M&T Bank Corp Sells 23,756 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• M&T Bank Corp cut its stake in Commerce Bancshares by 69.2% in the fourth quarter, selling 23,756 shares and leaving it with 10,584 shares valued at about $554,000.
• Wall Street sentiment on CBSH remains cautious: analysts currently have a Hold consensus rating, with an average price target of $59.16.
• Commerce Bancshares reported Q1 earnings of $0.96 per share, beating estimates, and declared a quarterly dividend of $0.275 per share, which annualizes to a 2.2% yield.

M&T Bank Corp lowered its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 69.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 10,584 shares of the financial services provider's stock after selling 23,756 shares during the period. M&T Bank Corp's holdings in Commerce Bancshares were worth $554,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Profund Advisors LLC lifted its holdings in shares of Commerce Bancshares by 4.4% in the third quarter. Profund Advisors LLC now owns 4,682 shares of the financial services provider's stock valued at $280,000 after purchasing an additional 197 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Commerce Bancshares by 0.8% during the third quarter. Oregon Public Employees Retirement Fund now owns 25,004 shares of the financial services provider's stock worth $1,494,000 after buying an additional 200 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in Commerce Bancshares by 2.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,265 shares of the financial services provider's stock valued at $494,000 after buying an additional 215 shares during the last quarter. Elser Financial Planning Inc lifted its stake in Commerce Bancshares by 5.0% during the 4th quarter. Elser Financial Planning Inc now owns 4,531 shares of the financial services provider's stock valued at $237,000 after acquiring an additional 215 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Commerce Bancshares by 85.4% during the 1st 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. 70.26% of the stock is owned by institutional investors.

Get Commerce Bancshares SMS alerts:

Sign Up

Analyst Ratings Changes

Several research firms have recently issued reports on CBSH. Keefe, Bruyette & Woods upped their target price on shares of Commerce Bancshares from $54.00 to $56.00 and gave the stock a "market perform" rating in a research note on Thursday, April 23rd. Zacks Research upgraded shares of Commerce Bancshares from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. TD Cowen reaffirmed a "hold" rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Morgan Stanley decreased their price objective on shares of Commerce Bancshares from $67.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 2nd. Finally, Hovde Group dropped their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $59.16.

Commerce Bancshares Price Performance

Shares of CBSH opened at $50.98 on Tuesday. The firm has a market cap of $7.43 billion, a PE ratio of 12.23, a PEG ratio of 3.55 and a beta of 0.61. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $63.19. The stock's fifty day moving average price is $50.10 and its two-hundred day moving average price is $51.67.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company had revenue of $475.69 million during the quarter, compared to analyst estimates of $481.94 million. During the same quarter last year, the firm posted $0.98 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Commerce Bancshares, Inc. will post 4.1 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 23rd. Stockholders of record on Friday, June 5th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 2.2%. Commerce Bancshares's payout ratio is 26.38%.

Insider Activity

In related news, SVP Kim L. Jakovich sold 949 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $51.45, for a total transaction of $48,826.05. Following the sale, the senior vice president directly owned 12,741 shares in the company, valued at approximately $655,524.45. This represents a 6.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Timothy S. Dunn acquired 2,500 shares of Commerce Bancshares stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $47.71 per share, with a total value of $119,275.00. Following the completion of the purchase, the director directly owned 5,403 shares in the company, valued at $257,777.13. This represents a 86.12% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.80% of the company's stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

Want to see what other hedge funds are holding CBSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.