JPMorgan Chase & Co. Cuts Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

JPMorgan Chase & Co. cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,412,247 shares of the financial services provider's stock after selling 80,003 shares during the quarter. JPMorgan Chase & Co. owned about 1.10% of Commerce Bancshares worth $83,887,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in shares of Commerce Bancshares during the third quarter worth $566,000. Centiva Capital LP acquired a new position in Commerce Bancshares during the 3rd quarter valued at approximately $581,000. Barclays PLC grew its position in shares of Commerce Bancshares by 19.4% during the third quarter. Barclays PLC now owns 106,934 shares of the financial services provider's stock worth $6,353,000 after acquiring an additional 17,400 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $522,000. Finally, FMR LLC increased its position in Commerce Bancshares by 15.4% in the 3rd quarter. FMR LLC now owns 110,423 shares of the financial services provider's stock valued at $6,559,000 after acquiring an additional 14,775 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently 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 report on Friday, October 18th. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $66.00 to $78.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 3rd. StockNews.com downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, Morgan Stanley lowered shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and a consensus target price of $65.07.

Insider Buying and Selling

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares of the company's stock, valued at $71,170,189.32. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Patricia R. Kellerhals sold 500 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $68.55, for a total value of $34,275.00. Following the sale, the senior vice president now owns 22,265 shares in the company, valued at $1,526,265.75. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,398 shares of company stock worth $2,504,665 in the last ninety days. Corporate insiders own 3.20% of the company's stock.

Commerce Bancshares Stock Up 0.7 %

Shares of CBSH traded up $0.44 during midday trading on Friday, reaching $62.19. 386,558 shares of the stock were exchanged, compared to its average volume of 393,429. The company has a market cap of $7.97 billion, a P/E ratio of 16.20, a PEG ratio of 2.92 and a beta of 0.77. Commerce Bancshares, Inc. has a twelve month low of $47.09 and a twelve month high of $72.75. The stock's 50 day simple moving average is $67.51 and its 200 day simple moving average is $62.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released 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. 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 analyst estimates of $412.85 million. As a group, analysts predict that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Tuesday, December 3rd. Commerce Bancshares's payout ratio is 28.13%.

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.