Commerce Bancshares, Inc. $CBSH Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its Commerce Bancshares stake by 29.8% in the first quarter, selling 29,652 shares and retaining 70,002 shares valued at approximately $3.44 million. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares exceeded quarterly expectations, reporting $1.10 in EPS versus the $1.04 consensus and revenue of $498.91 million versus $492.22 million expected.
• The company declared a quarterly dividend of $0.275, equivalent to an annualized $1.10 payout and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $63.29, while company insiders sold roughly $1.90 million in stock over the past 90 days.

Royal Bank of Canada trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 29.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,002 shares of the financial services provider's stock after selling 29,652 shares during the period. Royal Bank of Canada's holdings in Commerce Bancshares were worth $3,444,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Apriem Advisors increased its holdings in shares of Commerce Bancshares by 5.0% in the fourth quarter. Apriem Advisors now owns 4,018 shares of the financial services provider's stock valued at $210,000 after buying an additional 191 shares in the last quarter. Heartland Bank & Trust Co boosted its stake in shares of Commerce Bancshares by 4.4% during the 4th quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider's stock worth $240,000 after acquiring an additional 192 shares in the last quarter. Outlook Wealth Advisors LLC boosted its stake in shares of Commerce Bancshares by 3.7% during the 4th quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider's stock worth $311,000 after acquiring an additional 214 shares in the last quarter. Centerpoint Advisory Group grew its holdings in shares of Commerce Bancshares by 5.0% in the 4th quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider's stock worth $237,000 after acquiring an additional 215 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after acquiring an additional 216 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Stock Up 0.5%

NASDAQ:CBSH opened at $60.27 on Friday. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 2.13 and a beta of 0.59. Commerce Bancshares, Inc. has a 1-year low of $46.99 and a 1-year high of $60.92. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The business's fifty day moving average price is $57.84 and its 200 day moving average price is $53.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. During the same period in the prior year, the business earned $1.14 EPS. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 4th. Commerce Bancshares's dividend payout ratio is 26.63%.

Insider Activity at Commerce Bancshares

In related news, CEO John W. Kemper sold 5,830 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the transaction, the chief executive officer directly owned 206,528 shares of the company's stock, valued at approximately $12,511,466.24. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Derrick Brooks sold 1,041 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total transaction of $62,074.83. Following the completion of the transaction, the senior vice president owned 13,117 shares in the company, valued at approximately $782,166.71. This represents a 7.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 31,842 shares of company stock valued at $1,897,310 over the last ninety days. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CBSH has been the subject of several analyst reports. Weiss Ratings raised Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. Wells Fargo & Company set a $63.00 price target on Commerce Bancshares and gave the stock an "equal weight" rating in a research note on Monday. Morgan Stanley restated a "positive" rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. TD Cowen reaffirmed a "hold" rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Finally, Hovde Group reduced their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of "Hold" and an average price target of $63.29.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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