Envestnet Asset Management Inc. Cuts Stock Holdings in Commerce Bancshares, Inc. $CBSH

Envestnet Asset Management Inc. lessened its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 23.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 210,840 shares of the financial services provider’s stock after selling 63,093 shares during the quarter. Envestnet Asset Management Inc. owned about 0.16% of Commerce Bancshares worth $12,600,000 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. Oregon Public Employees Retirement Fund increased its stake in shares of Commerce Bancshares by 0.8% during the third quarter. Oregon Public Employees Retirement Fund now owns 25,004 shares of the financial services provider’s stock valued at $1,494,000 after acquiring an additional 200 shares during the period. Geneos Wealth Management Inc. lifted its position in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the period. Daiwa Securities Group Inc. lifted its position in Commerce Bancshares by 3.0% in the second quarter. Daiwa Securities Group Inc. now owns 7,935 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 233 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Commerce Bancshares by 7.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 3,519 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 241 shares in the last quarter. Finally, ICW Investment Advisors LLC increased its position in shares of Commerce Bancshares by 2.8% during the 2nd quarter. ICW Investment Advisors LLC now owns 10,199 shares of the financial services provider’s stock valued at $634,000 after purchasing an additional 280 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Trading Down 1.1%

NASDAQ CBSH opened at $53.01 on Wednesday. Commerce Bancshares, Inc. has a 1 year low of $48.69 and a 1 year high of $63.43. The company has a market cap of $7.02 billion, a PE ratio of 12.65, a PEG ratio of 2.69 and a beta of 0.62. The stock’s 50-day moving average price is $53.52 and its two-hundred day moving average price is $54.27.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.51%. The business had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. During the same period last year, the firm posted $1.01 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, March 6th. Commerce Bancshares’s payout ratio is presently 26.25%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Commerce Bancshares from $61.90 to $57.14 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. TD Cowen lowered their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Monday, December 29th. Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Monday, January 26th. Finally, Zacks Research cut shares of Commerce Bancshares from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 8th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Commerce Bancshares has an average rating of “Reduce” and an average target price of $61.75.

Insider Buying and Selling at Commerce Bancshares

In related news, SVP Derrick Brooks sold 1,044 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total value of $56,793.60. Following the completion of the sale, the senior vice president directly owned 14,585 shares of the company’s stock, valued at approximately $793,424. This represents a 6.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP David L. Roller sold 1,134 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $54.48, for a total value of $61,780.32. Following the sale, the senior vice president owned 30,535 shares of the company’s stock, valued at $1,663,546.80. The trade was a 3.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,667 shares of company stock valued at $1,493,323 in the last three months. 3.10% of the stock is currently owned by company insiders.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.