Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 246,785 shares of the financial services provider's stock after selling 24,247 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.18% of Commerce Bancshares worth $15,357,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Kapitalo Investimentos Ltda purchased a new position in Commerce Bancshares during the fourth quarter valued at approximately $26,000. CoreFirst Bank & Trust purchased a new stake in shares of Commerce Bancshares during the 4th quarter valued at $33,000. Nomura Asset Management Co. Ltd. boosted its position in shares of Commerce Bancshares by 46.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock worth $52,000 after purchasing an additional 268 shares in the last quarter. Transce3nd LLC acquired a new stake in shares of Commerce Bancshares in the 4th quarter worth $68,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Commerce Bancshares in the 4th quarter worth $113,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Shares of CBSH traded down $0.06 during midday trading on Tuesday, reaching $64.24. The stock had a trading volume of 645,006 shares, compared to its average volume of 620,375. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The company's fifty day simple moving average is $63.37 and its two-hundred day simple moving average is $62.88. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.97 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The firm had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same period in the previous year, the company earned $1.02 earnings per share. Commerce Bancshares's quarterly revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.71%. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CBSH shares. Morgan Stanley boosted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Bank of America upped their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Keefe, Bruyette & Woods lowered 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 report on Thursday, April 17th. Piper Sandler upped their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $68.20.

Insider Activity

In related news, Director June Mcallister Fowler sold 1,618 shares of the business'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 sale, the director owned 3,175 shares of the company's stock, valued at approximately $192,786. The trade was a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.10% of the stock is currently owned by company insiders.

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.