Simmons Bank Reduces Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Simmons Bank lessened its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.9% during the third quarter, Holdings Channel reports. The firm owned 14,417 shares of the financial services provider’s stock after selling 284 shares during the quarter. Simmons Bank’s holdings in Commerce Bancshares were worth $856,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Commerce Bancshares by 2.1% during the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after buying an additional 259,127 shares during the period. American Century Companies Inc. boosted its holdings in Commerce Bancshares by 7.4% in the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after acquiring an additional 240,938 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Commerce Bancshares by 19.8% during 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. Boston Trust Walden Corp increased its position in Commerce Bancshares by 15.4% during the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock valued at $70,339,000 after purchasing an additional 168,550 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Commerce Bancshares by 0.5% in the 2nd quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider’s stock worth $34,846,000 after purchasing an additional 3,391 shares during the period. Institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CBSH shares. Wells Fargo & Company boosted their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research report on Monday, July 22nd. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Morgan Stanley lowered 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 research report on Monday, September 30th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven equities research 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $61.79.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $71.97 on Thursday. The business has a fifty day moving average price of $62.05 and a 200-day moving average price of $59.54. The company has a market capitalization of $9.23 billion, a PE ratio of 18.74, a PEG ratio of 3.90 and a beta of 0.73. Commerce Bancshares, Inc. has a 1-year low of $44.48 and a 1-year high of $73.31.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The business had revenue of $421.38 million during 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 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be given a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.50%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

Insider Buying and Selling at Commerce Bancshares

In other news, EVP John K. Handy sold 1,331 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 41,548 shares in the company, valued at $2,650,762.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John K. Handy sold 1,331 shares of Commerce Bancshares stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total transaction of $84,917.80. Following the completion of the sale, the executive vice president now directly owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,331 shares of company stock worth $2,062,778. Insiders own 3.20% of the company’s stock.

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.