MQS Management LLC Sells 1,450 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

MQS Management LLC lowered its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 17.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,758 shares of the financial services provider’s stock after selling 1,450 shares during the quarter. MQS Management LLC’s holdings in Commerce Bancshares were worth $401,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Aigen Investment Management LP acquired a new position in Commerce Bancshares in the 3rd quarter valued at approximately $638,000. Keystone Financial Services bought a new position in shares of Commerce Bancshares in the third quarter valued at approximately $215,000. Los Angeles Capital Management LLC boosted its stake in Commerce Bancshares by 7,407.2% in the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Atria Investments Inc grew its holdings in Commerce Bancshares by 9.3% during the 3rd quarter. Atria Investments Inc now owns 24,455 shares of the financial services provider’s stock worth $1,453,000 after acquiring an additional 2,071 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares in the third quarter valued at approximately $39,000. 70.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CBSH. Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company increased their price target on Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research report on Monday, July 22nd. Finally, StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $61.79.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $71.97 on Thursday. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 3.90 and a beta of 0.73. The firm’s 50-day simple moving average is $62.05 and its 200 day simple moving average is $59.54. Commerce Bancshares, Inc. has a fifty-two week low of $44.48 and a fifty-two week high of $73.31.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 1.50%. Commerce Bancshares’s payout ratio is 28.13%.

Insiders Place Their Bets

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction dated 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 directly owns 1,151,994 shares in the company, valued at $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP John K. Handy sold 1,331 shares of Commerce Bancshares stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the completion of the transaction, the executive vice president now owns 41,548 shares in the company, valued at approximately $2,650,762.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,331 shares of company stock valued at $2,062,778. 3.20% of the stock is currently owned by corporate insiders.

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.