Bessemer Group Inc. Sells 35,060 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Bessemer Group Inc. reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 67.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,572 shares of the financial services provider's stock after selling 35,060 shares during the quarter. Bessemer Group Inc.'s holdings in Commerce Bancshares were worth $1,031,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Canopy Partners LLC grew its stake in shares of Commerce Bancshares by 4.9% during the fourth quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock valued at $225,000 after buying an additional 168 shares during the last quarter. Frank Rimerman Advisors LLC grew its stake in shares of Commerce Bancshares by 4.9% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider's stock valued at $249,000 after buying an additional 186 shares during the last quarter. Angeles Investment Advisors LLC grew its stake in shares of Commerce Bancshares by 5.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 4,074 shares of the financial services provider's stock valued at $254,000 after buying an additional 194 shares during the last quarter. Strategy Asset Managers LLC grew its stake in shares of Commerce Bancshares by 4.0% during the fourth quarter. Strategy Asset Managers LLC now owns 5,704 shares of the financial services provider's stock valued at $355,000 after buying an additional 218 shares during the last quarter. Finally, TIAA Trust National Association grew its stake in shares of Commerce Bancshares by 5.0% during the fourth quarter. TIAA Trust National Association now owns 4,757 shares of the financial services provider's stock valued at $296,000 after buying an additional 227 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CBSH. Piper Sandler raised their target price on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday, April 17th. Morgan Stanley raised their target price on Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Bank of America raised their target price on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods cut their target price 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. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $65.60.

Commerce Bancshares Stock Up 0.9%

CBSH traded up $0.55 on Friday, hitting $64.53. The company had a trading volume of 364,125 shares, compared to its average volume of 614,292. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. Commerce Bancshares, Inc. has a 52-week low of $52.27 and a 52-week high of $72.75. The stock has a fifty day simple moving average of $62.81 and a 200-day simple moving average of $62.74. The firm has a market capitalization of $8.61 billion, a P/E ratio of 15.62, a P/E/G ratio of 2.85 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 EPS 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 business had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. As a group, equities analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th were issued a dividend of $0.275 per share. The ex-dividend date was Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.70%. Commerce Bancshares's payout ratio is 26.63%.

Insider Activity

In related news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director owned 3,175 shares of the company's stock, valued at $192,786. This trade represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.10% of the company's stock.

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.