COMMERCE BANCSHARES INC CBSH
COM · Common Stock · CUSIP 200525103 · ISIN US2005251036
Bank holding company based in Kansas City, Missouri, United States
- SectorFinancials
- IndustryState Commercial Banks
- HeadquartersKansas City, MO
- Founded1865
- Websitecommercebank.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($8.5m this quarter). Holder counts are more reliable. Shares outstanding: 132.4m as of 2025-11-06, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $59.73. Options: 4 managers hold calls ($1.6m notional), 1 hold puts ($47.0k).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 397 |
| Q4 2022 | 425 |
| Q1 2023 | 411 |
| Q2 2023 | 395 |
| Q3 2023 | 384 |
| Q4 2023 | 395 |
| Q1 2024 | 382 |
| Q2 2024 | 395 |
| Q3 2024 | 444 |
| Q4 2024 | 469 |
| Q1 2025 | 466 |
| Q2 2025 | 490 |
| Q3 2025 | 474 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 258 | 149 |
| Q1 2024 | 153 | 194 |
| Q2 2024 | 179 | 171 |
| Q3 2024 | 211 | 165 |
| Q4 2024 | 342 | 134 |
| Q1 2025 | 179 | 235 |
| Q2 2025 | 224 | 218 |
| Q3 2025 | 232 | 196 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $3.2m | $6.5k | 0.00 |
| Q1 2025 | $1.2m | $0 | 0.00 |
| Q2 2025 | $857.5k | $0 | 0.00 |
| Q3 2025 | $1.6m | $47.0k | 0.03 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +1.7m |
| COMMERCE BANK | Added | +612.0k |
| AQR CAPITAL MANAGEMENT LLC | Added | +561.3k |
| TUDOR INVESTMENT CORP ET AL | Added | +493.5k |
| MILLENNIUM MANAGEMENT LLC | Added | +475.3k |
| Boston Trust Walden Corp | Added | +420.1k |
| TWO SIGMA INVESTMENTS, LP | Added | +325.9k |
| STATE STREET CORP | Added | +319.1k |
| BlackRock, Inc. | Added | +299.9k |
| Qube Research & Technologies Ltd | Added | +299.9k |
Biggest sellers
| Aristotle Capital Management, LLC | Reduced | -3.0m |
| CITADEL ADVISORS LLC | Reduced | -1.6m |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Reduced | -551.8k |
| Invesco Ltd. | Reduced | -504.4k |
| ROYAL BANK OF CANADA | Reduced | -453.4k |
| SEI INVESTMENTS CO | Reduced | -212.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -201.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Reduced | -135.0k |
| TWINBEECH CAPITAL LP | Sold out | -122.0k |
| Nuveen, LLC | Reduced | -117.0k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $669.3k11.2k shares |
| CITADEL ADVISORS LLC | New | $466.1k7.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $430.3k7.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $35.0k600 shares |
Biggest puts
| SIMPLEX TRADING, LLC | New | $47.0k800 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| COMMERCE BANK 13G · institution new · filed 2026-02-11 | 6.2% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 6.0% |
| STATE STREET CORP 13G · institution +0.2 pts · filed 2026-08-07 | 5.0% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 1 | $1.0m | — |
| Q1 2024 | 0 | — | 10 | $2.4m | — |
| Q2 2024 | 0 | — | 1 | $1.5m | — |
| Q3 2024 | 0 | — | 12 | $5.3m | — |
| Q4 2024 | 0 | — | 11 | $3.1m | — |
| Q1 2025 | 0 | — | 10 | $5.6m | — |
| Q2 2025 | 0 | — | 2 | $163.9k | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 13.6m $812.3m | Added +151.8k |
| BlackRock, Inc. 0.01% of their portfolio | 11.8m $705.9m | Added +299.9k |
| STATE STREET CORP 0.01% of their portfolio | 6.8m $403.5m | Added +319.1k |
| COMMERCE BANK 1.76% of their portfolio | 5.3m $316.2m | Added +612.0k |
| AMERICAN CENTURY COMPANIES INC 0.12% of their portfolio | 4.0m $237.4m | Added +202.8k |
| Aristotle Capital Management, LLC 0.41% of their portfolio | 3.5m $210.2m | Reduced -3.0m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.2m $192.6m | Added +1.7m |
| MORGAN STANLEY 0.01% of their portfolio | 3.1m $187.5m | Added +94.0k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 2.6m $157.9m | Added +177.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.6m $157.2m | Added +119.8k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 2.0m $120.6m | Added +17.3k |
| Boston Trust Walden Corp 0.83% of their portfolio | 1.9m $113.7m | Added +420.1k |
| FIRST TRUST ADVISORS LP 0.08% of their portfolio | 1.7m $102.3m | Added +286.5k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.4m $83.5m | Added +73.7k |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 1.3m $78.5m | Added +475.3k |
| AQR CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 1.2m $74.4m | Added +561.3k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.2m $71.7m | Reduced -12.6k |
| UBS Group AG 0.01% of their portfolio | 1.2m $71.4m | Added +39.0k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.0m $60.1m | Reduced -32.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.0m $60.1m | Reduced -3.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio | 998.2k $59.7m | Added +216.9k |
| COOKE & BIELER LP 0.58% of their portfolio | 936.9k $56.0m | Added +5.9k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 827.1k $49.4m | Added +214.3k |
| NFJ INVESTMENT GROUP, LLC 1.63% of their portfolio | 794.5k $47.5m | Added +136.3k |
| Qube Research & Technologies Ltd 0.06% of their portfolio | 705.4k $42.2m | Added +299.9k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio | 672.4k $40.2m | Added +262.0k |
| ProShare Advisors LLC 0.07% of their portfolio | 567.0k $33.9m | Added +19.0k |
| LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio | 545.3k $32.6m | Added +134.3k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 512.1k $30.6m | Reduced -1.6m |
| TUDOR INVESTMENT CORP ET AL 0.19% of their portfolio | 501.9k $30.0m | Added +493.5k |
| Mutual Advisors, LLC 0.55% of their portfolio | 468.8k $24.9m | Added +318 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 454.8k $27.2m | Reduced -453.4k |
| Verition Fund Management LLC 0.15% of their portfolio | 452.1k $27.0m | Reduced -20.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 447.3k $26.7m | Added +231.5k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 433.7k $25.9m | Reduced -212.3k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 432.4k $25.8m | Reduced -5.7k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 416.9k $24.9m | Added +69.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 408.0k $24.4m | Reduced -201.6k |
| Invesco Ltd. 0.00% of their portfolio | 360.6k $21.6m | Reduced -504.4k |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 346.0k $20.7m | Added +325.9k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 343.0k $20.5m | Added +603 |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 275.7k $16.5m | Added +281 |
| Creative Planning 0.01% of their portfolio | 265.4k $15.9m | Added +6.8k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 251.8k $15.0m | Added +48.5k |
| Swiss National Bank 0.01% of their portfolio | 245.7k $14.7m | Added +2.4k |
| TWO SIGMA ADVISERS, LP 0.03% of their portfolio | 244.7k $14.6m | New |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 240.1k $14.3m | Added +205.7k |
| PNC Financial Services Group, Inc. 0.01% of their portfolio | 234.2k $14.0m | Reduced -1.2k |
| SPEECE THORSON CAPITAL GROUP INC 2.79% of their portfolio | 233.3k $13.9m | Reduced -2.7k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 230.9k $13.7m | Reduced -551.8k |
| UMB Bank, n.a. 0.20% of their portfolio | 229.8k $13.7m | Added +3.4k |
| Legal & General Group Plc 0.00% of their portfolio | 219.3k $13.1m | Reduced -32.4k |
| California Public Employees Retirement System 0.01% of their portfolio | 219.3k $13.1m | Added +11.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 210.8k $12.6m | Reduced -63.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 194.6k $11.6m | Added +94.8k |
| PANAGORA ASSET MANAGEMENT INC 0.05% of their portfolio | 192.1k $11.5m | Added +41.5k |
| Nuveen, LLC 0.00% of their portfolio | 183.0k $10.9m | Reduced -117.0k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.40% of their portfolio | 176.9k $10.6m | Unchanged |
| Janney Montgomery Scott LLC 0.02% of their portfolio | 173.7k $10.4m | Reduced -2.2k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 156.4k $9.3m | Reduced -35.7k |
| Quantinno Capital Management LP 0.02% of their portfolio | 151.0k $9.0m | Added +9.3k |
| Retirement Systems of Alabama 0.03% of their portfolio | 150.0k $9.0m | Added +1.6k |
| Midwest Trust Co 0.12% of their portfolio | 149.5k $8.9m | Reduced -22.1k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.02% of their portfolio | 148.7k $8.9m | Reduced -1.6k |
| FMR LLC 0.00% of their portfolio | 148.2k $8.9m | Added +34.6k |
| Schonfeld Strategic Advisors LLC 0.06% of their portfolio | 143.5k $8.6m | Added +128.2k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 143.2k $8.6m | Reduced -8.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio | 143.2k $8.6m | Reduced -135.0k |
| Rafferty Asset Management, LLC 0.03% of their portfolio | 142.1k $8.5m | Added +45.3k |
| MATTERN CAPITAL MANAGEMENT, LLC 0.99% of their portfolio | 141.0k $8.4m | Reduced -795 |
| BARCLAYS PLC 0.00% of their portfolio | 135.8k $8.1m | Added +45.8k |
| Waterfront Wealth Inc. 1.49% of their portfolio | 135.1k $7.3m | Reduced -664 |
| Cubist Systematic Strategies, LLC 0.11% of their portfolio | 134.1k $8.0m | Reduced -32.1k |
| CWM, LLC 0.02% of their portfolio | 133.9k $8.0m | Added +11.4k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 131.6k $7.9m | Unchanged |
| MONETA GROUP INVESTMENT ADVISORS LLC 0.06% of their portfolio | 131.5k $7.9m | Added +221 |
| CITIGROUP INC 0.01% of their portfolio | 126.2k $7.5m | Reduced -69.4k |
| Holocene Advisors, LP 0.02% of their portfolio | 125.1k $7.5m | Added +33.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 119.5k $7.1m | Added +912 |
| US BANCORP \DE\ 0.01% of their portfolio | 114.0k $6.8m | Added +8.6k |
| Cerity Partners LLC 0.01% of their portfolio | 112.6k $6.7m | Added +83.5k |
| Numerai GP LLC 0.94% of their portfolio | 111.8k $6.7m | New |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 111.1k $6.6m | Reduced -10.9k |
| LPL Financial LLC 0.00% of their portfolio | 107.2k $6.4m | Reduced -3.8k |
| Mariner, LLC 0.01% of their portfolio | 106.1k $6.3m | Added +5.7k |
| Robeco Institutional Asset Management B.V. 0.01% of their portfolio | 102.2k $6.1m | Added +38.1k |
| OPPENHEIMER & CO INC 0.07% of their portfolio | 96.1k $5.7m | Reduced -605 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 94.6k $5.7m | Reduced -177 |
| Man Group plc 0.01% of their portfolio | 94.2k $5.6m | Added +9.2k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 93.3k $5.6m | Added +4.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 92.3k $5.5m | Added +6.1k |
| Bridgewater Associates, LP 0.02% of their portfolio | 91.6k $5.5m | New |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 84.4k $5.0m | Added +1.3k |
| Clark & Stuart, Inc 3.60% of their portfolio | 84.3k $5.0m | Reduced -936 |
| Jain Global LLC 0.06% of their portfolio | 78.3k $4.7m | New |
| Edgestream Partners, L.P. 0.14% of their portfolio | 78.0k $4.7m | Reduced -100.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 74.7k $4.5m | Reduced -4.4k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 74.1k $4.4m | Added +70.0k |
| Stonebridge Financial Group, LLC 0.38% of their portfolio | 72.3k $4.3m | Added +784 |
| Engineers Gate Manager LP 0.05% of their portfolio | 70.7k $4.2m | Added +16.8k |