Commerce Bancshares, Inc. $CBSH Shares Bought by Allworth Financial LP

Allworth Financial LP lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1,723.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,108 shares of the financial services provider’s stock after buying an additional 11,444 shares during the period. Allworth Financial LP’s holdings in Commerce Bancshares were worth $724,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Edgestream Partners L.P. lifted its holdings in Commerce Bancshares by 28.8% in the 2nd 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. Robeco Institutional Asset Management B.V. grew its stake in shares of Commerce Bancshares by 59.5% in 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 during the last quarter. Voya Investment Management LLC grew its stake in shares of Commerce Bancshares by 95.0% in the 3rd quarter. Voya Investment Management LLC now owns 194,642 shares of the financial services provider’s stock worth $11,632,000 after purchasing an additional 94,841 shares during the last quarter. Country Trust Bank bought a new stake in shares of Commerce Bancshares in the 2nd quarter worth approximately $756,000. Finally, American Century Companies Inc. raised its holdings in shares of Commerce Bancshares by 5.4% in the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after purchasing an additional 202,758 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Buying and Selling at Commerce Bancshares

In other news, CEO John W. Kemper sold 23,397 shares of the firm’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the completion of the sale, the chief executive officer directly owned 206,528 shares of the company’s stock, valued at $11,150,446.72. This trade represents a 10.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Margaret M. Rowe sold 861 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $51.69, for a total transaction of $44,505.09. Following the transaction, the senior vice president directly owned 5,742 shares in the company, valued at approximately $296,803.98. The trade was a 13.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 29,477 shares of company stock valued at $1,586,655 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CBSH. Morgan Stanley reduced their target price on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 2nd. 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 Commerce Bancshares and gave the stock a “neutral” rating in a research note on Monday, January 26th. TD Cowen cut their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, January 7th. Finally, Zacks Research raised Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and a consensus price target of $61.51.

Commerce Bancshares Stock Performance

CBSH stock opened at $48.44 on Wednesday. The firm has a 50 day simple moving average of $52.06 and a 200 day simple moving average of $52.81. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $63.19. The stock has a market cap of $7.11 billion, a P/E ratio of 11.56, a P/E/G ratio of 2.41 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $442.47 million. During the same quarter in the prior year, the business earned $1.01 EPS. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Friday, March 6th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, March 6th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.25%.

Commerce Bancshares 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.