Commerce Bancshares

CBSH • NASDAQ

Commerce Bancshares is a banks - regional company in the financial services sector on NASDAQ, led by John W. Kemper, with a market cap of $7.3B. As of Q3 2025, 71% of shares are held by 461 institutional investors, with VANGUARD GROUP INC as the largest holder at 10.2%.

President & CEOJohn W. Kemper

Market Cap$7.3B

Banks - Regional

Financial Services

Employees4.7K

Websitecommercebank.com

Country

United States of America

Overview

Overview of institutional ownership in CBSH as of Q3 2025 with a market cap of $8.0B

All Institutions

Institutions: 461
Value Held: $5.6B
Shares Held: 94.2M
Avg Position: $12.2M
Median Position: $723.6K

Hedge Funds

Hedge Funds: 45
Value Held: $492.0M
Shares Held: 8.2M
Avg Position: $10.9M
Median Position: $2.6M

Ownership Breakdown

Institutional (non-HF)

64.48%

$5.1B

Hedge Funds

6.18%

$492.0M

Retail & Other

29.34%

$2.3B

Based on market cap of $8.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CBSH as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$812.3M 0.01% of portfolio	10.20% 13.6M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$705.9M 0.01% of portfolio	8.86% 11.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$403.5M 0.01% of portfolio	5.07% 6.8M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
COMMERCE BANK RIA/Wealth	Joseph Vincent Robinson CEO	$316.2M 1.76% of portfolio	3.97% 5.3M shares	Q1 2013 Held for 12y 8m	$18.0B
A AMERICAN CENTURY COMPANIES INC Institution	-	$237.4M 0.12% of portfolio	2.98% 4.0M shares	≤ Q2 2013 Held for 12y 5m+	$195.93B
Aristotle Capital Management, LLC Long Only Manager	Christopher Arthur Fisher CCO	$210.2M 0.44% of portfolio	2.64% 3.5M shares	Q2 2019 Held for 6y 5m	$47.4B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$187.5M 0.01% of portfolio	2.35% 3.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$157.9M 0.03% of portfolio	1.98% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$157.2M 0.01% of portfolio	1.96% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$120.6M 0.02% of portfolio	1.51% 2.0M shares	≤ Q2 2013 Held for 12y 5m+	$488.61B

Net Capital Flow

Institutional buying and selling activity for CBSH in Q3 2025

Net Flow: −$10.4M
Buyers: 188
Sellers: 193
Total Bought: +$461.1M
Total Sold: −$471.5M
Avg Position: $11.6M

Biggest Buyers

Institution	Net Bought	Current Position
COMMERCE BANK RIA/Wealth	+$36.6M +612.0K shares	$316.2M 5.3M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$33.5M +561.3K shares	$74.4M 1.2M shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	+$29.5M +493.5K shares	$30.0M 501.9K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$28.4M +475.3K shares	$78.5M 1.3M shares
B BTIM Corp. Institution	+$25.1M +420.1K shares	$113.7M 1.9M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$19.5M +325.9K shares	$20.7M 346.0K shares
STATE STREET CORP Institution	+$19.1M +319.1K shares	$403.5M 6.8M shares
B BlackRock, Inc. Institution	+$17.9M +299.9K shares	$705.9M 11.8M shares
Q Qube Research & Technologies Ltd Institution	+$17.9M +299.9K shares	$42.2M 705.4K shares
FIRST TRUST ADVISORS LP ETF Provider	+$17.1M +286.5K shares	$102.3M 1.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
Aristotle Capital Management, LLC Long Only Manager	−$177.0M −3.0M shares	$210.2M 3.5M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$97.3M −1.6M shares	$30.6M 512.1K shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	−$32.8M −551.8K shares	$13.7M 230.9K shares
Invesco Ltd. ETF Provider	−$30.1M −504.4K shares	$21.6M 360.6K shares
S SEI INVESTMENTS CO Institution	−$12.7M −212.3K shares	$25.9M 433.7K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$12.0M −201.6K shares	$24.4M 408.0K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$8.1M −135.0K shares	$8.6M 143.2K shares
T TWINBEECH CAPITAL LP Hedge Fund•Quant	−$7.6M −122.0K shares	Sold Off 0 shares
N Nuveen, LLC Institution	−$7.0M −117.0K shares	$10.9M 183.0K shares
IFG Advisory, LLC RIA/Wealth	−$6.5M −105.3K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CBSH in Q3 2025

New Positions: 20
New Value: $9.1M
Exited Positions: 57
Exited Value: $40.3M

New Positions

Institution	Position Value
Jain Global LLC Hedge Fund•Multi-Strategy	$4.7M 78.3K shares
Voleon Capital Management LP Hedge Fund•Quant	$1.4M 22.8K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$894.9K 15.0K shares
INTECH INVESTMENT MANAGEMENT LLC Long Only Manager	$515.3K 8.6K shares
1 111 Capital Institution	$359.8K 6.0K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$355.6K 6.0K shares
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	$300.7K 5.0K shares
BRIGHTON JONES LLC RIA/Wealth	$263.3K 4.4K shares
Western Wealth Management, LLC RIA/Wealth	$246.4K 4.1K shares
Union Bankshares Corp Institution	$47.5K 795.0 shares

Exited Positions

Institution	Previous Position
T TWINBEECH CAPITAL LP Hedge Fund•Quant	$7.6M 122.0K shares
IFG Advisory, LLC RIA/Wealth	$6.5M 105.3K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$3.7M 60.0K shares
Plante Moran Financial Advisors, LLC RIA/Wealth	$2.8M 44.9K shares
Horizon Investments, LLC/SC Long Only Manager	$2.5M 39.6K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$2.4M 38.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$2.2M 35.9K shares
D Dynamic Technology Lab Private Ltd Institution	$1.9M 31.3K shares
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	$1.7M 27.5K shares
Financial Advocates Investment Management RIA/Wealth	$891.5K 14.3K shares

Options Activity

Institutions with the largest Call and Put options positions in CBSH as of Q3 2025

Call Positions: 3
Call Value: $1.6M
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$669.3K 112.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$466.1K 78.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$430.3K 72.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with CBSH as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Clark & Stuart, Inc RIA/Wealth	Charles Stone Clark CCO	3.60% $5.0M	0.06% 84.3K shares	Q4 2024 Held for 11 months	$139.9M
SPEECE THORSON CAPITAL GROUP INC Long Only Manager	Benjamin David Johnson Director	2.79% $13.9M	0.18% 233.3K shares	≤ Q2 2013 Held for 12y 5m+	$500.5M
COMMERCE BANK RIA/Wealth	Joseph Vincent Robinson CEO	1.76% $316.2M	3.97% 5.3M shares	Q1 2013 Held for 12y 8m	$18.0B
NFJ INVESTMENT GROUP, LLC Long Only Manager	George Robert Aylward CEO	1.63% $47.5M	0.60% 794.5K shares	Q2 2023 Held for 2y 5m	$2.9B
B Boxwood Ventures, Inc. Institution	-	1.58% $1.4M	0.02% 23.8K shares	Q3 2021 Held for 4y 2m	$89.8M
W Waterfront Wealth Inc. RIA/Wealth	Roger Carter Ratzlaff CEO	1.49% $7.3M	0.10% 135.1K shares	Q4 2020 Held for 4y 11m	$486.1M
M MTM Investment Management, LLC RIA/Wealth	David Cordell Taylor CEO	1.32% $4.2M	0.05% 69.6K shares	Q4 2020 Held for 4y 11m	$314.7M
Paragon Capital Management LLC RIA/Wealth	Craig Barton Novorr Member	1.17% $2.4M	0.03% 40.4K shares	≤ Q2 2013 Held for 12y 5m+	$207.1M
MATTERN CAPITAL MANAGEMENT, LLC RIA/Wealth	Perry Joseph Mattern Managing Partner	0.99% $8.4M	0.11% 141.0K shares	Q4 2019 Held for 5y 11m	$850.6M
Numerai GP LLC Hedge Fund•Quant	Richard Malone Craib CEO	0.94% $6.7M	0.08% 111.8K shares	Q3 2025 Held for 2 months	$707.9M

Hedge Fund Spotlight

Discover hedge funds investing in CBSH

ARMISTICE CAPITAL, LLC

Hedge Fund • Long/Short

Portfolio ManagerSteven Joseph Boyd

Portfolio Value: $3.2B
Positions: 313
Last Reported: Q3 2025

Sector Allocation

Position in Commerce Bancshares

Market Value: $300.7K
Shares Held: 5.0K
Portfolio Weight: 0.01%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 PTC Therapeutics PTCT	Biotechnology Healthcare	$201.1M	6.38%
2 Travere Therapeutics, Inc. TVTX	Biotechnology Healthcare	$160.7M	5.10%
3 Supernus Pharmaceuticals SUPN	Drug Manufacturers - Specialty & Generic Healthcare	$135.5M	4.30%