Envestnet Asset Management Inc. Sells 24,247 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Envestnet Asset Management Inc. lessened its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 8.9% in the first quarter, according to its most recent 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 about 0.18% of Commerce Bancshares worth $15,357,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CBSH. Concurrent Investment Advisors LLC grew its stake in Commerce Bancshares by 57.9% during the 1st quarter. Concurrent Investment Advisors LLC now owns 48,319 shares of the financial services provider's stock valued at $3,007,000 after acquiring an additional 17,712 shares in the last quarter. Eukles Asset Management increased its stake in Commerce Bancshares by 12.9% in the 1st quarter. Eukles Asset Management now owns 10,673 shares of the financial services provider's stock valued at $664,000 after buying an additional 1,217 shares during the period. Novem Group lifted its position in Commerce Bancshares by 35.3% in the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock worth $1,037,000 after buying an additional 4,344 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in shares of Commerce Bancshares during the 1st quarter valued at $8,928,000. Finally, Stonebridge Financial Group LLC grew its holdings in shares of Commerce Bancshares by 2.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 71,211 shares of the financial services provider's stock valued at $4,431,000 after acquiring an additional 1,900 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Trading Up 0.6%

Commerce Bancshares stock traded up $0.36 during mid-day trading on Friday, hitting $64.63. The stock had a trading volume of 1,375,221 shares, compared to its average volume of 621,416. The stock has a market capitalization of $8.62 billion, a PE ratio of 15.39, a P/E/G ratio of 2.79 and a beta of 0.59. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The stock has a 50-day simple moving average of $63.37 and a two-hundred day simple moving average of $62.87.

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

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were paid a $0.275 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.10 annualized dividend and a yield of 1.70%. Commerce Bancshares's payout ratio is currently 26.19%.

Insider Buying and Selling

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction 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 sale, the director directly owned 3,175 shares of the company's stock, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several recent analyst reports. Bank of America upped their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods dropped their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Piper Sandler reiterated a "neutral" rating and set a $70.00 target price (up from $66.50) on shares of Commerce Bancshares in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $66.80.

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.