CIBC Asset Management Inc Trims Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

CIBC Asset Management Inc lowered its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 58.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,295 shares of the financial services provider's stock after selling 7,598 shares during the period. CIBC Asset Management Inc's holdings in Commerce Bancshares were worth $315,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in shares of Commerce Bancshares in the 3rd quarter valued at about $26,000. Allworth Financial LP raised its position in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock valued at $34,000 after buying an additional 192 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares in the third quarter valued at approximately $39,000. Bessemer Group Inc. raised its position in Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 390 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Commerce Bancshares by 156.5% during the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 521 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Up 2.2 %

CBSH traded up $1.61 on Friday, hitting $73.42. The company's stock had a trading volume of 262,444 shares, compared to its average volume of 530,844. The company's 50 day simple moving average is $63.28 and its 200-day simple moving average is $60.18. The firm has a market cap of $9.41 billion, a P/E ratio of 18.70, a price-to-earnings-growth ratio of 3.87 and a beta of 0.73. Commerce Bancshares, Inc. has a 12 month low of $47.19 and a 12 month high of $73.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07. The firm had revenue of $421.38 million for the quarter, compared to analysts' expectations of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. Equities analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced 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. 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 payout ratio is presently 28.13%.

Insiders Place Their Bets

In other news, SVP David L. Roller sold 890 shares of Commerce Bancshares stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the sale, the senior vice president now owns 30,949 shares of the company's stock, valued at approximately $2,236,684.23. The trade was a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Douglas D. Neff sold 888 shares of Commerce Bancshares stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total transaction of $64,024.80. Following the sale, the senior vice president now directly owns 8,038 shares in the company, valued at $579,539.80. The trade was a 9.95 % 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 in the last quarter. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several research analyst reports. Morgan Stanley downgraded shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the company a "neutral" rating in a report on Friday, October 18th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $61.79.

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.