Cerity Partners LLC Invests $270,000 in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Cerity Partners LLC acquired a new position in Commerce Bancshares, Inc. (NASDAQ:CBSHGet Rating) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 4,102 shares of the financial services provider’s stock, valued at approximately $270,000.

Several other hedge funds and other institutional investors have also modified their holdings of CBSH. Tortoise Investment Management LLC bought a new position in Commerce Bancshares in the second quarter worth $26,000. Meeder Asset Management Inc. lifted its position in Commerce Bancshares by 66.1% in the second quarter. Meeder Asset Management Inc. now owns 455 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 181 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Commerce Bancshares in the second quarter worth $36,000. First Horizon Advisors Inc. lifted its position in Commerce Bancshares by 256.7% in the second quarter. First Horizon Advisors Inc. now owns 560 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 403 shares during the period. Finally, Atticus Wealth Management LLC lifted its position in Commerce Bancshares by 84.0% in the second quarter. Atticus Wealth Management LLC now owns 611 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 279 shares during the period. Institutional investors and hedge funds own 68.76% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $73.88 on Tuesday. The stock has a market cap of $8.82 billion, a PE ratio of 18.99 and a beta of 0.77. The business has a fifty day moving average of $70.02 and a two-hundred day moving average of $68.89. Commerce Bancshares, Inc. has a 52-week low of $62.80 and a 52-week high of $74.72.

Commerce Bancshares (NASDAQ:CBSHGet Rating) last announced its earnings results on Tuesday, October 18th. The financial services provider reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.01). Commerce Bancshares had a net margin of 31.86% and a return on equity of 16.45%. The business had revenue of $384.90 million during the quarter, compared to analyst estimates of $383.58 million. During the same quarter last year, the business posted $1.00 earnings per share. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. Analysts predict that Commerce Bancshares, Inc. will post 4.01 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be paid a $0.265 dividend. The ex-dividend date is Thursday, December 1st. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.43%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 27.25%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. StockNews.com assumed coverage on Commerce Bancshares in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler lifted their price objective on Commerce Bancshares from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Wednesday, November 16th. Finally, DA Davidson lifted their price objective on Commerce Bancshares to $71.00 in a report on Monday, July 25th.

Insider Activity

In other news, Director David W. Kemper sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 19th. The stock was sold at an average price of $69.54, for a total value of $695,400.00. Following the completion of the sale, the director now directly owns 1,151,838 shares in the company, valued at $80,098,814.52. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director David W. Kemper sold 10,000 shares of Commerce Bancshares stock in a transaction dated Wednesday, October 19th. The stock was sold at an average price of $69.54, for a total value of $695,400.00. Following the completion of the sale, the director now directly owns 1,151,838 shares in the company, valued at $80,098,814.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas J. Noack sold 715 shares of Commerce Bancshares stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $70.35, for a total value of $50,300.25. Following the completion of the sale, the executive vice president now owns 21,439 shares of the company’s stock, valued at $1,508,233.65. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by corporate insiders.

About Commerce Bancshares

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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.

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Want to see what other hedge funds are holding CBSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commerce Bancshares, Inc. (NASDAQ:CBSHGet Rating).

Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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