Raymond James & Associates Increases Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Raymond James & Associates boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 143,046 shares of the financial services provider’s stock after purchasing an additional 7,512 shares during the quarter. Raymond James & Associates’ holdings in Commerce Bancshares were worth $8,497,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted 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 in the last quarter. State of Michigan Retirement System boosted its position in shares of Commerce Bancshares by 2.1% during the first quarter. State of Michigan Retirement System now owns 29,081 shares of the financial services provider’s stock valued at $1,547,000 after buying an additional 600 shares during the last quarter. Norden Group LLC purchased a new position in Commerce Bancshares in the 1st quarter worth about $475,000. Kesler Norman & Wride LLC raised its position in Commerce Bancshares by 2.7% in the 1st quarter. Kesler Norman & Wride LLC now owns 47,463 shares of the financial services provider’s stock worth $2,525,000 after buying an additional 1,246 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake 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 during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total transaction of $84,917.80. Following the sale, the executive vice president now directly owns 41,548 shares of the company’s stock, valued at $2,650,762.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Commerce Bancshares news, EVP John K. Handy sold 1,331 shares of Commerce Bancshares stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total value of $84,917.80. Following the sale, the executive vice president now directly owns 41,548 shares in the company, valued at approximately $2,650,762.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the sale, the chairman now directly owns 1,151,994 shares in the company, valued at $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,831 shares of company stock worth $2,154,008. 3.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CBSH shares. Jefferies Financial Group boosted their price objective 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. Wells Fargo & Company boosted their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $61.79.

Commerce Bancshares Trading Up 0.3 %

NASDAQ CBSH opened at $62.45 on Wednesday. Commerce Bancshares, Inc. has a 12 month low of $40.91 and a 12 month high of $65.86. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 3.03 and a beta of 0.74. The company’s 50 day moving average is $61.20 and its two-hundred day moving average is $58.56.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.73%. Commerce Bancshares’s payout ratio is 28.13%.

About Commerce Bancshares

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.