Commerce Bancshares, Inc. $CBSH Holdings Decreased by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its Commerce Bancshares stake by 5.1% in the third quarter, selling 108,385 shares; it retained 2.01 million shares worth about $109.8 million.
• Analysts have a consensus “Hold” rating on CBSH, with an average price target of $63.64. The company’s latest quarterly EPS of $1.08 slightly exceeded estimates, while revenue fell short of expectations.
• Commerce Bancshares announced a 1.05-for-1 stock split and a quarterly dividend of $0.275 per share, equivalent to a 2.0% annualized yield.

Boston Trust Walden Corp lowered its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 5.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,005,630 shares of the financial services provider's stock after selling 108,385 shares during the quarter. Commerce Bancshares accounts for approximately 0.9% of Boston Trust Walden Corp's investment portfolio, making the stock its 19th largest position. Boston Trust Walden Corp owned approximately 1.40% of Commerce Bancshares worth $109,788,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Provenance Wealth Advisors LLC bought a new stake in Commerce Bancshares during the 3rd quarter worth approximately $56,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Commerce Bancshares by 18.2% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 10,400 shares of the financial services provider's stock valued at $569,000 after acquiring an additional 1,600 shares during the last quarter. Parcion Private Wealth LLC lifted its holdings in shares of Commerce Bancshares by 41.9% during the third quarter. Parcion Private Wealth LLC now owns 8,497 shares of the financial services provider's stock worth $465,000 after purchasing an additional 2,509 shares during the period. Soltis Investment Advisors LLC bought a new stake in shares of Commerce Bancshares in the third quarter worth $241,000. Finally, VestGen Advisors LLC grew its stake in shares of Commerce Bancshares by 2.9% in the third quarter. VestGen Advisors LLC now owns 11,051 shares of the financial services provider's stock worth $605,000 after purchasing an additional 315 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Wall Street Analyst Weigh In

CBSH has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on Commerce Bancshares from $76.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, September 28th. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. Piper Sandler set a $60.50 price target on Commerce Bancshares and gave the company a "neutral" rating in a research report on Wednesday, October 21st. Wall Street Zen raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Sunday, October 11th. Finally, Weiss Ratings raised Commerce Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 16th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares has a consensus rating of "Hold" and an average target price of $63.64.

Insider Transactions at Commerce Bancshares

In other news, VP David Orf sold 642 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares of the company's stock, valued at $1,506,456.70. The trade was a 2.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Douglas Neff sold 666 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $58.15, for a total value of $38,727.90. Following the sale, the senior vice president directly owned 11,746 shares of the company's stock, valued at $683,029.90. This represents a 5.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is owned by insiders.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $56.16 on Thursday. The company has a market capitalization of $8.06 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 1.68 and a beta of 0.61. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92. The company's 50 day moving average price is $56.25 and its 200-day moving average price is $54.46.

Commerce Bancshares's stock is scheduled to split on Tuesday, December 1st. The 1.05-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Monday, November 30th.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.01. The company had revenue of $494.34 million during the quarter, compared to analysts' expectations of $496.75 million. Commerce Bancshares had a net margin of 26.06% and a return on equity of 14.27%. During the same period in the prior year, the company posted $1.06 earnings per share. Analysts forecast that Commerce Bancshares, Inc. will post 4.27 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Tuesday, December 1st will be paid a $0.2750 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, December 1st. Commerce Bancshares's payout ratio is currently 26.51%.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Founded in 1865, the company operates Commerce Bank, which provides banking and related financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, mortgages, treasury and payment services, credit cards, investment management, trust services and institutional banking solutions. Its businesses also include capital markets and brokerage services, supporting corporate, municipal and institutional clients.

The bank serves customers primarily through a regional network spanning Missouri, Kansas, Illinois, Oklahoma and Colorado, along with digital banking channels.

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