Form 4: Cullen/Frost Bankers Executive Howard L. Kasanoff Reports Stock Transactions
SEC Form 4 Filing
Howard L. Kasanoff, GEVP Chief Credit Officer of Cullen/Frost Bankers, reports acquisition and disposal of company stock and restricted stock units on October 26 and 27, 2024.
Summary
- Howard L. Kasanoff, GEVP Chief Credit Officer of Cullen/Frost Bankers, filed a Form 4 detailing changes in beneficial ownership.
- On October 26, 2024, Kasanoff acquired 997 shares of common stock through the vesting of restricted stock units and disposed of 392 shares to cover tax obligations at a price of $127.42.
- On October 27, 2024, Kasanoff acquired 1,128 shares of common stock through the vesting of restricted stock units and disposed of 443 shares to cover tax obligations at a price of $127.42.
- Following these transactions, Kasanoff directly owns 2,888 shares of common stock and indirectly owns 3,286 shares through a 401(k) plan.
- He also owns 0 restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, which carries a neutral sentiment.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common in the financial industry to ensure transparency and compliance with SEC regulations.
Comparison to Industry Standards
- Executive stock transactions are a common occurrence in publicly traded companies, including peers of Cullen/Frost Bankers such as Texas Capital Bancshares and Comerica.
- These transactions are typically related to stock option exercises, restricted stock unit vesting, or sales for personal financial management.
- The reporting requirements are standardized across the industry under SEC regulations, ensuring transparency.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they represent routine executive compensation activities.
- The disclosure provides transparency to shareholders regarding executive stock ownership.
Key Dates
| Date | Description |
|---|---|
| 10-27-2020 | Grant date of restricted stock units that cliff vested four years later. |
| 10-26-2021 | Grant date of restricted stock units that cliff vested three years later. |
| 10/26/2024 | Date of stock acquisition and disposal. |
| 10/27/2024 | Date of stock acquisition and disposal. |
| 10/28/2024 | Date of signature on the Form 4. |
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