Cullen/Frost Bankers, Inc.
In the published model solve dated 2026-Q2, anchored at $162.62, Cullen/Frost Bankers, Inc. (CFR) is priced for 17.5% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Stated book value and tangible book value are the same figure at Cullen/Frost, 71.80 dollars of book per share, which means the equity behind the stock is real capital rather than the accumulated premium of past acquisitions. • The price, at 2.35 times that book, sits at the very top of its peer group and assumes the bank keeps earning an elite-tier return on equity for roughly three decades, against the 14.5% it has actually been earning lately. • Concentration is the specific risk to watch
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519 institutional managers reported holding CFR in 13F filings for the quarter ended 2026-03-31. Together they hold about 86% of the company; the top 10 hold 48%. 68 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 3.5M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (5.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CFR has cut its share count 0.8% over the past five years, spending $340.72M on repurchases. It pays a dividend, and has paid one every year in our records (17 and counting), raised 15 years straight; the current rate is $3.95 a share annually. Cash returned over the past three years: $681.09M in dividends and $304.63M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CFR over the trailing three years: 2025: 1 buy totaling $32k. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CFR's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-28 | -8.4% | -14.2% |
| 2023-10-27 | +7.2% | +21.0% |
| 2024-02-07 | -1.8% | +8.5% |
| 2024-04-26 | -8.3% | -5.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CFR's latest 8-K filings: 2026-08-17 (items 7.01, 9.01); 2026-07-30 (items 2.02, 9.01); 2026-04-30 (items 2.02, 9.01); 2026-04-29 (items 5.07); 2026-02-11 (items 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.