Amalgamated Bank Cuts Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Amalgamated Bank cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSHFree Report) by 2.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 72,337 shares of the financial services provider’s stock after selling 1,815 shares during the period. Amalgamated Bank’s holdings in Commerce Bancshares were worth $3,471,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CBSH. Quantbot Technologies LP bought a new stake in shares of Commerce Bancshares in the 2nd quarter valued at approximately $42,000. Altshuler Shaham Ltd bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at approximately $47,000. PCA Investment Advisory Services Inc. bought a new stake in shares of Commerce Bancshares in the 2nd quarter valued at approximately $38,000. Rockefeller Capital Management L.P. increased its holdings in shares of Commerce Bancshares by 429.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 863 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 700 shares during the last quarter. Finally, Adirondack Trust Co. bought a new stake in shares of Commerce Bancshares in the 3rd quarter valued at approximately $44,000. 69.63% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Commerce Bancshares

In other news, SVP David L. Roller sold 1,392 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total value of $70,463.04. Following the completion of the sale, the senior vice president now owns 30,949 shares in the company, valued at $1,566,638.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP David L. Roller sold 1,392 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total value of $70,463.04. Following the completion of the sale, the senior vice president now owns 30,949 shares in the company, valued at $1,566,638.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Benjamin F. Rassieur III sold 1,785 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the completion of the sale, the director now owns 33,567 shares of the company’s stock, valued at approximately $1,806,911.61. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,707 shares of company stock valued at $1,478,233. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CBSH. Morgan Stanley boosted their price target on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday. Wells Fargo & Company lowered their price objective on Commerce Bancshares from $52.00 to $50.00 and set an “equal weight” rating for the company in a research note on Friday, October 20th. Keefe, Bruyette & Woods upped their price objective on Commerce Bancshares from $54.00 to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. Bank of America began coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective for the company. Finally, Piper Sandler lowered their price objective on Commerce Bancshares from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $53.17.

Get Our Latest Report on CBSH

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $51.16 on Friday. Commerce Bancshares, Inc. has a 1 year low of $40.91 and a 1 year high of $64.16. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 14.09 and a beta of 0.80. The business has a fifty day moving average of $53.04 and a 200-day moving average of $50.23.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. Commerce Bancshares had a return on equity of 17.46% and a net margin of 24.41%. The company had revenue of $393.30 million during the quarter, compared to analysts’ expectations of $386.34 million. During the same quarter in the prior year, the business posted $0.99 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities research analysts predict that Commerce Bancshares, Inc. will post 3.23 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 25th. Stockholders of record on Thursday, March 7th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, March 6th. This represents a $1.08 annualized dividend and a dividend yield of 2.11%. Commerce Bancshares’s payout ratio is 29.75%.

Commerce Bancshares Company Profile

(Free Report)

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:CBSHFree Report).

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

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