Victory Capital Management Inc. Decreases Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Victory Capital Management Inc. lowered its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 15.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 88,073 shares of the financial services provider’s stock after selling 15,576 shares during the quarter. Victory Capital Management Inc.’s holdings in Commerce Bancshares were worth $5,232,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CBSH. Vanguard Group Inc. increased its holdings in Commerce Bancshares by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock worth $672,004,000 after acquiring an additional 259,127 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Commerce Bancshares by 34.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 5,518 shares of the financial services provider’s stock valued at $294,000 after buying an additional 1,419 shares during the period. Bessemer Group Inc. increased its position in shares of Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after buying an additional 390 shares during the period. LRI Investments LLC bought a new stake in shares of Commerce Bancshares during the first quarter valued at about $90,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Commerce Bancshares by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 64,627 shares of the financial services provider’s stock valued at $3,440,000 after buying an additional 3,749 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CBSH shares. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Finally, Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the company a “neutral” rating in a research report 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. Based on data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $61.79.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, EVP John K. Handy sold 1,331 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the transaction, the executive vice president now directly owns 41,548 shares in the company, valued at $2,650,762.40. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David L. Roller sold 890 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at $2,236,684.23. The trade was a 2.80 % 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 worth $2,191,123 over the last ninety days. Insiders own 3.20% of the company’s stock.

Commerce Bancshares Trading Up 2.6 %

CBSH stock opened at $73.70 on Friday. The company’s 50 day moving average is $63.52 and its 200 day moving average is $60.30. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 3.87 and a beta of 0.73. Commerce Bancshares, Inc. has a 1-year low of $47.19 and a 1-year high of $73.82.

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. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The business had revenue of $421.38 million for the quarter, compared to analysts’ expectations of $412.85 million. As a group, sell-side analysts forecast 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. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s payout ratio is currently 28.13%.

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.