Mutual of America Capital Management LLC Decreases Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Mutual of America Capital Management LLC decreased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSHFree Report) by 3.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,582 shares of the financial services provider’s stock after selling 2,832 shares during the period. Mutual of America Capital Management LLC owned about 0.05% of Commerce Bancshares worth $3,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Commerce Bancshares by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock valued at $660,816,000 after buying an additional 558,017 shares in the last quarter. Commerce Bank lifted its holdings in Commerce Bancshares by 2.8% in the 4th quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock valued at $385,771,000 after purchasing an additional 196,431 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Commerce Bancshares by 7.1% in the 4th quarter. Wells Fargo & Company MN now owns 2,345,252 shares of the financial services provider’s stock valued at $125,260,000 after purchasing an additional 155,526 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Commerce Bancshares by 22.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock valued at $89,541,000 after purchasing an additional 302,630 shares in the last quarter. Finally, Norges Bank purchased a new position in Commerce Bancshares in the 4th quarter valued at $71,835,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 1.2 %

Shares of NASDAQ:CBSH opened at $57.00 on Thursday. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 1.79 and a beta of 0.76. The business has a 50-day moving average price of $55.17 and a 200 day moving average price of $53.58. Commerce Bancshares, Inc. has a 12-month low of $40.91 and a 12-month high of $57.48.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.06. The company had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. Commerce Bancshares’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 3.59 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio is currently 30.12%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CBSH shares. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Piper Sandler raised their target price on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Jefferies Financial Group raised their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, May 10th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $56.71.

Read Our Latest Research Report on CBSH

Insider Activity

In other news, CEO John W. Kemper sold 26,581 shares of Commerce Bancshares stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the transaction, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.10% of the company’s stock.

About Commerce Bancshares

(Free Report)

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.

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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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