Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,297,686 shares of the financial services provider's stock after selling 34,703 shares during the period. Bank of America Corp DE owned 1.01% of Commerce Bancshares worth $80,859,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its stake in shares of Commerce Bancshares by 3.4% in the 4th quarter. Principal Financial Group Inc. now owns 281,040 shares of the financial services provider's stock valued at $17,512,000 after purchasing an additional 9,362 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Commerce Bancshares in the 4th quarter valued at approximately $842,000. Procyon Advisors LLC purchased a new position in shares of Commerce Bancshares in the 4th quarter valued at approximately $200,000. PFW Advisors LLC purchased a new position in shares of Commerce Bancshares in the 4th quarter valued at approximately $1,336,000. Finally, Vanguard Group Inc. grew its stake in shares of Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after purchasing an additional 642,401 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Insiders Place Their Bets

In other news, Director June Mcallister Fowler sold 1,618 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the completion of the transaction, the director now directly owns 3,175 shares of the company's stock, valued at $192,786. The trade was a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CBSH. Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and lowered their target price for the company from $66.00 to $58.00 in a research note on Monday, April 7th. Keefe, Bruyette & Woods decreased their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday. Piper Sandler lifted their price target on Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, April 17th. Finally, Wells Fargo & Company decreased their price target on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of "Hold" and an average target price of $63.20.

Commerce Bancshares Price Performance

CBSH traded up $0.08 during trading on Friday, reaching $65.63. 443,395 shares of the stock were exchanged, compared to its average volume of 591,038. The business's 50 day moving average price is $60.88 and its two-hundred day moving average price is $64.42. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 2.13 and a beta of 0.60. Commerce Bancshares, Inc. has a 1 year low of $49.97 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. The company had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a yield of 1.68%. Commerce Bancshares's payout ratio is 26.63%.

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.