Victory Capital Management Inc. Cuts Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Victory Capital Management Inc. lessened its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 15.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,073 shares of the financial services provider's stock after selling 15,576 shares during the period. Victory Capital Management Inc. owned 0.07% of Commerce Bancshares worth $5,232,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in Commerce Bancshares in the third quarter worth $26,000. Allworth Financial LP grew its stake 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 buying an additional 192 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Commerce Bancshares in the 3rd quarter worth about $39,000. Bessemer Group Inc. raised its position in shares of Commerce Bancshares by 86.3% during the 1st quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider's stock valued at $45,000 after buying an additional 390 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Commerce Bancshares by 156.5% in the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 521 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

CBSH stock traded up $1.89 during midday trading on Friday, reaching $73.70. The company's stock had a trading volume of 588,155 shares, compared to its average volume of 556,281. Commerce Bancshares, Inc. has a 1 year low of $47.19 and a 1 year high of $73.82. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 3.88 and a beta of 0.73. The stock has a fifty day simple moving average of $63.52 and a two-hundred day simple moving average of $60.33.

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

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be issued a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.47%. Commerce Bancshares's payout ratio is 28.13%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other 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 value of $84,917.80. Following the completion of the sale, the executive vice president now owns 41,548 shares in the company, valued at approximately $2,650,762.40. The trade was a 3.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,109 shares of company stock valued at $2,191,123 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares 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.