Boothbay Fund Management LLC Decreases Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Boothbay Fund Management LLC trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 42.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,743 shares of the financial services provider's stock after selling 5,023 shares during the period. Boothbay Fund Management LLC's holdings in Commerce Bancshares were worth $420,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CBSH. Norges Bank purchased a new stake in Commerce Bancshares in the fourth quarter valued at $86,327,000. American Century Companies Inc. grew its holdings in Commerce Bancshares by 25.5% during the fourth quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider's stock worth $228,991,000 after acquiring an additional 745,661 shares during the period. Vanguard Group Inc. raised its position in Commerce Bancshares by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after acquiring an additional 642,401 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Commerce Bancshares by 11.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after acquiring an additional 227,052 shares during the period. Finally, Boston Trust Walden Corp boosted its position in Commerce Bancshares by 17.6% in the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider's stock worth $91,524,000 after purchasing an additional 219,826 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on CBSH. StockNews.com cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Thursday, April 17th. Piper Sandler raised their target price on Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research report on Thursday, April 17th. Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and lowered their price target for the stock from $66.00 to $58.00 in a research report on Monday, April 7th. Wells Fargo & Company reduced their target price on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of 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. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $63.20.

Commerce Bancshares Price Performance

CBSH traded down $0.35 on Monday, reaching $62.67. 293,030 shares of the company's stock were exchanged, compared to its average volume of 589,150. The stock's fifty day moving average price is $60.62 and its 200-day moving average price is $64.28. The stock has a market cap of $8.40 billion, a PE ratio of 15.63, a P/E/G ratio of 2.13 and a beta of 0.60. Commerce Bancshares, Inc. has a twelve month low of $49.97 and a twelve month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. The company had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. As a group, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.76%. The ex-dividend date is Friday, June 6th. Commerce Bancshares's payout ratio is 26.63%.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, the director now directly owns 3,175 shares of the company's stock, valued at approximately $192,786. This trade represents a 33.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Charles G. Kim sold 13,493 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $67.76, for a total transaction of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares in the company, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,752 shares of company stock worth $3,276,781 over the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

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.