DAVENPORT & Co LLC Buys Shares of 3,220 Commerce Bancshares, Inc. (NASDAQ:CBSH)

DAVENPORT & Co LLC bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the fourth quarter, HoldingsChannel.com reports. The fund bought 3,220 shares of the financial services provider’s stock, valued at approximately $201,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares during the 3rd quarter worth approximately $26,000. Allworth Financial LP boosted its stake in shares of Commerce Bancshares by 51.1% during the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 192 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $39,000. True Wealth Design LLC bought a new position in Commerce Bancshares during the third quarter worth $47,000. Finally, Farther Finance Advisors LLC lifted its stake in Commerce Bancshares by 48.2% during the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 287 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, CEO John W. Kemper sold 26,042 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total transaction of $1,752,105.76. Following the completion of the sale, the chief executive officer now directly owns 211,929 shares in the company, valued at approximately $14,258,583.12. This trade represents a 10.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP David L. Orf sold 1,036 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the sale, the vice president now owns 22,175 shares of the company’s stock, valued at $1,513,222. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,339 shares of company stock worth $4,985,251 in the last quarter. 3.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler raised their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their target price on Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $67.83.

Commerce Bancshares Stock Down 1.4 %

NASDAQ:CBSH opened at $67.65 on Monday. The business’s 50-day moving average price is $65.37 and its 200 day moving average price is $64.19. The firm has a market cap of $8.67 billion, a P/E ratio of 16.87, a PEG ratio of 2.27 and a beta of 0.80. Commerce Bancshares, Inc. has a 52-week low of $47.09 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Commerce Bancshares’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 earnings per share. Sell-side analysts expect that Commerce Bancshares, Inc. will post 3.9 EPS for the current year.

Commerce Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be issued a dividend of $0.275 per share. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Friday, March 7th. Commerce Bancshares’s payout ratio is presently 26.93%.

Commerce Bancshares 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.