Bank of New York Mellon Corp Trims Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Bank of New York Mellon Corp cut its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,050,063 shares of the financial services provider's stock after selling 24,664 shares during the quarter. Bank of New York Mellon Corp owned about 0.78% of Commerce Bancshares worth $65,345,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in Commerce Bancshares in the first quarter valued at $1,855,000. Integrated Wealth Concepts LLC acquired a new position in Commerce Bancshares in the fourth quarter valued at $842,000. GAMMA Investing LLC increased its stake in Commerce Bancshares by 64.9% in the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after purchasing an additional 739 shares during the period. Vanguard Group Inc. increased its stake in Commerce Bancshares by 5.1% in 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 purchasing an additional 642,401 shares during the period. Finally, Novem Group increased its stake in Commerce Bancshares by 35.3% in the first quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after purchasing an additional 4,344 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock traded down $0.64 on Friday, reaching $65.45. 702,537 shares of the stock were exchanged, compared to its average volume of 614,991. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average price of $63.21 and a two-hundred day moving average price of $62.82. The firm has a market capitalization of $8.73 billion, a PE ratio of 15.85, a PEG ratio of 2.92 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. The company had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. As a group, research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

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

Insiders Place Their Bets

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director directly owned 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CBSH. Wells Fargo & Company lifted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company an "equal weight" rating in a research note on Thursday. Bank of America lifted their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. 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. Piper Sandler boosted their price target on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday, April 17th. Finally, Morgan Stanley boosted their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $66.00.

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.