Citigroup Inc. Has $7.54 Million Position in Commerce Bancshares, Inc. $CBSH

Citigroup Inc. cut its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 35.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 126,178 shares of the financial services provider’s stock after selling 69,358 shares during the quarter. Citigroup Inc. owned 0.09% of Commerce Bancshares worth $7,540,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CBSH. Edgestream Partners L.P. increased its position in shares of Commerce Bancshares by 28.8% in the second quarter. Edgestream Partners L.P. now owns 178,420 shares of the financial services provider’s stock valued at $11,092,000 after acquiring an additional 39,873 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth approximately $1,948,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Commerce Bancshares by 59.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 102,227 shares of the financial services provider’s stock worth $6,109,000 after purchasing an additional 38,120 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Commerce Bancshares by 11.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 273,933 shares of the financial services provider’s stock valued at $17,030,000 after buying an additional 27,148 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Commerce Bancshares by 95.0% in the third quarter. Voya Investment Management LLC now owns 194,642 shares of the financial services provider’s stock valued at $11,632,000 after buying an additional 94,841 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 2,092 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $53.32, for a total transaction of $111,545.44. Following the transaction, the senior vice president owned 28,933 shares in the company, valued at $1,542,707.56. This trade represents a 6.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Derrick Brooks sold 1,044 shares of Commerce Bancshares stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total value of $56,793.60. Following the sale, the senior vice president directly owned 14,585 shares of the company’s stock, valued at $793,424. This represents a 6.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,667 shares of company stock valued at $1,493,323 in the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on CBSH. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research report on Monday, December 29th. Zacks Research cut shares of Commerce Bancshares from a “hold” rating to a “strong sell” rating in a report on Thursday, January 8th. TD Cowen reduced their price target on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, January 7th. Finally, Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $61.75.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $50.99 on Monday. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 2.56 and a beta of 0.61. Commerce Bancshares, Inc. has a 52 week low of $48.69 and a 52 week high of $63.30. The company has a 50-day simple moving average of $53.45 and a 200 day simple moving average of $53.99.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) 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 15.34%. The firm had revenue of $449.36 million during the quarter, compared to the consensus estimate of $442.47 million. During the same period last year, the business posted $1.01 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Sell-side analysts forecast 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 will be paid on Tuesday, March 24th. Investors of record on Friday, March 6th will be paid a $0.275 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 2.2%. Commerce Bancshares’s payout ratio is 26.25%.

About Commerce Bancshares

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.