Franklin Resources Inc. Invests $2.86 Million in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Franklin Resources Inc. purchased a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 47,459 shares of the financial services provider's stock, valued at approximately $2,861,000.

Other hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in Commerce Bancshares in the third quarter valued at $26,000. Allworth Financial LP lifted its position in shares of Commerce Bancshares by 51.1% in the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock worth $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Commerce Bancshares during the 3rd quarter valued at about $39,000. True Wealth Design LLC purchased a new position in shares of Commerce Bancshares during the third quarter valued at about $47,000. Finally, Farther Finance Advisors LLC raised its stake in Commerce Bancshares by 48.2% in the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock worth $52,000 after buying an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Commerce Bancshares stock traded up $0.28 during midday trading on Thursday, reaching $63.59. 258,036 shares of the company traded hands, compared to its average volume of 555,391. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 2.92 and a beta of 0.77. Commerce Bancshares, Inc. has a 12 month low of $47.09 and a 12 month high of $72.75. The business has a 50 day moving average of $67.41 and a two-hundred day moving average of $62.38.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued 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. 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%. As a group, equities analysts forecast that Commerce Bancshares, Inc. will post 3.95 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Tuesday, December 3rd. Commerce Bancshares's dividend payout ratio is presently 28.13%.

Insider Activity

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 500 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the sale, the senior vice president now owns 22,265 shares in the company, valued at approximately $1,526,265.75. This trade represents a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin G. Barth sold 1,582 shares of Commerce Bancshares stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total transaction of $106,848.28. Following the transaction, the executive vice president now owns 65,409 shares in the company, valued at approximately $4,417,723.86. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,398 shares of company stock valued at $2,504,665 in the last 90 days. Company insiders own 3.10% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a "neutral" rating in a research report on Friday, October 18th. Morgan Stanley lowered Commerce Bancshares from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. 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 report on Wednesday, December 4th. Raymond James downgraded shares of Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Eight investment analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $65.07.

Commerce Bancshares Company 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.