First Trust Advisors LP Lowers Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

First Trust Advisors LP decreased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 89.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 109,974 shares of the financial services provider’s stock after selling 927,864 shares during the quarter. First Trust Advisors LP’s holdings in Commerce Bancshares were worth $7,275,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CBSH. Meeder Asset Management Inc. raised its stake in shares of 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 last quarter. Bessemer Group Inc. raised its stake in shares of Commerce Bancshares by 143.2% in the third quarter. Bessemer Group Inc. now owns 484 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 285 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Commerce Bancshares by 942.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 511 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 462 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Commerce Bancshares by 75.5% in the third quarter. Quadrant Capital Group LLC now owns 581 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 250 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Commerce Bancshares in the second quarter worth $42,000. Hedge funds and other institutional investors own 64.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Morgan Stanley decreased their price target on 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. Piper Sandler lifted their price objective on Commerce Bancshares from $69.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, November 16th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, February 11th.

Commerce Bancshares Price Performance

Shares of CBSH opened at $58.86 on Tuesday. Commerce Bancshares, Inc. has a one year low of $55.83 and a one year high of $72.60. The firm has a market capitalization of $7.35 billion, a P/E ratio of 15.29 and a beta of 0.75. The business has a fifty day moving average of $66.59 and a 200 day moving average of $68.52.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last issued its quarterly earnings data on Thursday, January 19th. The financial services provider reported $1.04 EPS for the quarter, topping the consensus estimate of $1.02 by $0.02. Commerce Bancshares had a return on equity of 18.60% and a net margin of 31.60%. The company had revenue of $391.50 million during the quarter, compared to analyst estimates of $395.61 million. During the same quarter in the previous year, the company posted $0.89 earnings per share. Commerce Bancshares’s revenue was up 10.2% compared to the same quarter last year. Analysts expect that Commerce Bancshares, Inc. will post 3.93 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 27th. Shareholders of record on Tuesday, March 7th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Monday, March 6th. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s payout ratio is currently 28.06%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 884 shares of the business’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $65.37, for a total transaction of $57,787.08. Following the completion of the sale, the senior vice president now owns 9,417 shares of the company’s stock, valued at $615,589.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director David W. Kemper sold 21,550 shares of the company’s stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $65.51, for a total value of $1,411,740.50. Following the completion of the transaction, the director now owns 1,172,276 shares of the company’s stock, valued at $76,795,800.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Patricia R. Kellerhals sold 884 shares of the company’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $65.37, for a total value of $57,787.08. Following the completion of the transaction, the senior vice president now directly owns 9,417 shares of the company’s stock, valued at approximately $615,589.29. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,551 shares of company stock valued at $3,076,855. Company insiders own 3.20% of the company’s stock.

Commerce Bancshares Company Profile

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Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.