CULLEN FROST BANKERS INC

Ticker: CFR CUSIP: 229899109 Class: COM

SPRUCEGROVE INVESTMENT MANAGEMENT LTD's Holding History (CIK: 0001234074)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 41,038 Value ($000) $5,197 Avg Close $124.81 Range $118.05 - $131.54

Q3 2025

Shares 113,630 Value ($000) $14,405 Avg Close $128.28 Range $119.45 - $138.08

Q2 2025

Shares 125,630 Value ($000) $16,148 Avg Close $119.75 Range $97.98 - $128.76

Q1 2025

Shares 127,030 Value ($000) $15,904 Avg Close $130.63 Range $116.83 - $142.04

Q4 2024

Shares 163,777 Value ($000) $21,987 Avg Close $126.85 Range $102.70 - $142.25

Q3 2024

Shares 186,577 Value ($000) $20,871 Avg Close $104.76 Range $92.61 - $117.67

Q2 2024

Shares 187,277 Value ($000) $19,033 Avg Close $99.43 Range $89.89 - $110.75

Q1 2024

Shares 184,077 Value ($000) $20,722 Avg Close $100.64 Range $93.55 - $108.34

Q4 2023

Shares 153,877 Value ($000) $16,694 Avg Close $90.62 Range $76.49 - $106.41

Q3 2023

Shares 150,777 Value ($000) $13,752 Avg Close $93.75 Range $81.90 - $110.82

Q2 2023

Shares 118,416 Value ($000) $12,733 Avg Close $95.71 Range $84.54 - $105.15

Q1 2023

Shares 117,700 Value ($000) $12,399 Avg Close $113.27 Range $87.46 - $126.43

Q4 2022

Shares 112,400 Value ($000) $15,028 Avg Close $128.49 Range $113.22 - $144.87

Q3 2022

Shares 170,707 Value ($000) $22,571 Avg Close $117.79 Range $102.24 - $129.36

Q2 2022

Shares 258,407 Value ($000) $30,091 Avg Close $114.03 Range $100.96 - $130.98

Q1 2022

Shares 411,207 Value ($000) $56,915 Avg Close $123.52 Range $110.83 - $131.17

Q4 2021

Shares 734,907 Value ($000) $92,650 Avg Close $113.50 Range $104.50 - $123.02

Q3 2021

Shares 864,507 Value ($000) $102,548 Avg Close $97.86 Range $87.80 - $108.90

Q2 2021

Shares 814,107 Value ($000) $91,180 Avg Close $101.82 Range $92.84 - $108.70

Q1 2021

Shares 849,207 Value ($000) $92,360 Avg Close $89.31 Range $73.93 - $104.16

Q4 2020

Shares 943,207 Value ($000) $82,276 Avg Close $67.58 Range $53.34 - $77.06

Q3 2020

Shares 531,000 Value ($000) $33,957 Avg Close $59.69 Range $52.69 - $66.59

Q2 2020

Shares 364,200 Value ($000) $27,209 Avg Close $58.78 Range $43.52 - $74.12

Q1 2020

Shares 355,400 Value ($000) $19,828 Avg Close $68.15 Range $40.09 - $81.89

Q4 2019

Shares 257,300 Value ($000) $25,159 Avg Close $77.10 Range $67.80 - $82.90

Q3 2019

Shares 200,038 Value ($000) $17,713 Avg Close $72.94 Range $65.52 - $82.69

Q2 2019

Shares 131,800 Value ($000) $12,344 Avg Close $79.79 Range $73.85 - $85.12

Q1 2019

Shares 131,800 Value ($000) $12,794 Avg Close $80.50 Range $69.90 - $85.96

Q4 2018

Shares 135,800 Value ($000) $11,942 Avg Close $78.37 Range $66.24 - $87.16

Q3 2018

Shares 148,600 Value ($000) $15,520 Avg Close $88.90 Range $82.39 - $93.03

Q1 2018

Shares 159,400 Value ($000) $16,908 Avg Close $82.70 Range $74.57 - $88.23

Q4 2017

Shares 160,800 Value ($000) $15,220 Avg Close $75.74 Range $72.28 - $81.18

Q3 2017

Shares 183,800 Value ($000) $17,446 Avg Close $70.69 Range $63.69 - $77.00

Q2 2017

Shares 188,100 Value ($000) $17,664 Avg Close $71.70 Range $66.32 - $77.39

Q1 2017

Shares 249,400 Value ($000) $221,891 Avg Close $69.53 Range $63.64 - $74.92

Q4 2016

Shares 307,000 Value ($000) $27,087 Avg Close $61.60 Range $53.50 - $68.59

Q3 2016

Shares 402,400 Value ($000) $28,949 Avg Close $52.78 Range $44.85 - $56.52

Q2 2016

Shares 418,700 Value ($000) $26,684 Avg Close $46.66 Range $38.78 - $51.48

Q1 2016

Shares 434,500 Value ($000) $23,946 Avg Close $38.79 Range $31.63 - $44.93

Q4 2015

Shares 541,400 Value ($000) $32,484 Avg Close $49.23 Range $44.21 - $54.77

Q3 2015

Shares 642,400 Value ($000) $40,843 Avg Close $50.16 Range $43.56 - $58.34

Q2 2015

Shares 576,700 Value ($000) $45,318 Avg Close $53.97 Range $49.18 - $58.88

Q1 2015

Shares 608,400 Value ($000) $42,028 Avg Close $48.75 Range $44.02 - $51.97

Q4 2014

Shares 634,200 Value ($000) $44,800 Avg Close $54.33 Range $48.79 - $58.92

Q3 2014

Shares 644,900 Value ($000) $49,341 Avg Close $56.16 Range $53.78 - $58.73

Q2 2014

Shares 653,400 Value ($000) $51,893 Avg Close $54.77 Range $51.32 - $57.00

Q1 2014

Shares 655,800 Value ($000) $50,845 Avg Close $52.77 Range $49.21 - $56.00

Q4 2013

Shares 676,900 Value ($000) $50,382 Avg Close $50.20 Range $48.35 - $52.59

Q3 2013

Shares 690,800 Value ($000) $48,736 Avg Close $49.56 Range $46.51 - $53.04

Q2 2013

Shares 705,500 Value ($000) $47,106 Avg Close $43.57 Range $40.75 - $46.68

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	41,038	$5,197	$124.81	$118.05 - $131.54
Q3 2025	113,630	$14,405	$128.28	$119.45 - $138.08
Q2 2025	125,630	$16,148	$119.75	$97.98 - $128.76
Q1 2025	127,030	$15,904	$130.63	$116.83 - $142.04
Q4 2024	163,777	$21,987	$126.85	$102.70 - $142.25
Q3 2024	186,577	$20,871	$104.76	$92.61 - $117.67
Q2 2024	187,277	$19,033	$99.43	$89.89 - $110.75
Q1 2024	184,077	$20,722	$100.64	$93.55 - $108.34
Q4 2023	153,877	$16,694	$90.62	$76.49 - $106.41
Q3 2023	150,777	$13,752	$93.75	$81.90 - $110.82
Q2 2023	118,416	$12,733	$95.71	$84.54 - $105.15
Q1 2023	117,700	$12,399	$113.27	$87.46 - $126.43
Q4 2022	112,400	$15,028	$128.49	$113.22 - $144.87
Q3 2022	170,707	$22,571	$117.79	$102.24 - $129.36
Q2 2022	258,407	$30,091	$114.03	$100.96 - $130.98
Q1 2022	411,207	$56,915	$123.52	$110.83 - $131.17
Q4 2021	734,907	$92,650	$113.50	$104.50 - $123.02
Q3 2021	864,507	$102,548	$97.86	$87.80 - $108.90
Q2 2021	814,107	$91,180	$101.82	$92.84 - $108.70
Q1 2021	849,207	$92,360	$89.31	$73.93 - $104.16
Q4 2020	943,207	$82,276	$67.58	$53.34 - $77.06
Q3 2020	531,000	$33,957	$59.69	$52.69 - $66.59
Q2 2020	364,200	$27,209	$58.78	$43.52 - $74.12
Q1 2020	355,400	$19,828	$68.15	$40.09 - $81.89
Q4 2019	257,300	$25,159	$77.10	$67.80 - $82.90
Q3 2019	200,038	$17,713	$72.94	$65.52 - $82.69
Q2 2019	131,800	$12,344	$79.79	$73.85 - $85.12
Q1 2019	131,800	$12,794	$80.50	$69.90 - $85.96
Q4 2018	135,800	$11,942	$78.37	$66.24 - $87.16
Q3 2018	148,600	$15,520	$88.90	$82.39 - $93.03
Q1 2018	159,400	$16,908	$82.70	$74.57 - $88.23
Q4 2017	160,800	$15,220	$75.74	$72.28 - $81.18
Q3 2017	183,800	$17,446	$70.69	$63.69 - $77.00
Q2 2017	188,100	$17,664	$71.70	$66.32 - $77.39
Q1 2017	249,400	$221,891	$69.53	$63.64 - $74.92
Q4 2016	307,000	$27,087	$61.60	$53.50 - $68.59
Q3 2016	402,400	$28,949	$52.78	$44.85 - $56.52
Q2 2016	418,700	$26,684	$46.66	$38.78 - $51.48
Q1 2016	434,500	$23,946	$38.79	$31.63 - $44.93
Q4 2015	541,400	$32,484	$49.23	$44.21 - $54.77
Q3 2015	642,400	$40,843	$50.16	$43.56 - $58.34
Q2 2015	576,700	$45,318	$53.97	$49.18 - $58.88
Q1 2015	608,400	$42,028	$48.75	$44.02 - $51.97
Q4 2014	634,200	$44,800	$54.33	$48.79 - $58.92
Q3 2014	644,900	$49,341	$56.16	$53.78 - $58.73
Q2 2014	653,400	$51,893	$54.77	$51.32 - $57.00
Q1 2014	655,800	$50,845	$52.77	$49.21 - $56.00
Q4 2013	676,900	$50,382	$50.20	$48.35 - $52.59
Q3 2013	690,800	$48,736	$49.56	$46.51 - $53.04
Q2 2013	705,500	$47,106	$43.57	$40.75 - $46.68