Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Summit Financial LLC

Summit Financial LLC reduced its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 44.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,874 shares of the financial services provider’s stock after selling 3,128 shares during the quarter. Summit Financial LLC’s holdings in Commerce Bancshares were worth $207,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CBSH. AE Wealth Management LLC acquired a new position in Commerce Bancshares during the 3rd quarter worth approximately $221,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Commerce Bancshares by 19.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,728 shares of the financial services provider’s stock worth $1,138,000 after acquiring an additional 3,937 shares in the last quarter. FORVIS Wealth Advisors LLC lifted its holdings in Commerce Bancshares by 5.5% in the third quarter. FORVIS Wealth Advisors LLC now owns 12,416 shares of the financial services provider’s stock valued at $596,000 after acquiring an additional 650 shares during the period. Advisor Partners II LLC acquired a new stake in Commerce Bancshares in the third quarter valued at $201,000. Finally, TIAA Trust National Association purchased a new stake in shares of Commerce Bancshares during the 3rd quarter worth $230,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CBSH. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Piper Sandler lifted their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday, April 17th. Finally, Morgan Stanley raised their price objective on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.00.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $56.14 on Friday. The firm has a market capitalization of $7.29 billion, a PE ratio of 15.66 and a beta of 0.76. Commerce Bancshares, Inc. has a 12 month low of $40.91 and a 12 month high of $57.00. The business has a 50-day moving average of $52.87 and a two-hundred day moving average of $51.52.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The firm had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. Commerce Bancshares’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share. As a group, research analysts anticipate that Commerce Bancshares, Inc. will post 3.43 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, June 5th. Commerce Bancshares’s payout ratio is 30.12%.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 1,392 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were 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 of the company’s stock, valued at $1,566,638.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Commerce Bancshares news, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $50.81, for a total transaction of $145,824.70. Following the completion of the transaction, the director now directly owns 1,181,994 shares of the company’s stock, valued at approximately $60,057,115.14. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP David L. Roller sold 1,392 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total transaction of $70,463.04. Following the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $1,566,638.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,876 shares of company stock worth $510,441. 3.20% of the stock is currently owned by company insiders.

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.