Management reports beneficial ownership of 3,185,170 shares of Common Stock, representing 5.05% of the class.

Rhea-AI Filing Summary

Cullen/Frost Bankers Inc. ownership disclosure: Vanguard Capital Management reports beneficial ownership of 3,185,170 shares of Common Stock, representing 5.05% of the class. The filing states Vanguard has sole dispositive power over 3,185,170 shares and sole voting power over 475,125 shares. The filing notes this reflects holdings across Vanguard Capital Management LLC and specified affiliates and includes shares held by Vanguard funds and managed accounts. The signature block shows the report was signed by Ashley Grim, Head of Global Fund Administration, on 04/29/2026.

Insights

Institutional Ownership Analyst

Vanguard crosses the 5.00% reporting threshold with 3.19M shares.

Vanguard Capital Management reports beneficial ownership of 3,185,170 shares, equal to 5.05% of Cullen/Frost Bankers common stock. The filing shows sole dispositive power for the full holding and sole voting power for a smaller portion (475,125 shares), consistent with asset‑manager reporting where voting and dispositive authorities can differ.

Ownership is aggregated across specified Vanguard affiliates and funds per the filing language; the report does not identify which specific funds or client accounts hold >5%. Subsequent disclosures or fund-level schedules would be needed to trace exact holder composition.

Corporate Governance Advisor

Cross-checks and governance implications are routine for a 5% filer.

The 5.05% position triggers public disclosure but does not itself imply control. The filing explicitly states voting and dispositive powers and lists affiliated entities included in the aggregation, which clarifies the reporting structure used by Vanguard.

Key items to watch in future filings: any change in voting power, additional schedule amendments, or separate 13D filings that would indicate an activist or control intent; none of those are asserted here.

Key Figures

Beneficial ownership: 3,185,170 shares Percent of class: 5.05% Sole voting power: 475,125 shares +1 more

4 metrics

Beneficial ownership 3,185,170 shares reported in Schedule 13G

Percent of class 5.05% percent of common stock reported

Sole voting power 475,125 shares shares with sole power to vote

Filing signatory date 04/29/2026 signature date on Schedule 13G

Key Terms

Beneficial ownership, Sole dispositive power, Aggregated reporting

3 terms

Beneficial ownership regulatory

"reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Sole Dispositive Power 3,185,170.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Aggregated reporting regulatory

"this reflects the securities beneficially owned...by Vanguard Capital Management LLC and the following affiliates"

FAQ

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

What stake does Vanguard Capital Management report in Cullen/Frost Bankers (CFR)?

Vanguard reports beneficial ownership of 3,185,170 shares, which the filing states is 5.05% of the common stock. The filing lists both dispositive and voting power figures for transparency.

How much voting power does Vanguard have in the filing?

The filing shows Vanguard has sole voting power over 475,125 shares. It reports sole dispositive power over 3,185,170 shares, indicating voting and dispositive powers differ.

Does the filing identify which Vanguard funds hold the shares?

The filing aggregates holdings across Vanguard Capital Management LLC and listed affiliates and states it includes Vanguard funds and managed accounts. It does not itemize specific fund names in this excerpt.

When was this Schedule 13G signed and by whom?

The Schedule 13G is signed by Ashley Grim, Head of Global Fund Administration, with the signature date of 04/29/2026 as shown in the filing.

Does this filing indicate Vanguard intends to exert control over Cullen/Frost?

No control intent is stated. The filing reports aggregated beneficial ownership and power figures only; it does not assert any plan to influence control or submit a 13D amendment.

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

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Accepted by SEC EDGAR 04/29/2026 - 06:26 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Cullen/Frost Bankers Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

229899109

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 229899109

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 475,125.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,185,170.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,185,170.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.05 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cullen/Frost Bankers Inc
(b)	Address of issuer's principal executive offices: 112 East Pecan Street, Suite 125, San Antonio, TX, 78205
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 229899109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3185170
(b)	Percent of class: 5.05 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 475125
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3185170
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026