Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by State Street Corp

State Street Corp trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,060,834 shares of the financial services provider’s stock after selling 127,133 shares during the period. State Street Corp owned approximately 4.73% of Commerce Bancshares worth $360,014,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. grew its stake in shares of Commerce Bancshares by 0.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock valued at $1,724,000 after acquiring an additional 154 shares in the last quarter. Sound Stewardship LLC grew its stake in Commerce Bancshares by 3.9% during the 3rd quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 163 shares in the last quarter. Allworth Financial LP increased its holdings in Commerce Bancshares by 51.1% during the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC boosted its stake in shares of Commerce Bancshares by 3.6% during the 3rd quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock valued at $374,000 after buying an additional 217 shares during the last quarter. Finally, Marshall Financial Group LLC boosted its stake in shares of Commerce Bancshares by 1.2% during the 3rd quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider’s stock valued at $1,084,000 after buying an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

CBSH has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Morgan Stanley cut shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company lifted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $65.07.

Commerce Bancshares Stock Down 1.1 %

Shares of NASDAQ CBSH opened at $68.02 on Tuesday. The stock has a market capitalization of $8.72 billion, a P/E ratio of 17.71, a P/E/G ratio of 3.74 and a beta of 0.77. The firm’s 50-day moving average price is $65.76 and its two-hundred day moving average price is $61.52. Commerce Bancshares, Inc. has a 52-week low of $47.09 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The business had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. As a group, equities research analysts expect that Commerce Bancshares, Inc. will post 3.98 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.59%. Commerce Bancshares’s dividend payout ratio is currently 28.13%.

Insider Buying and Selling

In other news, SVP Patricia R. Kellerhals sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the completion of the transaction, the senior vice president now directly owns 23,381 shares in the company, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,316 shares of company stock valued at $2,420,311 in the last quarter. Company insiders own 3.20% of the company’s stock.

About Commerce Bancshares

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.