CANADA LIFE ASSURANCE Co Boosts Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

CANADA LIFE ASSURANCE Co boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 95,656 shares of the financial services provider's stock after buying an additional 4,553 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.07% of Commerce Bancshares worth $5,961,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in 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 worth $824,080,000 after buying an additional 642,401 shares during the last quarter. American Century Companies Inc. grew its stake in shares of 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 valued at $228,991,000 after buying an additional 745,661 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Commerce Bancshares by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after acquiring an additional 87,723 shares during the last quarter. Wells Fargo & Company MN grew its position in Commerce Bancshares by 1.8% during the 4th quarter. Wells Fargo & Company MN now owns 2,175,133 shares of the financial services provider's stock worth $135,533,000 after acquiring an additional 38,210 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Commerce Bancshares by 12.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,594,670 shares of the financial services provider's stock worth $99,364,000 after purchasing an additional 182,423 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Trading Down 0.2 %

CBSH traded down $0.10 during trading on Tuesday, hitting $60.93. 56,163 shares of the company traded hands, compared to its average volume of 617,695. The company has a market cap of $8.17 billion, a PE ratio of 15.19, a P/E/G ratio of 2.13 and a beta of 0.71. Commerce Bancshares, Inc. has a 1 year low of $49.97 and a 1 year high of $72.75. The stock's 50-day simple moving average is $60.84 and its two-hundred day simple moving average is $64.27.

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 for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. The firm had revenue of $428.05 million during the quarter, compared to analysts' expectations of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Equities analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

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 issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, June 6th. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

Insiders Place Their Bets

In related news, VP David L. Orf sold 1,036 shares of Commerce Bancshares stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the completion of the transaction, the vice president now owns 22,175 shares in the company, valued at $1,513,222. The trade was a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares in the company, valued at $5,844,028.96. This represents a 13.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,842 shares of company stock valued at $3,423,857. 3.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CBSH shares. Morgan Stanley raised Commerce Bancshares from an "underweight" rating to an "equal weight" rating and lowered their price target for the company from $66.00 to $58.00 in a report on Monday, April 7th. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods cut their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. StockNews.com cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Thursday, April 17th. Finally, Piper Sandler increased their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report 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.com, Commerce Bancshares has an average rating of "Hold" and an average target price of $63.20.

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.