Commerce Bancshares, Inc. $CBSH Position Cut by ProShare Advisors LLC

ProShare Advisors LLC lessened its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 11.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 467,398 shares of the financial services provider’s stock after selling 58,153 shares during the period. ProShare Advisors LLC’s holdings in Commerce Bancshares were worth $25,585,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Keating Financial Advisory Services Inc. purchased a new position in shares of Commerce Bancshares during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc grew its stake in Commerce Bancshares by 146.6% in the 3rd quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 302 shares during the period. Root Financial Partners LLC grew its stake in Commerce Bancshares by 104.9% in the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 319 shares during the period. Laurel Wealth Advisors LLC acquired a new position in Commerce Bancshares in the 3rd quarter valued at $35,000. Finally, Continuum Advisory LLC acquired a new position in Commerce Bancshares in the 2nd quarter valued at $64,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CBSH. Wells Fargo & Company set a $61.00 price objective on Commerce Bancshares and gave the stock an “equal weight” rating in a report on Tuesday, September 29th. Piper Sandler set a $60.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research note on Wednesday, October 21st. TD Cowen reiterated a “hold” rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Finally, Morgan Stanley raised their price target on Commerce Bancshares from $76.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, September 28th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $63.64.

Commerce Bancshares Stock Up 1.3%

NASDAQ:CBSH opened at $55.80 on Tuesday. The company has a market cap of $8.00 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.66 and a beta of 0.60. The firm’s 50 day moving average is $56.35 and its two-hundred day moving average is $54.45. Commerce Bancshares, Inc. has a fifty-two week low of $46.99 and a fifty-two week high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.01. The company had revenue of $494.34 million during the quarter, compared to analysts’ expectations of $496.75 million. Commerce Bancshares had a net margin of 26.06% and a return on equity of 14.27%. During the same period in the previous year, the company earned $1.06 EPS. Research analysts forecast that Commerce Bancshares, Inc. will post 4.27 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Tuesday, December 1st will be issued a $0.2750 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.51%.

Insider Transactions at Commerce Bancshares

In other news, VP David L. Orf sold 642 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares in the company, valued at $1,506,456.70. This trade represents a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Douglas D. Neff sold 666 shares of Commerce Bancshares stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $58.15, for a total value of $38,727.90. Following the completion of the transaction, the senior vice president directly owned 11,746 shares in the company, valued at $683,029.90. This represents a 5.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is currently owned by insiders.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Founded in 1865, the company operates Commerce Bank, which provides banking and related financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, mortgages, treasury and payment services, credit cards, investment management, trust services and institutional banking solutions. Its businesses also include capital markets and brokerage services, supporting corporate, municipal and institutional clients.

The bank serves customers primarily through a regional network spanning Missouri, Kansas, Illinois, Oklahoma and Colorado, along with digital banking channels.