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# Vanguard Capital Management Holds 5.17% Of Commerce Bancshares, But Votes Only A Sliver
- URL: https://www.bullished.co/vanguard-capital-management-holds-5-17-of-commerce-bancshares-but-votes-only-a-sliver-a55dcaed/
- Published: 2026-10-30T16:13:42.000Z
- Updated: 2026-10-30T16:13:42.000Z
- Description: The Vanguard unit reports 7,417,389 shares as a passive holder, with sole voting power over 1,077,380 of them.
- Author: Matteo Parrino
- Tags: SEC Filings, CBSH, Industry: Financials

Vanguard Capital Management owns [7,417,389 shares](https://www.sec.gov/Archives/edgar/data/0002100119/000210011926001582/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) of [Commerce Bancshares](https://www.bullished.co/tag/cbsh/), or 5.17% of the common stock, according to a Schedule 13G it filed Friday. It holds sole voting power over only 1,077,380 of them.

## A big stake, a small vote

The filing measures the position as of September 30, 2026\. Vanguard reports [shared voting power](https://www.sec.gov/Archives/edgar/data/0002100119/000210011926001582/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) over none of the shares, so the 1,077,380 it can vote alone is the full extent of its voting power.

The 5.17% is a cover-page figure. Under the SEC's beneficial-ownership rules, it counts shares an investor can acquire within 60 days.

The report covers Vanguard Capital Management and several affiliates, including Vanguard Fiduciary Trust Company and Vanguard Asset Management Limited. It includes shares held by Vanguard funds, or parts of them, where the unit holds dispositive power, meaning the authority to decide on sales.

## Passive by Vanguard's own certification

Vanguard certified that the shares were bought and are held in the ordinary course of business. It said they were not acquired to change or influence control of the company. It also said no one other than Vanguard has an interest in the securities above 5%.

## The bank behind the shares

Commerce Bancshares is a Kansas City-based bank holding company that owns Commerce Bank. The bank offers retail, mortgage, corporate, investment, trust and asset management services. Its 10-K for 2025 showed 140 branch facilities, mainly in Missouri, Kansas and central Illinois, and $32.9 billion in assets at December 31, 2025.

Commerce Bancshares shares traded at $55.29 in Friday trading, down about 0.6% from the prior close of $55.60\. The company's market value was $7.9 billion.

Vanguard Capital Management, based in Malvern, Pennsylvania, lists Commerce Bancshares' address as 1000 Walnut in Kansas City in the filing.

### Sources

- [SCHEDULE 13G — Vanguard Capital Management re: Commerce Bancshares Inc/MO (CBSH)](https://www.sec.gov/Archives/edgar/data/0002100119/000210011926001582/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [Commerce Bancshares, Inc. (CBSH) Stock Forecasts](https://finance.yahoo.com/research/reports/ARGUS%5F3776%5FQuantitativeReport%5F1793145600000?ref=bullished.co) — Yahoo Finance

### More on Commerce Bancshares

- [Commerce Bancshares Earns $1.08 A Share, Up From A Year Ago But Below Last Quarter](https://www.bullished.co/commerce-bancshares-earns-1-08-a-share-up-from-a-year-ago-but-below-last-quarter-6b8a28f4/)

[All Commerce Bancshares (CBSH) coverage →](https://www.bullished.co/tag/cbsh/)