Cullen/Frost Bankers, Inc.
US ˙ NYSE ˙ US2298991090

Introduction

This page provides a comprehensive analysis of the known insider trading history of Patrick B Frost. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

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Companies with Reported Insider Positions

The SEC filings indicate Patrick B Frost has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:CFR / Cullen/Frost Bankers, Inc. Director 254,645
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Patrick B Frost. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases CFR / Cullen/Frost Bankers, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in CFR / Cullen/Frost Bankers, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

CFR / Cullen/Frost Bankers, Inc. Insider Trades
Insider Sales CFR / Cullen/Frost Bankers, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in CFR / Cullen/Frost Bankers, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
2023-05-19 CFR FROST PATRICK B 4,017 100.7000 4,017 100.7000 404,512 159 83.6600 -68,449 -16.92
2023-05-19 CFR FROST PATRICK B 2,600 101.7000 2,600 101.7000 264,420
2022-08-04 CFR FROST PATRICK B 11,483 127.8600 11,483 127.8600 1,468,216
2022-08-04 CFR FROST PATRICK B 5,922 128.6700 5,922 128.6700 761,984
2022-08-04 CFR FROST PATRICK B 517 129.7800 517 129.7800 67,096
2022-08-04 CFR FROST PATRICK B 78 130.6900 78 130.6900 10,194
2022-08-04 CFR FROST PATRICK B 61,500 127.8600 61,500 127.8600 7,863,390
2022-08-04 CFR FROST PATRICK B 31,715 128.6700 31,715 128.6700 4,080,769
2022-08-04 CFR FROST PATRICK B 2,771 129.7800 2,771 129.7800 359,620
2022-08-04 CFR FROST PATRICK B 418 130.6900 418 130.6900 54,628
2022-08-04 CFR FROST PATRICK B 727 127.8600 727 127.8600 92,954
2022-08-04 CFR FROST PATRICK B 375 128.6700 375 128.6700 48,251
2022-08-04 CFR FROST PATRICK B 33 129.7800 33 129.7800 4,283
2022-08-04 CFR FROST PATRICK B 5 130.6900 5 130.6900 653
2022-02-04 CFR FROST PATRICK B 6,601 139.3300 6,601 139.3300 919,717
2021-02-02 CFR FROST PATRICK B 12,250 93.2300 12,250 93.2300 1,142,068
2020-02-11 CFR FROST PATRICK B 9,360 93.5300 9,360 93.5300 875,441
2019-07-29 CFR FROST PATRICK B 9,360 94.2600 9,360 94.2600 882,274
2018-01-30 CFR FROST PATRICK B 13,000 106.4200 13,000 106.4200 1,383,460
2017-02-17 CFR FROST PATRICK B 13,000 92.9400 13,000 92.9400 1,208,220
2016-08-01 CFR FROST PATRICK B 10,500 67.7300 10,500 67.7300 711,165
2015-05-06 CFR FROST PATRICK B 10,500 73.8200 10,500 73.8200 775,110

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

CFR / Cullen/Frost Bankers, Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Patrick B Frost as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2024-03-07 2024-03-05 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		D - Sale to Issuer -1,192 254,645 -0.47 114.03 -135,924 29,037,169
2024-03-07 2024-03-05 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 3,109 255,837 1.23
2023-10-30 2023-10-29 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -753 252,424 -0.30 89.67 -67,522 22,634,860
2023-10-30 2023-10-29 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 1,914 253,177 0.76
2023-05-23 2023-05-19 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -2,600 210,946 -1.22 101.70 -264,420 21,453,208
2023-05-23 2023-05-19 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -4,017 213,546 -1.85 100.70 -404,512 21,504,082
2023-05-23 2023-05-19 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 8,080 217,563 3.86 71.39 576,831 15,531,823
2023-05-18 2023-05-17 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 8,348 30,351 37.94
2023-05-18 2023-05-17 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 8,348 30,351 37.94
2023-05-18 2023-05-17 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 8,349 30,352 37.94
2023-05-18 2023-05-17 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift -25,045 0 -100.00
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 22,003 22,003
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 22,003 22,003
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 22,003 22,003
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift -66,010 25,045 -72.49
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 30,774 30,774
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 30,774 30,774
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 30,774 30,774
2023-05-18 2023-05-16 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other -92,321 128,356 -41.84
2023-03-09 2023-03-07 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -465 209,476 -0.22 127.72 -59,390 26,754,275
2023-03-09 2023-03-07 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 1,910 209,941 0.92
2022-10-25 2022-10-23 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -726 207,803 -0.35 142.08 -103,150 29,524,650
2022-10-25 2022-10-23 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 1,846 208,529 0.89
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -5 16,871 -0.03 130.69 -653 2,204,855
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -33 16,876 -0.20 129.78 -4,283 2,190,152
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -375 16,909 -2.17 128.67 -48,251 2,175,666
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -727 17,284 -4.04 127.86 -92,954 2,209,917
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -418 251,450 -0.17 130.69 -54,628 32,862,014
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -2,771 251,868 -1.09 129.78 -359,620 32,687,442
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -31,715 254,639 -11.08 128.67 -4,080,769 32,764,413
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -61,500 286,354 -17.68 127.86 -7,863,390 36,613,235
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -78 206,676 -0.04 130.69 -10,194 27,010,486
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -517 206,754 -0.25 129.78 -67,096 26,832,534
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -5,922 207,271 -2.78 128.67 -761,984 26,669,560
2022-08-08 2022-08-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -11,483 213,193 -5.11 127.86 -1,468,216 27,258,857
2022-08-08 2022-08-03 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other -31,837 0 -100.00
2022-08-08 2022-08-03 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 450 18,011 2.56
2022-08-08 2022-05-09 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 690 17,561 4.09
2022-08-08 2022-05-09 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other -250,839 0 -100.00
2022-03-10 2022-03-08 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -714 141,051 -0.50 133.54 -95,348 18,835,951
2022-03-10 2022-03-08 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 1,817 141,765 1.30
2022-02-08 2022-02-04 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option (right to buy) 		M - Exercise -10,490 0 -100.00
2022-02-08 2022-02-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -6,601 139,948 -4.50 139.33 -919,717 19,498,955
2022-02-08 2022-02-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 10,490 146,549 7.71 54.56 572,334 7,995,713
2021-10-28 2021-10-26 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		A - Award 1,534 1,534
2021-10-26 2021-10-24 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		M - Exercise -1,643 0 -100.00
2021-10-26 2021-10-24 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -607 135,833 -0.44 131.31 -79,705 17,836,231
2021-10-26 2021-10-24 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 1,643 136,440 1.22
2021-03-09 2021-03-05 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -623 132,242 -0.47 110.76 -69,003 14,647,124
2021-03-09 2021-03-05 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 2,560 132,865 1.96
2021-03-09 2020-07-30 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift -130 200 -39.39
2021-03-09 2020-06-25 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 450 347,854 0.13
2021-02-04 2021-02-02 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option (right to buy) 		M - Exercise -12,250 0 -100.00
2021-02-04 2021-02-02 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -12,250 130,305 -8.59 93.23 -1,142,068 12,148,335
2021-02-04 2021-02-02 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 12,250 142,555 9.40 48.00 588,000 6,842,640
2020-10-29 2020-10-27 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		A - Award 2,707 2,707
2020-10-27 2020-10-25 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		M - Exercise -1,970 0 -100.00
2020-10-27 2020-10-25 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -775 128,904 -0.60 72.14 -55,908 9,299,135
2020-10-27 2020-10-25 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 1,970 129,679 1.54
2020-03-06 2020-03-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -684 126,150 -0.54 79.24 -54,200 9,996,126
2020-03-06 2020-03-04 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 2,813 126,834 2.27
2020-02-13 2020-02-11 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option (right to buy) 		M - Exercise -9,360 0 -100.00
2020-02-13 2020-02-11 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -9,360 124,021 -7.02 93.53 -875,441 11,599,684
2020-02-13 2020-02-11 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 9,360 133,381 7.55 52.46 491,026 6,997,167
2020-02-13 2020-02-05 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 550 347,404 0.16
2019-10-31 2019-10-29 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		A - Award 1,914 1,914
2019-10-29 2019-10-27 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -751 147,322 -0.51 92.84 -69,723 13,677,374
2019-10-29 2019-08-21 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 19,456 46,556 71.79
2019-10-29 2019-08-21 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift -77,824 16,871 -82.18
2019-10-29 2019-08-20 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 346,854 346,854
2019-10-29 2019-08-20 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		W - Other 42,450 42,450
2019-07-31 2019-07-29 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option (right to buy) 		M - Exercise -9,360 0 -100.00
2019-07-31 2019-07-29 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -9,360 148,073 -5.95 94.26 -882,274 13,957,361
2019-07-31 2019-07-29 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 9,360 157,433 6.32 50.64 473,990 7,972,407
2019-02-01 2019-01-30 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		J - Other 334,452 334,452
2018-10-30 2018-10-28 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -779 147,757 -0.52 93.17 -72,579 13,766,520
2018-10-25 2018-10-23 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		A - Award 1,846 1,846
2018-10-25 2018-08-10 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		G - Gift 186,422 186,422
2018-02-01 2018-01-30 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option (right to buy) 		M - Exercise -13,000 0 -100.00
2018-02-01 2018-01-30 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -13,000 148,536 -8.05 106.42 -1,383,460 15,807,201
2018-02-01 2018-01-30 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 13,000 161,536 8.75 52.44 681,720 8,470,948
2017-10-31 2017-10-29 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -999 148,198 -0.67 101.40 -101,299 15,027,277
2017-10-26 2017-10-24 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		A - Award 1,643 1,643
2017-02-21 2017-02-17 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option (right to buy) 		M - Exercise -13,000 0 -100.00
2017-02-21 2017-02-17 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -13,000 149,197 -8.01 92.94 -1,208,220 13,866,369
2017-02-21 2017-02-17 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 13,000 162,197 8.71 48.85 635,050 7,923,323
2016-10-27 2016-10-25 4 CFR CULLEN/FROST BANKERS, INC.
Restricted Stock Units 		A - Award 1,970 1,970
2016-10-25 2016-10-23 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -858 148,789 -0.57 74.88 -64,247 11,141,320
2016-08-02 2016-08-01 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Options 		M - Exercise -10,500 0 -100.00
2016-08-02 2016-08-01 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -10,500 149,647 -6.56 67.73 -711,165 10,135,591
2016-08-02 2016-08-01 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 10,500 160,147 7.02 57.88 607,740 9,269,308
2015-10-28 2015-10-27 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option 		A - Award 11,500 11,500
2015-10-28 2015-10-27 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 2,310 149,259 1.57
2015-10-28 2015-10-25 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -984 146,949 -0.67 66.22 -65,160 9,730,963
2015-05-07 2015-05-06 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option 		M - Exercise -10,500 0 -100.00
2015-05-07 2015-05-06 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		S - Sale -10,500 147,933 -6.63 73.82 -775,110 10,920,414
2015-05-07 2015-05-06 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		M - Exercise 10,500 158,433 7.10 50.01 525,105 7,923,234
2014-10-29 2014-10-28 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option 		A - Award 9,820 9,820
2014-10-29 2014-10-28 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 1,980 147,612 1.36
2014-10-29 2014-10-26 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -984 145,632 -0.67 77.19 -75,955 11,241,334
2013-10-31 2013-10-29 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option 		A - Award 8,080 8,080
2013-10-31 2013-10-29 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 2,430 146,286 1.69
2013-10-23 2013-10-21 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -984 143,856 -0.68 71.47 -70,326 10,281,388
2012-10-24 2012-10-23 4 CFR CULLEN/FROST BANKERS, INC.
Employee Stock Option 		A - Award 10,490 10,490
2012-10-24 2012-10-23 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		A - Award 3,140 144,518 2.22
2012-10-24 2012-10-22 4 CFR CULLEN/FROST BANKERS, INC.
Common Stock, $0.01 par value 		F - Taxes -1,058 141,378 -0.74 54.80 -57,978 7,747,514
2003-10-16 2003-10-14 4 CFR CULLEN FROST BANKERS INC
Common Stock, $0.01 par value 		F - Taxes -1,094 53,303 -2.01 39.70 -43,432 2,116,129
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)