Bank of New York Mellon Corp Sells 36,987 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Bank of New York Mellon Corp trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,074,727 shares of the financial services provider's stock after selling 36,987 shares during the quarter. Bank of New York Mellon Corp owned 0.84% of Commerce Bancshares worth $66,966,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Marshall Investment Management LLC bought a new stake in Commerce Bancshares during the 4th quarter valued at $35,000. Capital Performance Advisors LLP bought a new stake in shares of Commerce Bancshares during the third quarter worth about $39,000. True Wealth Design LLC acquired a new stake in shares of Commerce Bancshares in the 3rd quarter worth about $47,000. V Square Quantitative Management LLC raised its holdings in shares of Commerce Bancshares by 84.0% in the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock worth $49,000 after acquiring an additional 361 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Commerce Bancshares by 48.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 287 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Piper Sandler increased their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the stock a "neutral" rating in a research note on Thursday, January 23rd. Raymond James cut Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 19th. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods increased their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat, Commerce Bancshares currently has an average rating of "Hold" and a consensus price target of $67.83.

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Insiders Place Their Bets

In related news, CFO Charles G. Kim sold 13,493 shares of Commerce Bancshares stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the completion of the sale, the chief financial officer now owns 86,246 shares of the company's stock, valued at approximately $5,844,028.96. This trade represents a 13.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP David L. Orf sold 1,036 shares of the business's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total value of $70,696.64. Following the completion of the sale, the vice president now owns 22,175 shares in the company, valued at $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,516 shares of company stock valued at $5,457,086 over the last ninety days. 3.20% of the stock is currently owned by insiders.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH traded up $0.33 during mid-day trading on Friday, reaching $62.02. 261,197 shares of the company's stock were exchanged, compared to its average volume of 522,027. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. The firm has a 50-day moving average price of $64.76 and a two-hundred day moving average price of $64.58. Commerce Bancshares, Inc. has a 52 week low of $47.89 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million for the quarter, compared to analysts' expectations of $417.48 million. During the same period in the previous year, the company earned $0.84 earnings per share. The company's quarterly revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.77%. This is a positive change from Commerce Bancshares's previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, March 7th. Commerce Bancshares's dividend payout ratio is 27.43%.

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.