Royal Bank of Canada Has $28.11 Million Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Royal Bank of Canada raised its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 8.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 451,111 shares of the financial services provider's stock after acquiring an additional 36,523 shares during the period. Royal Bank of Canada owned 0.35% of Commerce Bancshares worth $28,109,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CBSH. Atria Wealth Solutions Inc. increased its position in Commerce Bancshares by 1.5% in the fourth quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider's stock worth $689,000 after buying an additional 166 shares during the period. Canopy Partners LLC increased its position in Commerce Bancshares by 4.9% in the fourth quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock worth $225,000 after buying an additional 168 shares during the period. Apriem Advisors increased its position in Commerce Bancshares by 5.0% in the fourth quarter. Apriem Advisors now owns 3,827 shares of the financial services provider's stock worth $238,000 after buying an additional 182 shares during the period. Verde Capital Management increased its position in Commerce Bancshares by 5.4% in the fourth quarter. Verde Capital Management now owns 3,573 shares of the financial services provider's stock worth $223,000 after buying an additional 183 shares during the period. Finally, Frank Rimerman Advisors LLC increased its position in Commerce Bancshares by 4.9% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider's stock worth $249,000 after buying an additional 186 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Trading Down 1.4%

NASDAQ:CBSH traded down $0.88 during mid-day trading on Wednesday, reaching $62.90. 344,166 shares of the stock were exchanged, compared to its average volume of 586,563. The business has a fifty day moving average price of $61.27 and a 200 day moving average price of $64.34. The firm has a market capitalization of $8.39 billion, a PE ratio of 15.71, a PEG ratio of 2.13 and a beta of 0.60. Commerce Bancshares, Inc. has a 1-year low of $49.97 and a 1-year high of $72.75.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. The firm had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Friday, June 6th. Commerce Bancshares's payout ratio is currently 26.63%.

Insider Buying and Selling

In related news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the completion of the transaction, the director now owns 3,175 shares in the company, valued at $192,786. This trade represents a 33.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods dropped 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. Wells Fargo & Company lowered their price target on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Piper Sandler raised their price target on 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 Commerce Bancshares from an "underweight" rating to an "equal weight" rating and lowered their price target for the company from $66.00 to $58.00 in a report on Monday, April 7th. Finally, Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, Commerce Bancshares has a consensus rating of "Hold" and a consensus price target of $63.20.

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.