Proficio Capital Partners LLC Takes $2.05 Million Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Proficio Capital Partners LLC bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 32,900 shares of the financial services provider's stock, valued at approximately $2,050,000.

A number of other institutional investors have also recently bought and sold shares of the business. Oppenheimer & Co. Inc. increased its position in Commerce Bancshares by 1.4% during the fourth quarter. Oppenheimer & Co. Inc. now owns 96,662 shares of the financial services provider's stock worth $6,023,000 after buying an additional 1,319 shares during the last quarter. Kovack Advisors Inc. acquired a new position in Commerce Bancshares during the fourth quarter worth approximately $399,000. Apriem Advisors increased its position in Commerce Bancshares by 5.0% during the fourth 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 last quarter. Oregon Public Employees Retirement Fund increased its position in Commerce Bancshares by 4.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 24,904 shares of the financial services provider's stock worth $1,552,000 after buying an additional 995 shares during the last quarter. Finally, Simmons Bank increased its position in Commerce Bancshares by 5.0% during the fourth quarter. Simmons Bank now owns 15,131 shares of the financial services provider's stock worth $943,000 after buying an additional 714 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

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Commerce Bancshares Stock Up 0.4 %

Shares of Commerce Bancshares stock traded up $0.26 on Friday, hitting $62.22. The stock had a trading volume of 678,637 shares, compared to its average volume of 532,012. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. Commerce Bancshares, Inc. has a twelve month low of $47.89 and a twelve month high of $72.75. The business's 50 day moving average is $64.72 and its two-hundred day moving average is $64.58.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $422.10 million for the quarter, compared to the consensus estimate of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 earnings per share. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a yield of 1.77%. This is an increase from Commerce Bancshares's previous quarterly dividend of $0.27. Commerce Bancshares's dividend payout ratio is currently 27.43%.

Insider Buying and Selling

In related news, CFO Charles G. Kim sold 13,493 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $67.76, for a total transaction of $914,285.68. Following the sale, the chief financial officer now owns 86,246 shares of the company's stock, valued at $5,844,028.96. This represents a 13.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David L. Orf sold 1,036 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the sale, the vice president now directly owns 22,175 shares in the company, valued at $1,513,222. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 81,516 shares of company stock valued at $5,457,086 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CBSH has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on Commerce Bancshares from $67.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 29th. Raymond James downgraded Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Monday, January 13th. Piper Sandler upped their target price on Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods upped their target price 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. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, Commerce Bancshares currently has an average rating of "Hold" and an average target price of $67.83.

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.