Waterfront Wealth Inc. Sells 1,060 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Waterfront Wealth Inc. reduced its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 137,824 shares of the financial services provider’s stock after selling 1,060 shares during the period. Commerce Bancshares accounts for about 2.1% of Waterfront Wealth Inc.’s portfolio, making the stock its 5th largest position. Waterfront Wealth Inc.’s holdings in Commerce Bancshares were worth $8,588,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CBSH. Nicholson Wealth Management Group LLC lifted its holdings in Commerce Bancshares by 65.6% during the 4th quarter. Nicholson Wealth Management Group LLC now owns 20,370 shares of the financial services provider’s stock valued at $1,269,000 after purchasing an additional 8,068 shares during the last quarter. Mattern Capital Management LLC lifted its holdings in Commerce Bancshares by 1.8% during the 4th quarter. Mattern Capital Management LLC now owns 143,432 shares of the financial services provider’s stock valued at $8,937,000 after purchasing an additional 2,530 shares during the last quarter. First Bank & Trust lifted its holdings in Commerce Bancshares by 5.0% during the 4th quarter. First Bank & Trust now owns 5,909 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 281 shares during the last quarter. Concurrent Investment Advisors LLC lifted its holdings in Commerce Bancshares by 8.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 30,607 shares of the financial services provider’s stock valued at $1,907,000 after purchasing an additional 2,327 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Commerce Bancshares by 15.6% during the 4th quarter. Handelsbanken Fonder AB now owns 34,258 shares of the financial services provider’s stock valued at $2,135,000 after purchasing an additional 4,630 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Trading Down 1.5 %

NASDAQ CBSH opened at $64.90 on Friday. The firm’s fifty day moving average price is $64.86 and its two-hundred day moving average price is $64.33. Commerce Bancshares, Inc. has a 1 year low of $47.89 and a 1 year high of $72.75. The firm has a market capitalization of $8.32 billion, a P/E ratio of 16.18, a price-to-earnings-growth ratio of 2.17 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. During the same period in the prior year, the firm posted $0.84 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, research analysts anticipate that Commerce Bancshares, Inc. will post 3.93 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 annualized dividend and a dividend yield of 1.69%. Commerce Bancshares’s dividend payout ratio is presently 26.93%.

Insider Activity

In related news, CEO John W. Kemper sold 26,042 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $67.28, for a total value of $1,752,105.76. Following the transaction, the chief executive officer now directly owns 211,929 shares in the company, valued at approximately $14,258,583.12. This represents a 10.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Patricia R. Kellerhals sold 500 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the completion of the transaction, the senior vice president now owns 22,265 shares in the company, valued at $1,526,265.75. This trade represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,054 shares of company stock valued at $5,771,192 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CBSH has been the subject of several analyst reports. Piper Sandler lifted their price target on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Wells Fargo & Company boosted their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 29th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Finally, 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. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $67.83.

Commerce Bancshares Company Profile

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.