Concurrent Investment Advisors LLC Sells 30,329 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Concurrent Investment Advisors cut its Commerce Bancshares stake by 66.6% in the second quarter, selling 30,329 shares and retaining 15,234 shares valued at approximately $880,000. Institutional investors collectively own 70.26% of the company.
• Analysts maintain a generally cautious outlook, with three Buy ratings and seven Holds. Commerce Bancshares has an average rating of “Hold” and an average price target of $64.86.
• The company exceeded quarterly earnings expectations, reporting $1.10 in EPS versus the $1.04 consensus and $498.91 million in revenue. It also declared a quarterly dividend of $0.275 per share, equivalent to a 1.9% annual yield.

Concurrent Investment Advisors LLC lessened its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 66.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,234 shares of the financial services provider's stock after selling 30,329 shares during the period. Concurrent Investment Advisors LLC's holdings in Commerce Bancshares were worth $880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. boosted its stake in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 216 shares in the last quarter. Invesco Ltd. increased its position in shares of Commerce Bancshares by 2.0% during the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock worth $53,780,000 after purchasing an additional 16,610 shares in the last quarter. Cresset Asset Management LLC increased its position in shares of Commerce Bancshares by 3.0% during the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider's stock worth $631,000 after purchasing an additional 300 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Commerce Bancshares during the 2nd quarter valued at $376,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Commerce Bancshares by 4.8% during the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock valued at $12,941,000 after purchasing an additional 9,483 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Piper Sandler restated a "neutral" rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Wells Fargo & Company set a $63.00 price target on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods lifted their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Wall Street Zen raised Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, July 28th. Finally, TD Cowen restated a "hold" rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, Commerce Bancshares currently has an average rating of "Hold" and an average target price of $64.86.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Douglas Neff sold 666 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $58.15, for a total transaction of $38,727.90. Following the sale, the senior vice president directly owned 11,746 shares in the company, valued at $683,029.90. This represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Kemper sold 5,830 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total transaction of $353,181.40. Following the sale, the chief executive officer directly owned 206,528 shares in the company, valued at $12,511,466.24. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 33,150 shares of company stock worth $1,974,783 over the last 90 days. 1.80% of the stock is owned by insiders.

Commerce Bancshares Stock Down 0.1%

Shares of CBSH opened at $58.25 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares, Inc. has a 12 month low of $46.99 and a 12 month high of $60.92. The stock's 50 day moving average is $58.79 and its two-hundred day moving average is $54.27. The firm has a market cap of $8.35 billion, a P/E ratio of 14.10, a PEG ratio of 2.08 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.06. The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the previous year, the business posted $1.14 earnings per share. Analysts predict that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Friday, September 4th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a financial services holding company headquartered in Kansas City, Missouri. Through its principal subsidiary, Commerce Bank, the company provides banking and financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, treasury and payment services, wealth management, trust services, investment banking and brokerage services. Its commercial banking activities include financing, cash-management solutions and other services designed for businesses and institutional clients.

Founded in 1865, Commerce Bancshares primarily serves customers through a regional network centered in Missouri and extending into Kansas, Illinois, Oklahoma and Colorado.

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