Financial Counselors Inc. Buys 11,270 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Financial Counselors Inc. increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 6.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,546 shares of the financial services provider's stock after buying an additional 11,270 shares during the quarter. Financial Counselors Inc. owned 0.13% of Commerce Bancshares worth $10,800,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Commerce Bancshares during the 1st quarter worth about $1,855,000. Integrated Wealth Concepts LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at approximately $842,000. GAMMA Investing LLC raised its holdings in Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after acquiring an additional 739 shares in the last quarter. Vanguard Group Inc. raised its holdings in Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after acquiring an additional 642,401 shares in the last quarter. Finally, Novem Group raised its holdings in Commerce Bancshares by 35.3% in the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after acquiring an additional 4,344 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Insider Buying and Selling at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director directly owned 3,175 shares of the company's stock, valued at $192,786. This trade represents a 33.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CBSH has been the topic of a number of research analyst reports. Bank of America increased their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Piper Sandler raised their price objective on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday, April 17th. Morgan Stanley lifted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Keefe, Bruyette & Woods lowered their target price 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. Finally, Wall Street Zen downgraded 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 given a hold rating to the company's stock. According to data from MarketBeat, Commerce Bancshares has an average rating of "Hold" and an average target price of $66.00.

Commerce Bancshares Price Performance

NASDAQ CBSH traded down $0.64 on Friday, hitting $65.45. 702,537 shares of the company's stock were exchanged, compared to its average volume of 614,991. The stock has a 50-day moving average of $63.21 and a 200-day moving average of $62.82. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 2.92 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. The firm had revenue of $428.05 million during the quarter, compared to analysts' expectations of $417.85 million. Analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Friday, June 6th. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

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.