Royal Bank of Canada Purchases 36,523 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Royal Bank of Canada lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 8.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 451,111 shares of the financial services provider's stock after acquiring an additional 36,523 shares during the quarter. Royal Bank of Canada owned approximately 0.35% of Commerce Bancshares worth $28,109,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Rafferty Asset Management LLC lifted its holdings in Commerce Bancshares by 9.3% during the 4th quarter. Rafferty Asset Management LLC now owns 129,563 shares of the financial services provider's stock worth $8,073,000 after buying an additional 11,038 shares during the period. ProShare Advisors LLC increased its position in Commerce Bancshares by 13.5% in the 4th quarter. ProShare Advisors LLC now owns 574,303 shares of the financial services provider's stock valued at $35,785,000 after buying an additional 68,224 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Commerce Bancshares by 6.8% during the 4th quarter. Quantinno Capital Management LP now owns 124,596 shares of the financial services provider's stock worth $7,764,000 after purchasing an additional 7,967 shares in the last quarter. Man Group plc increased its holdings in Commerce Bancshares by 248.0% during the 4th quarter. Man Group plc now owns 18,203 shares of the financial services provider's stock worth $1,134,000 after purchasing an additional 12,972 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Commerce Bancshares during the 4th quarter worth approximately $1,013,000. Institutional investors and hedge funds own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CBSH. Piper Sandler boosted their target price 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 upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and cut their target price for the stock from $66.00 to $58.00 in a research note on Monday, April 7th. Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company cut their target price on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods cut their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $63.20.

Insider Activity

In related news, Director June Mcallister Fowler sold 1,618 shares of Commerce Bancshares 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 sale, the director now owns 3,175 shares of the company's stock, valued at approximately $192,786. This trade represents a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is owned by company insiders.

Commerce Bancshares Stock Performance

NASDAQ:CBSH traded up $1.02 during trading hours on Tuesday, reaching $63.78. The stock had a trading volume of 496,422 shares, compared to its average volume of 594,027. The stock has a 50 day simple moving average of $61.22 and a 200 day simple moving average of $64.34. Commerce Bancshares, Inc. has a 12-month low of $49.97 and a 12-month high of $72.75. The stock has a market cap of $8.51 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 2.13 and a beta of 0.60.

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 business had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. On average, equities analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Friday, June 6th. Commerce Bancshares's dividend payout ratio (DPR) is presently 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.