Rhumbline Advisers Reduces Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Rhumbline Advisers reduced its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 347,895 shares of the financial services provider's stock after selling 9,444 shares during the period. Rhumbline Advisers owned 0.26% of Commerce Bancshares worth $21,650,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Kapitalo Investimentos Ltda purchased a new position in Commerce Bancshares in the fourth quarter worth about $26,000. CoreFirst Bank & Trust purchased a new position in Commerce Bancshares in the fourth quarter worth about $33,000. Marshall Investment Management LLC purchased a new position in Commerce Bancshares in the fourth quarter worth about $35,000. V Square Quantitative Management LLC raised its holdings in Commerce Bancshares by 84.0% in the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock worth $49,000 after buying an additional 361 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Commerce Bancshares by 46.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock worth $52,000 after buying an additional 268 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CBSH has been the subject of several research reports. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Piper Sandler boosted their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a report on Thursday, April 17th. Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and decreased their price objective for the company from $66.00 to $58.00 in a report on Monday, April 7th. Keefe, Bruyette & Woods decreased their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Finally, Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of "Hold" and a consensus price target of $63.20.

Insider Activity

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

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock traded up $0.06 during trading on Monday, hitting $63.51. The stock had a trading volume of 393,264 shares, compared to its average volume of 592,932. The firm's fifty day simple moving average is $61.42 and its 200-day simple moving average is $63.72. The stock has a market cap of $8.47 billion, a PE ratio of 15.84, a PEG ratio of 2.13 and a beta of 0.60. Commerce Bancshares, Inc. has a 12 month low of $49.97 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. 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 will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be issued a $0.275 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.73%. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Commerce Bancshares Company Profile

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.