Glenmede Trust Co. NA Buys 322 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Glenmede Trust Co. NA boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 11,523 shares of the financial services provider’s stock after buying an additional 322 shares during the quarter. Glenmede Trust Co. NA’s holdings in Commerce Bancshares were worth $684,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. V Square Quantitative Management LLC bought a new stake in shares of Commerce Bancshares in the 3rd quarter valued at $26,000. Allworth Financial LP grew its position in Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 192 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Commerce Bancshares during the 3rd quarter worth approximately $39,000. GAMMA Investing LLC lifted its stake in Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 521 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Commerce Bancshares by 48.2% during the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 287 shares during the period. 70.26% of the stock is owned by institutional investors.

Insider Transactions at Commerce Bancshares

In related news, SVP David L. Roller sold 890 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at approximately $2,236,684.23. The trade was a 2.80 % 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 business’s 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 owns 1,151,994 shares in the company, valued at $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,778 shares of company stock valued at $2,106,205 in the last quarter. 3.10% of the stock is owned by insiders.

Commerce Bancshares Trading Down 1.3 %

Shares of Commerce Bancshares stock opened at $68.75 on Wednesday. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 3.95 and a beta of 0.77. Commerce Bancshares, Inc. has a 12-month low of $46.86 and a 12-month high of $72.75. The company’s 50-day moving average price is $64.89 and its 200-day moving average price is $61.08.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The business had revenue of $421.38 million for the quarter, compared to analysts’ expectations of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is presently 28.13%.

Analyst Ratings Changes

Several analysts recently weighed in on CBSH shares. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley cut shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company raised their price target on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $62.50.

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.