Meeder Asset Management Inc. Reduces Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Meeder Asset Management Inc. decreased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 46.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,869 shares of the financial services provider's stock after selling 18,993 shares during the period. Meeder Asset Management Inc.'s holdings in Commerce Bancshares were worth $1,299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CBSH. Vanguard Group Inc. lifted its position in Commerce Bancshares by 2.1% in the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider's stock valued at $672,004,000 after buying an additional 259,127 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Commerce Bancshares by 34.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 5,518 shares of the financial services provider's stock valued at $294,000 after purchasing an additional 1,419 shares during the period. Bessemer Group Inc. lifted its stake in Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider's stock worth $45,000 after purchasing an additional 390 shares in the last quarter. LRI Investments LLC purchased a new position in shares of Commerce Bancshares during the first quarter worth $90,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Commerce Bancshares by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 64,627 shares of the financial services provider's stock valued at $3,440,000 after buying an additional 3,749 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CBSH shares. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a "neutral" rating in a report on Friday, October 18th. Finally, Morgan Stanley downgraded Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $61.79.

Commerce Bancshares Trading Down 0.9 %

Shares of NASDAQ CBSH traded down $0.63 during trading hours on Wednesday, reaching $70.97. The stock had a trading volume of 439,391 shares, compared to its average volume of 532,869. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 3.89 and a beta of 0.73. Commerce Bancshares, Inc. has a fifty-two week low of $46.72 and a fifty-two week high of $73.31. The firm has a 50-day moving average of $63.07 and a 200-day moving average of $60.10.

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

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be paid a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.52%. Commerce Bancshares's dividend payout ratio is currently 28.13%.

Insider Buying and Selling

In related news, EVP John K. Handy sold 1,331 shares of the business's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the sale, the executive vice president now owns 41,548 shares of the company's stock, valued at approximately $2,650,762.40. The trade was a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP David L. Roller sold 890 shares of the 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 completion of the transaction, the senior vice president now directly owns 30,949 shares of the company's stock, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,109 shares of company stock valued at $2,191,123 over the last ninety days. Corporate insiders own 3.10% of the company's stock.

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.