Geode Capital Management LLC Purchases 87,723 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Geode Capital Management LLC boosted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,484,463 shares of the financial services provider's stock after purchasing an additional 87,723 shares during the period. Geode Capital Management LLC owned about 1.94% of Commerce Bancshares worth $155,756,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Atria Wealth Solutions Inc. increased its stake in shares of Commerce Bancshares by 1.5% in the fourth quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider's stock worth $689,000 after purchasing an additional 166 shares in the last quarter. Apriem Advisors boosted its holdings in Commerce Bancshares by 5.0% in the 4th quarter. Apriem Advisors now owns 3,827 shares of the financial services provider's stock worth $238,000 after buying an additional 182 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in Commerce Bancshares by 4.9% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,908 shares of the financial services provider's stock valued at $244,000 after buying an additional 183 shares in the last quarter. Verde Capital Management raised its holdings in Commerce Bancshares by 5.4% during the 4th quarter. Verde Capital Management now owns 3,573 shares of the financial services provider's stock valued at $223,000 after acquiring an additional 183 shares during the period. Finally, Frank Rimerman Advisors LLC lifted its position in shares of Commerce Bancshares by 4.9% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider's stock worth $249,000 after acquiring an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CBSH shares. Raymond James cut Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. Wells Fargo & Company reduced their target price on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday. Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and lowered their price target for the stock from $66.00 to $58.00 in a report on Monday, April 7th. Piper Sandler boosted their price objective on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Finally, StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $65.17.

Insider Activity at Commerce Bancshares

In other news, CEO John W. Kemper sold 26,042 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were 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 represents a 10.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin G. Barth sold 24,870 shares of Commerce Bancshares stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the completion of the transaction, the executive vice president now owns 45,511 shares in the company, valued at approximately $3,006,456.66. The trade was a 35.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,434 shares of company stock valued at $5,248,272. Corporate insiders own 3.10% of the company's stock.

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded up $0.69 during mid-day trading on Friday, hitting $56.88. 609,094 shares of the company traded hands, compared to its average volume of 583,959. Commerce Bancshares, Inc. has a one year low of $48.49 and a one year high of $72.75. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71. The stock has a fifty day moving average price of $62.36 and a 200-day moving average price of $64.12.

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

Commerce Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were issued a $0.275 dividend. This is a boost from Commerce Bancshares's previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, March 7th. Commerce Bancshares's dividend payout ratio is presently 27.43%.

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.