CIBC Asset Management Inc Sells 7,598 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

CIBC Asset Management Inc decreased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 58.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,295 shares of the financial services provider’s stock after selling 7,598 shares during the period. CIBC Asset Management Inc’s holdings in Commerce Bancshares were worth $315,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CBSH. Los Angeles Capital Management LLC grew its stake in Commerce Bancshares by 7,407.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after buying an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after purchasing an additional 342,793 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Commerce Bancshares by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after purchasing an additional 259,127 shares during the period. American Century Companies Inc. lifted its holdings in Commerce Bancshares by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after purchasing an additional 240,938 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Commerce Bancshares by 168.3% in the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after purchasing an additional 214,582 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Up 1.2 %

Shares of Commerce Bancshares stock opened at $71.81 on Friday. The company’s fifty day simple moving average is $63.28 and its two-hundred day simple moving average is $60.18. Commerce Bancshares, Inc. has a 12-month low of $47.19 and a 12-month high of $73.31. The company has a market cap of $9.21 billion, a P/E ratio of 18.70, a PEG ratio of 3.87 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. The firm had revenue of $421.38 million for the quarter, compared to the consensus estimate of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. Analysts predict that Commerce Bancshares, Inc. will post 4.02 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors 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 dividend on an annualized basis and a yield of 1.50%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 28.13%.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 2,000 shares of Commerce Bancshares stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the completion of the sale, the senior vice president now owns 23,381 shares of the company’s stock, valued at approximately $1,454,999.63. This trade represents a 7.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman David W. Kemper sold 30,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now directly owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,109 shares of company stock valued at $2,191,123 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

CBSH has been the topic of a number of analyst reports. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $61.79.

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.