COMMERCE BANCSHARES, INC.
In the published model solve dated 2026-Q2, anchored at $58.04, COMMERCE BANCSHARES, INC. (CBSH) is priced for 13.9% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Fee businesses do the heavy lifting here: the FY2025 10-K reports deposit account fees up $7.9 million, or 7.9%, driven by $7.4 million of higher corporate cash management fees, and the wealth line carries a fifth of the revenue mix without consuming much capital. • Net loan charge-offs reached $40.7 million during 2025 and the allowance rose to 1.01% of loans, which the filing attributes to worsening loss trends in consumer credit card, automobile and other non-real-estate consumer lending. •
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452 institutional managers reported holding CBSH in 13F filings for the quarter ended 2026-03-31. Together they hold about 69% of the company; the top 10 hold 43%. 64 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 7.0M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (5.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
It pays a dividend, and has paid one every year in our records (17 and counting); the current rate is $1.05 a share annually. Cash returned over the past three years: $404.44M in dividends and $504.68M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CBSH over the trailing three years: 2023: 3 buys totaling $751k; 2026: 1 buy totaling $119k. 28 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CBSH's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-05 | +3.1% | -10.2% |
| 2023-11-07 | -5.9% | +15.7% |
| 2024-02-23 | +0.1% | +6.9% |
| 2024-05-09 | +1.5% | +0.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CBSH's latest 8-K filings: 2026-07-16 (items 2.02, 9.01); 2026-07-06 (items 5.02); 2026-05-12 (items 8.01); 2026-05-07 (items 5.02); 2026-04-28 (items 5.02, 5.07, 8.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.