State Street Corp Reduces Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

State Street Corp trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,060,834 shares of the financial services provider's stock after selling 127,133 shares during the quarter. State Street Corp owned approximately 4.73% of Commerce Bancshares worth $360,014,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CBSH. Cetera Investment Advisers lifted its stake in shares of Commerce Bancshares by 138.3% in the first quarter. Cetera Investment Advisers now owns 31,872 shares of the financial services provider's stock worth $1,696,000 after acquiring an additional 18,496 shares during the period. Cetera Advisors LLC lifted its stake in shares of Commerce Bancshares by 22.1% in the first quarter. Cetera Advisors LLC now owns 6,373 shares of the financial services provider's stock worth $339,000 after acquiring an additional 1,155 shares during the period. SG Americas Securities LLC bought a new stake in Commerce Bancshares in the second quarter worth approximately $1,226,000. Wealth Enhancement Advisory Services LLC bought a new stake in Commerce Bancshares in the second quarter worth approximately $436,000. Finally, Outlook Wealth Advisors LLC increased its holdings in Commerce Bancshares by 18.7% in the second quarter. Outlook Wealth Advisors LLC now owns 6,086 shares of the financial services provider's stock worth $339,000 after purchasing an additional 959 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Morgan Stanley downgraded Commerce Bancshares from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $66.00 to $64.00 in a report on Monday, September 30th. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a "neutral" rating in a report on Friday, October 18th. Finally, StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $65.07.

Commerce Bancshares Stock Up 0.5 %

CBSH stock traded up $0.31 during midday trading on Tuesday, hitting $68.33. The company's stock had a trading volume of 485,420 shares, compared to its average volume of 556,174. The stock's 50-day moving average price is $65.76 and its 200 day moving average price is $61.52. Commerce Bancshares, Inc. has a 1 year low of $47.09 and a 1 year high of $72.75. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 3.74 and a beta of 0.77.

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, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business had revenue of $421.38 million for the quarter, compared to analysts' expectations of $412.85 million. As a group, equities analysts forecast that Commerce Bancshares, Inc. will post 3.98 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.58%. Commerce Bancshares's dividend payout ratio is currently 28.13%.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 2,000 shares of the company's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the transaction, the senior vice president now owns 23,381 shares of the company's stock, valued at $1,454,999.63. This represents a 7.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David W. Kemper sold 4,500 shares of the company's stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $69.22, for a total value of $311,490.00. Following the transaction, the chairman now directly owns 23,725 shares in the company, valued at $1,642,244.50. This represents a 15.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,316 shares of company stock valued at $2,420,311 in the last 90 days. Insiders own 3.10% of the company's stock.

About Commerce Bancshares

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.