Financial Counselors Inc. Sells 2,373 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Financial Counselors Inc. lowered its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 165,484 shares of the financial services provider’s stock after selling 2,373 shares during the quarter. Financial Counselors Inc. owned approximately 0.13% of Commerce Bancshares worth $8,804,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Daiwa Securities Group Inc. boosted its holdings in Commerce Bancshares by 37.4% in the first quarter. Daiwa Securities Group Inc. now owns 6,192 shares of the financial services provider’s stock valued at $329,000 after acquiring an additional 1,685 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Commerce Bancshares by 73.0% during the 1st quarter. BNP Paribas Financial Markets now owns 12,251 shares of the financial services provider’s stock valued at $652,000 after acquiring an additional 5,170 shares in the last quarter. Norden Group LLC purchased a new position in shares of Commerce Bancshares during the 1st quarter worth approximately $475,000. Allspring Global Investments Holdings LLC raised its position in shares of 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 worth $89,000 after acquiring an additional 805 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Commerce Bancshares by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 446,151 shares of the financial services provider’s stock valued at $23,735,000 after purchasing an additional 10,070 shares during the period. 70.26% of the stock is currently owned by institutional investors.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, CEO John W. Kemper sold 26,581 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 198,387 shares in the company, valued at $11,262,429.99. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.10% of the stock is owned by company insiders.

Commerce Bancshares Price Performance

Shares of CBSH traded up $0.70 during trading hours on Tuesday, hitting $56.09. The stock had a trading volume of 233,104 shares, compared to its average volume of 471,767. The firm has a market capitalization of $7.27 billion, a PE ratio of 15.66, a PEG ratio of 1.78 and a beta of 0.76. Commerce Bancshares, Inc. has a 12 month low of $40.91 and a 12 month high of $57.48. The stock has a fifty day moving average price of $55.11 and a 200 day moving average price of $53.54.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The firm had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. During the same quarter in the prior year, the business earned $0.90 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts anticipate that Commerce Bancshares, Inc. will post 3.59 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were paid a $0.27 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $1.08 annualized dividend and a dividend yield of 1.93%. Commerce Bancshares’s dividend payout ratio (DPR) is 30.12%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CBSH. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a report on Wednesday, April 17th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Piper Sandler raised their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Jefferies Financial Group lifted their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods raised their price objective 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. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $56.71.

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.