Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,016 shares of the financial services provider’s stock after acquiring an additional 848 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Commerce Bancshares were worth $936,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CBSH. DAVENPORT & Co LLC acquired a new position in shares of Commerce Bancshares during the fourth quarter worth about $201,000. Stratos Wealth Partners LTD. grew its position in Commerce Bancshares by 8.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 3,823 shares of the financial services provider’s stock worth $238,000 after buying an additional 314 shares during the period. State of Alaska Department of Revenue grew its position in Commerce Bancshares by 1.6% during the fourth quarter. State of Alaska Department of Revenue now owns 13,969 shares of the financial services provider’s stock worth $870,000 after buying an additional 222 shares during the period. Apollon Wealth Management LLC grew its position in Commerce Bancshares by 6.0% during the fourth quarter. Apollon Wealth Management LLC now owns 15,276 shares of the financial services provider’s stock worth $952,000 after buying an additional 871 shares during the period. Finally, Wilmington Savings Fund Society FSB grew its position in Commerce Bancshares by 5.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 8,402 shares of the financial services provider’s stock worth $524,000 after buying an additional 398 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director June Mcallister Fowler sold 1,618 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the sale, the director now owns 3,175 shares in the company, valued at approximately $192,786. This trade represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

CBSH has been the topic of several recent analyst reports. Wells Fargo & Company lowered their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods lowered their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $66.00 to $58.00 in a research report on Monday, April 7th. Finally, Piper Sandler upped their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $63.20.

Commerce Bancshares Price Performance

CBSH stock opened at $63.51 on Tuesday. The company’s 50 day simple moving average is $61.42 and its 200-day simple moving average is $63.72. The firm has a market capitalization of $8.47 billion, a PE ratio of 15.84, a P/E/G ratio of 2.13 and a beta of 0.60. Commerce Bancshares, Inc. has a 12 month low of $49.97 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. As a group, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.73%. Commerce Bancshares’s dividend payout ratio is presently 26.63%.

Commerce Bancshares Company Profile

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.