Aristotle Capital Discloses 6.48M CBSH Shares via Schedule 13G/A

Rhea-AI Filing Summary

Aristotle Capital Management, LLC reports beneficial ownership of 6,479,179 shares of Commerce Bancshares, representing 4.86% of the company’s common stock. The filing states Aristotle has sole voting and sole dispositive power over these shares and that the shares are owned by various investment advisory clients for which Aristotle exercises discretionary authority.

The statement clarifies these holdings are held in the ordinary course of business and were not acquired to change or influence control. In simple terms, Aristotle is deemed a beneficial owner because it directs investment decisions for client accounts that hold the shares, while the underlying clients retain rights to dividends and sale proceeds.

Positive

• Beneficial ownership disclosed: 6,479,179 shares of Commerce Bancshares
• Stake size specified: Represents 4.86% of the class
• Clear authority: Aristotle reports sole voting and sole dispositive power over the shares
• Client-held structure explained: Shares are owned by various investment advisory clients and Aristotle is deemed beneficial owner due to discretionary authority
• Certification included: Filing certifies shares were acquired and are held in the ordinary course of business and not to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Aristotle holds 6.48M CBSH shares (4.86%), with sole voting/dispositive power; the filing signals a substantial but sub-5% advisory stake.

The filing documents a 6,479,179-share position equal to 4.86% of Commerce Bancshares. Aristotle reports sole voting and dispositive authority and states the shares are held for multiple investment advisory clients, making Aristotle a deemed beneficial owner under Rule 13d-3. Item 10 includes a certification that the position was acquired and is held in the ordinary course of business and not to influence control. From an investor-materiality perspective, the stake is notable for size but remains below a 5% control threshold and is presented as advisory-client assets rather than a direct corporate control effort.

Corporate Governance Expert

TL;DR: Sole voting/dispositive power over 4.86% of CBSH held on behalf of clients; governance impact is limited per the filing’s certification.

The schedule shows Aristotle exercises both voting and dispositive authority for 6,479,179 shares of Commerce Bancshares while identifying the economic owners as investment advisory clients. The filing explicitly notes the holdings are not intended to effect control, and clients retain rights to dividends and sale proceeds. Governance-wise, the form documents the mechanics of influence (voting power) but, given the stated ordinary-course holding and sub-5% stake, the filing does not on its face indicate an active control or takeover intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

COMMERCE BANCSHARES, INC.

(Name of Issuer)

$5 Par Value Common Stock

(Title of Class of Securities)

200525103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 200525103

1

Names of Reporting Persons

Aristotle Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,479,179.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,479,179.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,479,179.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.86 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: COMMERCE BANCSHARES, INC.
(b)	Address of issuer's principal executive offices: 1000 WALNUT, KANSAS CITY, MO, 64106
Item 2.
(a)	Name of person filing: Aristotle Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 11100 SANTA MONICA BLVD, SUITE 1700, LOS ANGELES, CA, 90025
(c)	Citizenship: California
(d)	Title of class of securities: $5 Par Value Common Stock
(e)	CUSIP No.: 200525103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,479,179
(b)	Percent of class: 4.86 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,479,179
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,479,179
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the shares of Common Stock set forth in Item 4 are owned by various investment advisory clients of Aristotle Capital Management, LLC, which is deemed to be a beneficial owner of those shares pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, due to its discretionary power to make investment decisions over such shares for its clients and/or its ability to vote such shares. In all cases, persons other than Aristotle Capital Management, LLC have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of the shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Not applicable.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not applicable.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Not applicable.

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Aristotle Capital Management, LLC

Signature:	/s/ Michelle M. Gosom
Name/Title:	Michelle M. Gosom, Chief Compliance Officer
Date:	08/14/2025

FAQ

What stake does Aristotle Capital report in Commerce Bancshares (CBSH)?

The filing reports 6,479,179 shares, representing 4.86% of Commerce Bancshares common stock.

Does Aristotle Capital have voting power over the CBSH shares?

Yes. The filing states Aristotle has sole voting power and sole dispositive power over the 6,479,179 shares.

Who actually owns the CBSH shares reported by Aristotle (CBSH)?

The shares are owned by various investment advisory clients of Aristotle; Aristotle is deemed a beneficial owner due to discretionary decision-making authority.

Does the Schedule 13G/A indicate Aristotle intends to influence control of CBSH?

No. The filing includes a certification stating the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.

What percent of CBSH does the reported position represent?

The reported position represents 4.86% of the class.

What is the significance of Aristotle being a 'deemed beneficial owner'?

Per the filing, Aristotle is deemed beneficial owner under Rule 13d-3 because it has discretionary authority to make investment decisions and/or to vote the shares on behalf of its clients.