Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Bought by MML Investors Services LLC

MML Investors Services LLC lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 22.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,902 shares of the financial services provider’s stock after acquiring an additional 1,794 shares during the quarter. MML Investors Services LLC’s holdings in Commerce Bancshares were worth $588,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Commerce Bancshares during the 3rd quarter worth approximately $26,000. Allworth Financial LP grew its holdings in Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 192 shares during the period. Capital Performance Advisors LLP purchased a new position in Commerce Bancshares in the third quarter worth $39,000. True Wealth Design LLC acquired a new stake in Commerce Bancshares in the third quarter valued at $47,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Commerce Bancshares by 48.2% during the 3rd 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 hedge funds and other institutional investors.

Insider Buying and Selling at Commerce Bancshares

In other news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction on 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 of the company’s stock, valued at $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin G. Barth sold 1,582 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $67.54, for a total value of $106,848.28. Following the transaction, the executive vice president now owns 65,409 shares in the company, valued at $4,417,723.86. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,398 shares of company stock worth $2,504,665. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CBSH. Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the company a “neutral” rating in a research note on Friday, October 18th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday. Wells Fargo & Company boosted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Eight investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $65.07.

Commerce Bancshares Stock Up 0.2 %

Shares of NASDAQ:CBSH opened at $63.03 on Monday. The company has a market capitalization of $8.08 billion, a P/E ratio of 16.41, a P/E/G ratio of 2.92 and a beta of 0.77. Commerce Bancshares, Inc. has a 52-week low of $47.09 and a 52-week high of $72.75. The stock’s fifty day simple moving average is $67.24 and its 200-day simple moving average is $62.18.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The company had revenue of $421.38 million for the quarter, compared to analyst estimates 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 anticipate that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were paid a $0.27 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.71%. Commerce Bancshares’s payout ratio is currently 28.13%.

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.