Commerce Bancshares, Inc. $CBSH Stock Holdings Reduced by Royal Bank of Canada

Royal Bank of Canada reduced its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 29.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 70,002 shares of the financial services provider’s stock after selling 29,652 shares during the quarter. Royal Bank of Canada’s holdings in Commerce Bancshares were worth $3,444,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Commerce Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after buying an additional 1,098,142 shares during the last quarter. Verition Fund Management LLC increased its holdings in Commerce Bancshares by 39.8% in the fourth quarter. Verition Fund Management LLC now owns 631,981 shares of the financial services provider’s stock worth $33,078,000 after buying an additional 179,894 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Commerce Bancshares by 29.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after buying an additional 894,183 shares during the last quarter. Mosaic Family Wealth Partners LLC bought a new position in Commerce Bancshares during the first quarter valued at approximately $3,390,000. Finally, Geode Capital Management LLC raised its position in Commerce Bancshares by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider’s stock valued at $147,097,000 after acquiring an additional 174,863 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 28th. Wells Fargo & Company set a $63.00 price target on shares of Commerce Bancshares and gave the company an “equal weight” rating in a report on Monday. Piper Sandler restated a “neutral” rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Morgan Stanley reaffirmed a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Finally, Hovde Group decreased their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and a consensus price target of $63.29.

Commerce Bancshares Trading Up 0.5%

NASDAQ:CBSH opened at $60.27 on Friday. Commerce Bancshares, Inc. has a 12 month low of $46.99 and a 12 month high of $60.92. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 2.13 and a beta of 0.59. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $57.84 and its 200-day moving average is $53.61.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The business had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the previous year, the company earned $1.14 earnings per share. Equities analysts anticipate that Commerce Bancshares, Inc. will post 4.25 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Friday, September 4th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, September 4th. Commerce Bancshares’s dividend payout ratio (DPR) is 26.63%.

Insider Activity

In other Commerce Bancshares news, CEO John W. Kemper sold 5,830 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the completion of the transaction, the chief executive officer owned 206,528 shares of the company’s stock, valued at $12,511,466.24. The trade was a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derrick Brooks sold 1,041 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total transaction of $62,074.83. Following the sale, the senior vice president owned 13,117 shares of the company’s stock, valued at $782,166.71. This trade represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,842 shares of company stock worth $1,897,310 in the last 90 days. Insiders own 1.80% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.