Man Group plc Purchases 12,972 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Man Group plc raised its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 248.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,203 shares of the financial services provider's stock after purchasing an additional 12,972 shares during the period. Man Group plc's holdings in Commerce Bancshares were worth $1,134,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Atria Wealth Solutions Inc. raised its position in shares of Commerce Bancshares by 1.5% in the 4th quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider's stock worth $689,000 after acquiring an additional 166 shares in the last quarter. Canopy Partners LLC raised its position in shares of Commerce Bancshares by 4.9% in the 4th quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock worth $225,000 after acquiring an additional 168 shares in the last quarter. Apriem Advisors raised its position in shares of Commerce Bancshares by 5.0% in the 4th quarter. Apriem Advisors now owns 3,827 shares of the financial services provider's stock worth $238,000 after acquiring an additional 182 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in shares of Commerce Bancshares by 4.9% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider's stock worth $249,000 after acquiring an additional 186 shares in the last quarter. Finally, Angeles Investment Advisors LLC raised its position in shares of Commerce Bancshares by 5.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 4,074 shares of the financial services provider's stock worth $254,000 after acquiring an additional 194 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wells Fargo & Company decreased their target price on 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. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Piper Sandler increased their target price on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Thursday, April 17th. Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and cut their price target for the stock from $66.00 to $58.00 in a research note on Monday, April 7th. Finally, Keefe, Bruyette & Woods cut their price target 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 analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $63.20.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock traded up $0.17 during midday trading on Thursday, hitting $62.86. The company had a trading volume of 116,248 shares, compared to its average volume of 593,298. The stock has a market capitalization of $8.39 billion, a P/E ratio of 15.69, a P/E/G ratio of 2.13 and a beta of 0.60. The company has a 50 day moving average of $61.30 and a 200 day moving average of $64.32. Commerce Bancshares, Inc. has a 52-week low of $49.97 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.10 annualized dividend and a yield of 1.75%. Commerce Bancshares's dividend payout ratio is 26.63%.

Insider Activity

In other news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director now directly owns 3,175 shares of the company's stock, valued at $192,786. This represents a 33.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.10% of the company's stock.

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.