Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 246,785 shares of the financial services provider’s stock after selling 24,247 shares during the period. Envestnet Asset Management Inc. owned 0.18% of Commerce Bancshares worth $15,357,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CBSH. Vanguard Group Inc. raised its holdings in shares of Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock valued at $824,080,000 after buying an additional 642,401 shares during the period. Aristotle Capital Management LLC boosted its position in shares of Commerce Bancshares by 4.3% in the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider’s stock valued at $533,777,000 after purchasing an additional 351,406 shares during the period. American Century Companies Inc. boosted its position in shares of Commerce Bancshares by 25.5% in the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock valued at $228,991,000 after purchasing an additional 745,661 shares during the period. Geode Capital Management LLC lifted its position in Commerce Bancshares by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider’s stock worth $155,756,000 after acquiring an additional 87,723 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Commerce Bancshares by 11.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider’s stock worth $141,584,000 after acquiring an additional 227,052 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.6%

NASDAQ CBSH opened at $64.63 on Friday. The business’s 50-day moving average price is $63.37 and its 200 day moving average price is $62.87. Commerce Bancshares, Inc. has a twelve month low of $52.69 and a twelve month high of $72.75. The company has a market capitalization of $8.62 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.78 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The firm had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. During the same period in the prior year, the business posted $1.02 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

Insider Buying and Selling at Commerce Bancshares

In other news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the completion of the sale, the director owned 3,175 shares of the company’s stock, valued at $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Piper Sandler reissued a “neutral” rating and set a $70.00 target price (up from $66.50) on shares of Commerce Bancshares in a research note on Thursday. Bank of America raised their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 24th. Morgan Stanley boosted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th. Keefe, Bruyette & Woods cut their price target on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Finally, Wells Fargo & Company boosted their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $66.80.

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.