Charles Schwab Investment Management Inc. increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,055,430 shares of the financial services provider's stock after purchasing an additional 43,928 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.82% of Commerce Bancshares worth $65,764,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Commerce Bancshares by 7.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider's stock worth $142,951,000 after purchasing an additional 163,782 shares in the last quarter. Boston Trust Walden Corp lifted its holdings in shares of Commerce Bancshares by 17.6% in the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider's stock worth $91,524,000 after purchasing an additional 219,826 shares in the last quarter. NFJ Investment Group LLC lifted its holdings in shares of Commerce Bancshares by 17.7% in the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider's stock worth $42,006,000 after purchasing an additional 106,316 shares in the last quarter. Mutual Advisors LLC lifted its stake in Commerce Bancshares by 4.8% during the 4th quarter. Mutual Advisors LLC now owns 474,189 shares of the financial services provider's stock valued at $30,244,000 after acquiring an additional 21,922 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Commerce Bancshares by 8.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 391,932 shares of the financial services provider's stock valued at $24,421,000 after acquiring an additional 29,032 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, CEO John W. Kemper sold 26,042 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total value of $1,752,105.76. Following the completion of the sale, the chief executive officer now owns 211,929 shares of the company's stock, valued at approximately $14,258,583.12. This trade represents a 10.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Patricia R. Kellerhals sold 1,000 shares of Commerce Bancshares stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $67.69, for a total value of $67,690.00. Following the completion of the sale, the senior vice president now directly owns 21,265 shares of the company's stock, valued at approximately $1,439,427.85. This trade represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,016 shares of company stock valued at $5,422,811. 3.20% of the stock is owned by insiders.
Analyst Ratings Changes
Several equities analysts have weighed in on the company. Raymond James cut Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 19th. StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Monday, January 13th. Piper Sandler raised their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price objective on Commerce Bancshares from $67.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods raised their price objective on Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $67.83.
View Our Latest Stock Analysis on CBSH
Commerce Bancshares Price Performance
NASDAQ CBSH opened at $59.57 on Wednesday. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 2.13 and a beta of 0.78. Commerce Bancshares, Inc. has a one year low of $47.89 and a one year high of $72.75. The business's fifty day moving average is $64.63 and its 200-day moving average is $64.56.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.06. The company had revenue of $422.10 million for the quarter, compared to analysts' expectations of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.84 EPS. Research analysts expect 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. Investors of record on Friday, March 7th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.10 annualized dividend and a yield of 1.85%. This is a positive change from Commerce Bancshares's previous quarterly dividend of $0.27. Commerce Bancshares's dividend payout ratio (DPR) is 27.43%.
About Commerce Bancshares
(
Free Report)
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.
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