Swiss National Bank Sells 2,400 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Swiss National Bank cut its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 240,323 shares of the financial services provider’s stock after selling 2,400 shares during the period. Swiss National Bank owned approximately 0.19% of Commerce Bancshares worth $14,275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CBSH. Los Angeles Capital Management LLC raised its stake in shares of 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 purchasing an additional 358,066 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Commerce Bancshares by 19.8% in the 2nd 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 during the period. Vanguard Group Inc. raised its stake in shares of 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 valued at $672,004,000 after purchasing an additional 259,127 shares during the period. American Century Companies Inc. raised its stake in shares of Commerce Bancshares by 7.4% in the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after purchasing an additional 240,938 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Commerce Bancshares by 168.3% in the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after purchasing an additional 214,582 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Patricia R. Kellerhals sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the completion of the sale, the senior vice president now owns 23,381 shares in the company, valued at $1,454,999.63. The trade was a 7.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John K. Handy sold 1,331 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the sale, the executive vice president now owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. This represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,109 shares of company stock valued at $2,191,123 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CBSH has been the topic of several recent research reports. Morgan Stanley downgraded 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 note on Monday, September 30th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Piper Sandler set a $68.50 target price 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, the stock presently has a consensus rating of “Hold” and an average price target of $61.79.

Commerce Bancshares Stock Up 2.6 %

Shares of NASDAQ CBSH opened at $73.70 on Friday. The business’s 50 day moving average price is $63.52 and its two-hundred day moving average price is $60.30. The company has a market cap of $9.45 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 3.87 and a beta of 0.73. Commerce Bancshares, Inc. has a twelve month low of $47.19 and a twelve month high of $73.82.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly 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%. As a group, research analysts anticipate 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 dividend payout ratio (DPR) is presently 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.