Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 12.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 78,362 shares of the financial services provider's stock after selling 10,763 shares during the period. Victory Capital Management Inc. owned 0.06% of Commerce Bancshares worth $4,876,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Canopy Partners LLC boosted its position in Commerce Bancshares by 4.9% during the 4th quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock worth $225,000 after purchasing an additional 168 shares during the period. Louisiana State Employees Retirement System boosted its position in Commerce Bancshares by 0.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock worth $2,128,000 after purchasing an additional 175 shares during the period. State of Michigan Retirement System boosted its position in Commerce Bancshares by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock worth $1,815,000 after purchasing an additional 200 shares during the period. Strategy Asset Managers LLC boosted its position in Commerce Bancshares by 4.0% during the 4th quarter. Strategy Asset Managers LLC now owns 5,704 shares of the financial services provider's stock worth $355,000 after purchasing an additional 218 shares during the period. Finally, TIAA Trust National Association boosted its position in Commerce Bancshares by 5.0% during the 4th quarter. TIAA Trust National Association now owns 4,757 shares of the financial services provider's stock worth $296,000 after purchasing an additional 227 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's 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 sale, the director owned 3,175 shares in the company, valued at approximately $192,786. This trade represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.10% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CBSH shares. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Piper Sandler reissued a "neutral" rating and issued a $70.00 price objective (up from $66.50) on shares of Commerce Bancshares in a research report on Thursday, July 17th. 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 research report on Thursday, April 17th. Morgan Stanley upped their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Bank of America upped their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Stock Up 0.4%

CBSH opened at $62.03 on Friday. The company's 50-day moving average price is $63.11 and its 200 day moving average price is $62.89. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 2.86 and a beta of 0.59.

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

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.77%. Commerce Bancshares's payout ratio is currently 26.19%.

Commerce Bancshares 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.

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