ProShare Advisors LLC Decreases Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

ProShare Advisors LLC trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 21.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 553,697 shares of the financial services provider’s stock after selling 148,385 shares during the period. ProShare Advisors LLC owned 0.43% of Commerce Bancshares worth $29,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. BKM Wealth Management LLC acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth about $29,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth about $35,000. Clarity Asset Management Inc. acquired a new position in Commerce Bancshares in the 4th quarter valued at about $43,000. Exchange Traded Concepts LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at about $55,000. Finally, Allspring Global Investments Holdings LLC increased its position in Commerce Bancshares by 93.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock valued at $89,000 after acquiring an additional 805 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

CBSH stock opened at $61.69 on Thursday. Commerce Bancshares, Inc. has a 1 year low of $40.91 and a 1 year high of $62.07. The stock’s 50 day moving average price is $55.52 and its 200 day moving average price is $53.77. The firm has a market cap of $7.99 billion, a P/E ratio of 17.20 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same quarter in the prior year, the company earned $0.90 EPS. Commerce Bancshares’s revenue was up 2.2% on a year-over-year basis. On average, research analysts predict that Commerce Bancshares, Inc. will post 3.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, May 10th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Piper Sandler lifted their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Jefferies Financial Group lifted their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average price target of $56.71.

Insider Activity at Commerce Bancshares

In related news, CEO John W. Kemper sold 26,581 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $56.77, for a total value of $1,509,003.37. Following the sale, the chief executive officer now owns 198,387 shares of the company’s stock, valued at approximately $11,262,429.99. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares Company 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.