Great West Life Assurance Co. Can Buys 3,466 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Great West Life Assurance Co. Can boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSHGet Rating) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 70,693 shares of the financial services provider’s stock after purchasing an additional 3,466 shares during the period. Great West Life Assurance Co. Can’s holdings in Commerce Bancshares were worth $4,674,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Walleye Trading LLC bought a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $654,000. FORVIS Wealth Advisors LLC raised its position in shares of Commerce Bancshares by 98.7% in the second quarter. FORVIS Wealth Advisors LLC now owns 11,133 shares of the financial services provider’s stock valued at $731,000 after purchasing an additional 5,531 shares during the period. Atwood & Palmer Inc. raised its position in shares of Commerce Bancshares by 295.8% in the second quarter. Atwood & Palmer Inc. now owns 67,402 shares of the financial services provider’s stock valued at $4,425,000 after purchasing an additional 50,372 shares during the period. Credit Suisse AG raised its position in shares of Commerce Bancshares by 3.7% in the second quarter. Credit Suisse AG now owns 116,759 shares of the financial services provider’s stock valued at $7,665,000 after purchasing an additional 4,178 shares during the period. Finally, Walker Asset Management LLC bought a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $1,431,000. Institutional investors own 64.12% of the company’s stock.

Insider Activity

In other news, EVP Thomas J. Noack sold 715 shares of the company’s stock in a transaction on Friday, October 28th. The shares were 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 approximately $1,508,233.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director David W. Kemper sold 3,000 shares of the company’s stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $71.26, for a total value of $213,780.00. Following the completion of the sale, the director now owns 1,204,220 shares of the company’s stock, valued at approximately $85,812,717.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas J. Noack sold 715 shares of the company’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $70.35, for a total transaction of $50,300.25. Following the completion of the sale, the executive vice president now directly owns 21,439 shares of the company’s stock, valued at approximately $1,508,233.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,819 shares of company stock valued at $420,239. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Morgan Stanley reduced their price objective on shares of Commerce Bancshares from $70.48 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, January 6th. StockNews.com assumed coverage on shares of Commerce Bancshares in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Piper Sandler boosted their price objective on shares of Commerce Bancshares from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, November 16th.

Commerce Bancshares Price Performance

CBSH stock opened at $65.57 on Monday. Commerce Bancshares, Inc. has a one year low of $59.81 and a one year high of $72.60. The stock has a market cap of $8.22 billion, a PE ratio of 17.03 and a beta of 0.77. The firm has a 50 day simple moving average of $69.06 and a two-hundred day simple moving average of $69.45.

Commerce Bancshares (NASDAQ:CBSHGet Rating) last released its quarterly earnings results on Thursday, January 19th. The financial services provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.02. Commerce Bancshares had a net margin of 31.60% and a return on equity of 18.60%. The business had revenue of $391.50 million during the quarter, compared to analysts’ expectations of $395.61 million. During the same quarter in the previous year, the company earned $0.89 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts expect that Commerce Bancshares, Inc. will post 3.95 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 16th. Shareholders of record on Friday, December 2nd were paid a $0.265 dividend. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $1.06 dividend on an annualized basis and a yield of 1.62%. Commerce Bancshares’s dividend payout ratio is presently 27.54%.

Commerce Bancshares Company Profile

(Get Rating)

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.

Further Reading

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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