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 ($12.1m 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 ≈ $52.36. Options: 4 managers hold calls ($1.6m notional), 1 hold puts ($65.7k).
Trends to Q4 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 |
| Q4 2025 | 457 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 304 | 187 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $1.2m | $0 | 0.00 |
| Q2 2025 | $857.5k | $0 | 0.00 |
| Q3 2025 | $1.6m | $47.0k | 0.03 |
| Q4 2025 | $1.6m | $65.7k | 0.04 |
Biggest buyers
| Champlain Investment Partners, LLC | New | +1.1m |
| VANGUARD GROUP INC | Added | +1.1m |
| VICTORY CAPITAL MANAGEMENT INC | Added | +1.1m |
| AMERICAN CENTURY COMPANIES INC | Added | +764.0k |
| FIRST TRUST ADVISORS LP | Added | +640.9k |
| STATE STREET CORP | Added | +566.9k |
| CITADEL ADVISORS LLC | Added | +516.7k |
| TWO SIGMA INVESTMENTS, LP | Added | +432.9k |
| HSBC HOLDINGS PLC | Added | +416.4k |
| DIMENSIONAL FUND ADVISORS LP | Added | +406.1k |
Biggest sellers
| Aristotle Capital Management, LLC | Reduced | -3.5m |
| JPMORGAN CHASE & CO | Reduced | -1.5m |
| BANK OF AMERICA CORP /DE/ | Reduced | -764.0k |
| MORGAN STANLEY | Reduced | -696.7k |
| Qube Research & Technologies Ltd | Reduced | -522.7k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -402.5k |
| ROYAL BANK OF CANADA | Reduced | -355.2k |
| LOS ANGELES CAPITAL MANAGEMENT LLC | Reduced | -329.4k |
| SEI INVESTMENTS CO | Reduced | -271.7k |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Reduced | -218.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $588.0k11.2k shares |
| CITADEL ADVISORS LLC | Added | $566.1k10.8k shares |
| JANE STREET GROUP, LLC | Reduced | $456.1k8.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $27.5k525 shares |
Biggest puts
| SIMPLEX TRADING, LLC | Added | $65.7k1.3k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 14.7m $768.9m | Added +1.1m |
| BlackRock, Inc. 0.01% of their portfolio | 12.2m $639.0m | Added +397.4k |
| STATE STREET CORP 0.01% of their portfolio | 7.3m $383.1m | Added +566.9k |
| COMMERCE BANK 1.64% of their portfolio | 5.7m $296.3m | Added +369.6k |
| AMERICAN CENTURY COMPANIES INC 0.12% of their portfolio | 4.7m $247.9m | Added +764.0k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 3.0m $159.6m | Added +406.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.8m $147.1m | Added +174.9k |
| MORGAN STANLEY 0.01% of their portfolio | 2.4m $127.7m | Reduced -696.7k |
| FIRST TRUST ADVISORS LP 0.09% of their portfolio | 2.4m $123.1m | Added +640.9k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 2.1m $110.1m | Added +86.0k |
| Boston Trust Walden Corp 0.82% of their portfolio | 2.1m $109.1m | Added +181.3k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.7m $89.9m | Reduced -1.5m |
| NORGES BANK 0.01% of their portfolio | 1.6m $85.3m | Not comparable |
| AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 1.3m $66.7m | Added +29.7k |
| UBS Group AG 0.01% of their portfolio | 1.2m $63.5m | Added +18.2k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.2m $60.5m | Reduced -43.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 1.1m $60.0m | Added +1.1m |
| Champlain Investment Partners, LLC 0.60% of their portfolio | 1.1m $58.8m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.1m $55.3m | Added +52.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio | 1.0m $54.3m | Added +39.5k |
| CITADEL ADVISORS LLC 0.04% of their portfolio | 1.0m $53.8m | Added +516.7k |
| COOKE & BIELER LP 0.54% of their portfolio | 995.4k $52.1m | Added +58.5k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 972.9k $50.9m | Reduced -33.2k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 911.0k $47.7m | Reduced -402.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio | 854.0k $44.7m | Added +181.7k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 850.7k $44.5m | Added +23.6k |
| NFJ INVESTMENT GROUP, LLC 1.52% of their portfolio | 809.6k $42.4m | Added +15.1k |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 778.9k $40.8m | Added +432.9k |
| TUDOR INVESTMENT CORP ET AL 0.21% of their portfolio | 720.5k $37.7m | Added +218.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.12% of their portfolio | 679.3k $35.6m | Added +232.0k |
| ProShare Advisors LLC 0.06% of their portfolio | 648.0k $33.9m | Added +81.0k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 640.3k $33.5m | Added +400.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 633.3k $33.1m | Reduced -764.0k |
| Verition Fund Management LLC 0.18% of their portfolio | 632.0k $33.1m | Added +179.9k |
| TWO SIGMA ADVISERS, LP 0.06% of their portfolio | 595.2k $31.2m | Added +350.6k |
| Mutual Advisors, LLC 0.55% of their portfolio | 492.7k $25.8m | Added +23.9k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 490.5k $25.7m | Added +416.4k |
| Arbejdsmarkedets Tillaegspension 0.60% of their portfolio | 446.6k $23.4m | First filing |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 411.0k $21.5m | Added +3.0k |
| Invesco Ltd. 0.00% of their portfolio | 404.2k $21.2m | Added +43.6k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 391.5k $20.5m | Reduced -40.9k |
| SPEECE THORSON CAPITAL GROUP INC 4.06% of their portfolio | 357.9k $18.7m | Added +124.7k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 357.0k $18.7m | Added +14.0k |
| LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio | 341.5k $17.9m | Reduced -203.8k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 322.3k $16.9m | Added +70.5k |
| Creative Planning 0.01% of their portfolio | 293.1k $15.3m | Added +27.7k |
| Nuveen, LLC 0.00% of their portfolio | 291.9k $15.3m | Added +108.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 278.2k $14.6m | Added +2.5k |
| Swiss National Bank 0.01% of their portfolio | 262.4k $13.7m | Added +16.7k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 261.3k $13.7m | Added +104.9k |
| UMB Bank, n.a. 0.17% of their portfolio | 240.3k $12.6m | Added +10.5k |
| PNC Financial Services Group, Inc. 0.01% of their portfolio | 232.5k $12.2m | Reduced -1.7k |
| California Public Employees Retirement System 0.01% of their portfolio | 230.4k $12.1m | Added +11.2k |
| Janney Montgomery Scott LLC 0.03% of their portfolio | 216.1k $11.3m | Added +42.4k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 212.5k $11.1m | Added +17.8k |
| BARCLAYS PLC 0.00% of their portfolio | 204.7k $10.7m | Added +68.9k |
| Legal & General Group Plc 0.00% of their portfolio | 200.5k $10.5m | Reduced -18.8k |
| Quantinno Capital Management LP 0.02% of their portfolio | 192.8k $10.1m | Added +41.8k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 182.7k $9.6m | Reduced -522.7k |
| Schonfeld Strategic Advisors LLC 0.05% of their portfolio | 175.6k $9.2m | Added +32.1k |
| Numerai GP LLC 1.04% of their portfolio | 164.5k $8.6m | Added +52.6k |
| CITIGROUP INC 0.01% of their portfolio | 163.4k $8.6m | Added +37.3k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 161.9k $8.5m | Reduced -271.7k |
| MATTERN CAPITAL MANAGEMENT, LLC 1.00% of their portfolio | 161.3k $8.4m | Added +20.3k |
| Rafferty Asset Management, LLC 0.03% of their portfolio | 157.5k $8.2m | Added +15.4k |
| Retirement Systems of Alabama 0.03% of their portfolio | 155.2k $8.1m | Added +5.1k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 150.5k $7.9m | Added +1.8k |
| Quantbot Technologies LP 0.26% of their portfolio | 149.4k $7.8m | Added +87.2k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 148.3k $7.8m | Added +5.1k |
| Midwest Trust Co 0.10% of their portfolio | 145.8k $7.6m | Reduced -3.6k |
| Waterfront Wealth Inc. 1.41% of their portfolio | 140.3k $7.4m | Added +5.2k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 138.2k $7.2m | Added +6.6k |
| MONETA GROUP INVESTMENT ADVISORS LLC 0.05% of their portfolio | 136.8k $7.2m | Added +5.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 125.4k $6.6m | Added +5.8k |
| US BANCORP \DE\ 0.01% of their portfolio | 120.4k $6.3m | Added +6.4k |
| Engineers Gate Manager LP 0.07% of their portfolio | 114.9k $6.0m | Added +44.3k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 114.1k $6.0m | Added +102.1k |
| Mariner, LLC 0.01% of their portfolio | 110.2k $5.8m | Added +4.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 105.2k $5.5m | Added +12.9k |
| Holocene Advisors, LP 0.01% of their portfolio | 103.3k $5.4m | Reduced -21.8k |
| Vest Financial, LLC 0.07% of their portfolio | 102.8k $5.4m | Added +40.6k |
| LPL Financial LLC 0.00% of their portfolio | 101.8k $5.3m | Reduced -5.5k |
| OPPENHEIMER & CO INC 0.07% of their portfolio | 100.6k $5.3m | Added +4.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 99.7k $5.2m | Reduced -355.2k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 98.8k $5.2m | Added +5.5k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 98.7k $5.2m | Reduced -12.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 96.8k $5.1m | Added +2.2k |
| MTM Investment Management, LLC 1.47% of their portfolio | 88.0k $4.6m | Added +18.3k |
| Amundi 0.00% of their portfolio | 87.5k $4.6m | Added +43.7k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 87.5k $4.6m | Reduced -329.4k |
| TWINBEECH CAPITAL LP 0.32% of their portfolio | 86.5k $4.5m | New |
| Clark & Stuart, Inc 3.09% of their portfolio | 85.7k $4.5m | Added +1.4k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 84.2k $4.4m | Added +13.6k |
| Man Group plc 0.01% of their portfolio | 82.8k $4.3m | Reduced -11.5k |
| Stonebridge Financial Group, LLC 0.36% of their portfolio | 79.4k $4.2m | Added +7.1k |
| Focus Partners Wealth 0.00% of their portfolio | 77.3k $4.0m | Added +43.6k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 76.6k $4.0m | New |
| SG Americas Securities, LLC 0.01% of their portfolio | 75.9k $4.0m | Added +71.8k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 75.6k $4.0m | Reduced -8.8k |
| Campbell & CO Investment Adviser LLC 0.19% of their portfolio | 75.0k $3.9m | Added +45.3k |