Cullen/Frost Bankers, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Cullen/Frost Bankers, Inc. reported 1,311 stock positions worth $8.6 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Nvidia (NVDA, 3.4%). Compared with Q2 2025, it opened 173 new positions, sold out of 152, added to 443 and reduced 495. The biggest buy was Putnam Focused LRG Cap Value (PVAL, shares +135%) and the biggest sale Schwab US DVD Equity ETF (SCHD, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0000039263
- Portfolio Value
- $8.6B (Q3 2025)
- SEC Filing
- 0000039263-25-000119 ↗ filed Oct 31, 2025
Holdings Value
Holdings 1,311 stocks · $8.6B
| AAPL Apple Inc. | 5.65% | 1,910,735 | $486.5M | Add +0.0% |
| MSFT Microsoft Corp. | 5.58% | 927,393 | $480.3M | Reduce -2.0% |
| NVDA Nvidia Corp. | 3.45% | 1,591,188 | $296.9M | Add +2.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 3.22% | 577,506 | $277.0M | Add +0.3% |
| PVAL Putnam Focused LRG Cap Value | 2.90% | 5,843,370 | $249.6M | Add +135.4% |
| AMZN Amazon.com Inc. | 2.38% | 931,602 | $204.6M | Reduce -5.5% |
| EMXC iShares MSCI Emr MRK Ex Chna | 2.05% | 2,609,474 | $176.2M | Add +3.6% |
| EFA iShares MSCI Eafe ETF | 2.05% | 1,886,333 | $176.1M | Add +2.1% |
| AVGO Broadcom Inc. | 2.00% | 520,519 | $171.7M | Reduce -0.9% |
| IWP iShares Russell Mid-Cap Grow | 1.98% | 1,194,862 | $170.2M | Add +25.0% |
| IWF iShares Russell 1000 Growth | 1.90% | 348,828 | $163.4M | Reduce -1.5% |
| GOOGL Alphabet Inc. Class A | 1.78% | 630,189 | $153.2M | Reduce -2.4% |
| META Meta Platforms Inc. Class A | 1.78% | 208,280 | $153.0M | Add +1.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.65% | 556,931 | $141.6M | Add +2.0% |
| GOOG Alphabet Inc. Class C | 1.45% | 511,202 | $124.5M | Reduce -5.4% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.44% | 422,678 | $124.2M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.43% | 185,015 | $123.3M | Reduce -5.4% |
| V Visa Inc. Class A | 1.40% | 353,667 | $120.7M | Reduce -0.7% |
| JPM JPMorgan Chase & Co. | 1.33% | 363,815 | $114.8M | Reduce -3.4% |
| IJJ iShares S&P Mid-Cap 400 Valu | 1.26% | 834,862 | $108.3M | Add +0.3% |
| ORCL Oracle Corp. | 1.11% | 338,275 | $95.1M | Add +0.3% |
| MA Mastercard Inc. Class A | 1.08% | 162,728 | $92.6M | Reduce -0.8% |
| ABBV Abbvie Inc. | 1.03% | 382,178 | $88.5M | Reduce -3.5% |
| COST Costco Wholesale Corp. | 0.98% | 91,410 | $84.6M | Reduce -0.9% |
| HD Home Depot Inc. | 0.95% | 202,687 | $82.1M | Reduce -4.4% |
| SCHD Schwab US DVD Equity ETF | 0.95% | 2,982,998 | $81.4M | Reduce -25.2% |
| LLY Eli Lilly & Co. | 0.92% | 104,106 | $79.4M | Add +0.3% |
| IWD iShares Russell 1000 Value E | 0.90% | 379,841 | $77.3M | Add +0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.79% | 135,794 | $68.3M | Reduce -2.4% |
| GLW Corning Inc. | 0.78% | 814,839 | $66.8M | Reduce -0.0% |
| CVX Chevron Corp. | 0.76% | 421,602 | $65.5M | Add +38.5% |
| ETN Eaton Corp. PLC | 0.71% | 162,634 | $60.9M | Add +6.0% |
| JNJ Johnson & Johnson | 0.70% | 325,494 | $60.4M | Reduce -2.8% |
| NOW ServiceNow Inc. | 0.66% | 61,424 | $56.5M | Reduce -2.4% |
| XOM Exxon Mobil Corp. | 0.64% | 485,281 | $54.7M | Reduce -3.6% |
| WMT Walmart Inc. | 0.61% | 506,845 | $52.2M | Add +0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.59% | 986,559 | $50.9M | Reduce -0.4% |
| AGG iShares Core U.S. Aggregate | 0.56% | 478,545 | $48.0M | Add +2.1% |
| NFLX Netflix Inc. | 0.53% | 38,392 | $46.0M | Add +8.8% |
| PM Philip Morris International | 0.52% | 278,421 | $45.2M | Add +3.1% |
| AXP American Express Co. | 0.52% | 135,246 | $44.9M | Reduce -0.9% |
| VEU Vanguard Ftse All-World Ex-U | 0.49% | 586,523 | $41.9M | Reduce -3.0% |
| PG The Procter & Gamble Co. | 0.48% | 269,251 | $41.4M | Reduce -13.1% |
| KO The Coca-Cola Co. | 0.48% | 623,432 | $41.3M | Reduce -3.3% |
| CSCO Cisco Systems Inc. | 0.47% | 588,908 | $40.3M | Add +4.3% |
| BKNG Booking Holdings Inc. | 0.46% | 7,390 | $39.9M | Reduce -2.0% |
| ORLY O'reilly Automotive Inc. | 0.46% | 367,247 | $39.6M | Reduce -0.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.45% | 126,071 | $39.0M | Reduce -2.5% |
| VWO Vanguard Ftse Emerging Marke | 0.44% | 697,225 | $37.8M | Reduce -6.3% |
| ISRG Intuitive Surgical Inc. | 0.43% | 82,056 | $36.7M | Add +4.4% |
| BSX Boston Scientific Corp. | 0.40% | 355,369 | $34.7M | Reduce -1.6% |
| ETR Entergy Corp. | 0.37% | 345,562 | $32.2M | Add +1.3% |
| GLTR Abrdn Precious Metals Basket | 0.37% | 194,617 | $32.2M | Reduce -9.5% |
| LOW Lowe's Cos Inc. | 0.37% | 126,593 | $31.8M | Reduce -0.9% |
| BSV Vanguard Short-Term Bond ETF | 0.37% | 401,122 | $31.7M | Add +10.1% |
| VOO Vanguard S&P 500 ETF | 0.37% | 51,459 | $31.5M | Reduce -1.6% |
| GE General Electric filed as GE AEROSPACE | 0.36% | 103,376 | $31.1M | Add +7.1% |
| QCOM Qualcomm Inc. | 0.34% | 177,976 | $29.6M | Reduce -25.0% |
| MCD McDonald's Corp. | 0.34% | 96,917 | $29.5M | Reduce -0.6% |
| MCO Moody's Corp. | 0.34% | 61,798 | $29.4M | Reduce -1.1% |
| SPOT Spotify Technology SA | 0.34% | 42,037 | $29.3M | Add +0.2% |
| CMI Cummins Inc. | 0.33% | 68,067 | $28.7M | Reduce -2.7% |
| TSLA Tesla Inc. | 0.33% | 63,700 | $28.3M | Add +3.5% |
| SHW The Sherwin-Williams Co. | 0.33% | 81,187 | $28.1M | Add +0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.32% | 242,745 | $27.8M | Add +3.4% |
| AEP American Electric Power | 0.32% | 244,537 | $27.5M | Add +0.2% |
| UNH Unitedhealth Group Inc. | 0.32% | 79,459 | $27.4M | Reduce -27.1% |
| UNP Union Pacific Corp. | 0.32% | 114,811 | $27.1M | Reduce -34.0% |
| KLAC KLA Corp. | 0.31% | 24,860 | $26.8M | Reduce -1.9% |
| ADP Automatic Data Processing | 0.31% | 89,620 | $26.3M | Reduce -1.6% |
| MDT Medtronic PLC | 0.29% | 265,395 | $25.3M | Reduce -4.2% |
| TXN Texas Instruments Inc. | 0.29% | 137,410 | $25.2M | Add +0.8% |
| DHR Danaher Corp. | 0.29% | 126,960 | $25.2M | Reduce -2.4% |
| TRV The Travelers Cos Inc. | 0.29% | 89,841 | $25.1M | Reduce -1.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.29% | 88,856 | $25.1M | Add +3.8% |
| BX Blackstone Inc. | 0.29% | 145,112 | $24.8M | Reduce -1.4% |
| VLO Valero Energy Corp. | 0.29% | 145,053 | $24.7M | Reduce -6.7% |
| AMGN Amgen Inc. | 0.28% | 86,764 | $24.5M | Reduce -9.5% |
| SYK Stryker Corp. | 0.28% | 64,581 | $23.9M | Add +1.4% |
| ABT Abbott Laboratories | 0.28% | 177,191 | $23.7M | Add +3.5% |
| ANET Arista Networks Inc. | 0.27% | 161,120 | $23.5M | Add +570.5% |
| EVRG Evergy Inc. | 0.27% | 301,604 | $22.9M | Add +1.5% |
| IVW iShares S&P 500 Growth ETF | 0.26% | 188,362 | $22.7M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 0.26% | 516,192 | $22.7M | Reduce -0.1% |
| CB Chubb Ltd. | 0.26% | 79,958 | $22.6M | Reduce -3.2% |
| HON Honeywell International Inc. | 0.26% | 107,189 | $22.6M | Reduce -3.8% |
| COP Conocophillips | 0.25% | 229,102 | $21.7M | Reduce -2.5% |
| UBER Uber Technologies Inc. | 0.25% | 220,883 | $21.6M | Reduce -6.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 148,221 | $21.4M | Reduce -0.9% |
| C Citigroup Inc. | 0.24% | 206,168 | $20.9M | Add +7.3% |
| ICE Intercontinental Exchange Inc. | 0.24% | 124,026 | $20.9M | Add +2.4% |
| CMG Chipotle Mexican Grill Inc. | 0.24% | 527,851 | $20.7M | Reduce -6.3% |
| TMUS T-Mobile US Inc. | 0.24% | 86,292 | $20.7M | Add +1.3% |
| CME Cme Group Inc. | 0.24% | 75,365 | $20.4M | Reduce -1.6% |
| RTX RTX Corp. | 0.23% | 118,909 | $19.9M | Reduce -0.4% |
| KKR KKR & Co. Inc. | 0.23% | 150,957 | $19.6M | Add +1.1% |
| LHX L3HARRIS Technologies Inc. | 0.22% | 63,357 | $19.3M | Reduce -3.9% |
| ADI Analog Devices Inc. | 0.22% | 78,340 | $19.2M | Reduce -7.2% |
| MRK Merck & Co. Inc. | 0.22% | 225,581 | $18.9M | Reduce -7.0% |
| IVE iShares S&P 500 Value ETF | 0.22% | 91,581 | $18.9M | Reduce -0.1% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $2K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 62 | $2K | Add +138.5% |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 1,842 | $144 | No change |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | 492 | $9 | No change |
Lines left out (7) · $23 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| MZTI The Marzetti Company | COM | 0 | $8 |
| WASH Washington Trust Bancorp | COM | 0 | $8 |
| MUSA Murphy USA Inc. | COM | 0 | $2 |
| BTU Peabody Energy Corp. | COM | 0 | $2 |
| BMI Badger Meter Inc. | COM | 0 | $1 |
| EPC Edgewell Personal Care Co. | COM | 0 | $1 |
| HSTM Healthstream Inc. | COM | 0 | $1 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $8.6B.
Portfolio Sells Q2 2025 → Q3 2025
| SCHD Schwab US DVD Equity ETF | Reduce -25.2% | 0.95% | −0.38 |
| AMZN Amazon.com Inc. | Reduce -5.5% | 2.38% | −0.33 |
| MSFT Microsoft Corp. | Reduce -2.0% | 5.58% | −0.32 |
| HES Hess Corp. | Sold out | 0.00% | −0.25 |
| ADBE Adobe Inc. | Reduce -82.4% | 0.04% | −0.23 |
| MRVL Marvell Technology Inc. | Reduce -78.4% | 0.06% | −0.20 |
| TLT iShares 20+ Year Treasury BD | Reduce -60.2% | 0.12% | −0.19 |
| UNP Union Pacific Corp. | Reduce -34.0% | 0.32% | −0.19 |
| V Visa Inc. Class A | Reduce -0.7% | 1.40% | −0.18 |
| CP Canadian Pacific Kansas City | Reduce -59.6% | 0.09% | −0.17 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 0.98% | −0.16 |
| CMG Chipotle Mexican Grill Inc. | Reduce -6.3% | 0.24% | −0.16 |
| NOW ServiceNow Inc. | Reduce -2.4% | 0.66% | −0.15 |
| PG The Procter & Gamble Co. | Reduce -13.1% | 0.48% | −0.14 |
| QCOM Qualcomm Inc. | Reduce -25.0% | 0.34% | −0.13 |
| STZ Constellation Brands Inc. Class A | Reduce -93.1% | 0.01% | −0.13 |
| CRM Salesforce Inc. | Reduce -23.7% | 0.18% | −0.12 |
| LMT Lockheed Martin Corp. | Reduce -63.1% | 0.07% | −0.11 |
| UNH Unitedhealth Group Inc. | Reduce -27.1% | 0.32% | −0.11 |
| SPGI S&P Global Inc. | Reduce -40.2% | 0.10% | −0.10 |
| KO The Coca-Cola Co. | Reduce -3.3% | 0.48% | −0.09 |
| BKNG Booking Holdings Inc. | Reduce -2.0% | 0.46% | −0.08 |
| BSX Boston Scientific Corp. | Reduce -1.6% | 0.40% | −0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.4% | 1.43% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -0.8% | 1.08% | −0.08 |
| AJG Arthur J Gallagher & Co. | Reduce -2.5% | 0.45% | −0.07 |
| HON Honeywell International Inc. | Reduce -3.8% | 0.26% | −0.06 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -24.0% | 0.14% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.4% | 0.79% | −0.05 |
| PGR Progressive Corp. | Reduce -13.0% | 0.15% | −0.05 |
| AMGN Amgen Inc. | Reduce -9.5% | 0.28% | −0.05 |
| MCO Moody's Corp. | Reduce -1.1% | 0.34% | −0.05 |
| ADP Automatic Data Processing | Reduce -1.6% | 0.31% | −0.05 |
| FISV Fiserv Inc. | Reduce -5.2% | 0.09% | −0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.3% | 1.44% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -3.6% | 0.64% | −0.04 |
| WDAY Workday Inc. Class A | Reduce -9.4% | 0.21% | −0.04 |
| REGN Regeneron Pharmaceuticals | Reduce -91.9% | 0.00% | −0.04 |
| GUNR NT Mstar GLBL NR ETF | Reduce -41.6% | 0.05% | −0.04 |
| CB Chubb Ltd. | Reduce -3.2% | 0.26% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -3.4% | 1.33% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -1.8% | 0.13% | −0.03 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -18.3% | 0.14% | −0.03 |
| KVUE Kenvue Inc. | Reduce -4.0% | 0.07% | −0.03 |
| DHR Danaher Corp. | Reduce -2.4% | 0.29% | −0.03 |
| ELV Elevance Health Inc. | Reduce -6.1% | 0.08% | −0.03 |
| ADI Analog Devices Inc. | Reduce -7.2% | 0.22% | −0.03 |
| CME Cme Group Inc. | Reduce -1.6% | 0.24% | −0.03 |
| TEAM Atlassian Corp. Class A | Reduce -1.6% | 0.07% | −0.03 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -2.1% | 0.07% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| PVAL Putnam Focused LRG Cap Value | Add +135.4% | 2.90% | +1.65 |
| AAPL Apple Inc. | Add +0.0% | 5.65% | +0.74 |
| NVDA Nvidia Corp. | Add +2.1% | 3.45% | +0.36 |
| IWP iShares Russell Mid-Cap Grow | Add +25.0% | 1.98% | +0.32 |
| ANET Arista Networks Inc. | Add +570.5% | 0.27% | +0.24 |
| CVX Chevron Corp. | Add +38.5% | 0.76% | +0.21 |
| ORCL Oracle Corp. | Add +0.3% | 1.11% | +0.18 |
| AMD Advanced Micro Devices | Add +209.2% | 0.16% | +0.11 |
| MPWR Monolithic Power Systems Inc. | Add +318.6% | 0.14% | +0.11 |
| EQT Eqt Corp. | Add +8000.9% | 0.10% | +0.10 |
| PINS Pinterest Inc. Class A | Add +50133.2% | 0.10% | +0.10 |
| RDDT Reddit Inc. Class A | Add +22651.3% | 0.09% | +0.09 |
| GD General Dynamics Corp. | Add +789.5% | 0.10% | +0.09 |
| TSLA Tesla Inc. | Add +3.5% | 0.33% | +0.08 |
| TDG Transdigm Group Inc. | Add +322.8% | 0.11% | +0.08 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +225.2% | 0.11% | +0.07 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.07% | +0.07 |
| TFI SS SPDR N Ice Muni Bond ETF | Add +117.0% | 0.12% | +0.06 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +3.6% | 2.05% | +0.05 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +0.3% | 3.22% | +0.05 |
| GE General Electric | Add +7.1% | 0.36% | +0.05 |
| DG Dollar General Corp. | Add +39331.3% | 0.05% | +0.05 |
| BALL Ball Corp. | Add +243.8% | 0.07% | +0.04 |
| RPRX Royalty Pharma PLC Class A | Add +44.4% | 0.19% | +0.04 |
| C Citigroup Inc. | Add +7.3% | 0.24% | +0.04 |
| TMO Thermo Fisher Scientific Inc. | Add +8.4% | 0.20% | +0.03 |
| CGGE Cap Group Global Eq | Add +61.1% | 0.08% | +0.03 |
| CGHM Cap Group Muni High-Income | New | 0.03% | +0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +2.0% | 1.65% | +0.02 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +24.6% | 0.16% | +0.02 |
| ETN Eaton Corp. PLC | Add +6.0% | 0.71% | +0.02 |
| VXUS Vanguard Total Intl Stock | Add +483.6% | 0.02% | +0.02 |
| CFR Cullen/Frost Bankers Inc. | Add +62.0% | 0.06% | +0.02 |
| ETR Entergy Corp. | Add +1.3% | 0.37% | +0.02 |
| CGDG Cap Group Dividend Growers | Add +40.6% | 0.07% | +0.02 |
| JEPI JPMorgan Equity Premium Inco | Add +119.9% | 0.03% | +0.02 |
| RIO Rio Tinto PLC-Spon ADR | Add +7.7% | 0.14% | +0.02 |
| FAST Fastenal Co. | Add +0.0% | 0.19% | +0.01 |
| CGGO Cap Group Global Growth | Add +51.8% | 0.04% | +0.01 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +2.3% | 0.06% | +0.01 |
| CGMU Cap Group Municipal Income | Add +86.7% | 0.03% | +0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +1815.2% | 0.01% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +43.4% | 0.04% | +0.01 |
| GPC Genuine Parts Co. | Add +3.5% | 0.15% | +0.01 |
| CGBL Cap Group Core Balanced | Add +23.2% | 0.08% | +0.01 |
| CGMM Cap Group Small and Mid Cap | Add +99.5% | 0.02% | +0.01 |
| BOH Bank of Hawaii Corp. | New | 0.01% | +0.01 |
| CGDV Cap Group Dividend Value | Add +29.7% | 0.05% | +0.01 |
| MO Altria Group Inc. | Add +1.4% | 0.18% | +0.01 |
| SBUX Starbucks Corp. | Add +25.4% | 0.15% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Add +138.5% | 62 | $2K |
| WASH Washington Trust Bancorp | COM | Reduce -100.0% | 0 | $8 |
| BMI Badger Meter Inc. | COM | Reduce -100.0% | 0 | $1 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,386 | $10.1B | AAPL, PVAL, VUG, MSFT, NVDA |
| Q1 2026 | 1,368 | $8.8B | AAPL, PVAL, MSFT, NVDA, VUG |
| Q4 2025 | 1,446 | $9.1B | AAPL, MSFT, PVAL, NVDA, VUG |
| Q3 2025 | 1,311 | $8.6B | AAPL, MSFT, NVDA, VUG, PVAL |
| Q2 2025 | 1,292 | $8.0B | MSFT, AAPL, VUG, NVDA, AMZN |
| Q1 2025 | 1,274 | $7.1B | AAPL, MSFT, VUG, AMZN, NVDA |
| Q4 2024 | 1,338 | $7.3B | AAPL, MSFT, VUG, AMZN, NVDA |
| Q3 2024 | 1,205 | $7.3B | AAPL, MSFT, VUG, NVDA, AMZN |
| Q2 2024 | 1,232 | $6.9B | MSFT, AAPL, VUG, AMZN, NVDA |
| Q1 2024 | 991 | $6.7B | MSFT, AAPL, VUG, AMZN, IWF |