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

Royal Bank of Canada raised its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 8.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 451,111 shares of the financial services provider's stock after purchasing an additional 36,523 shares during the quarter. Royal Bank of Canada owned 0.35% of Commerce Bancshares worth $28,109,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Commerce Bancshares by 5.1% during 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 purchasing an additional 642,401 shares in the last quarter. Aristotle Capital Management LLC increased its stake in Commerce Bancshares by 4.3% during the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock valued at $533,777,000 after purchasing an additional 351,406 shares in the last quarter. American Century Companies Inc. increased its stake in Commerce Bancshares by 25.5% during the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider's stock valued at $228,991,000 after purchasing an additional 745,661 shares in the last quarter. Geode Capital Management LLC increased its stake in Commerce Bancshares by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after purchasing an additional 87,723 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Commerce Bancshares by 11.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after acquiring an additional 227,052 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CBSH has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Wells Fargo & Company dropped their price target on shares of 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 objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Finally, Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and dropped their price objective for the stock from $66.00 to $58.00 in a report on Monday, April 7th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $63.20.

Commerce Bancshares Price Performance

Shares of CBSH traded down $0.03 on Thursday, reaching $62.66. The company's stock had a trading volume of 352,731 shares, compared to its average volume of 593,370. The stock has a market capitalization of $8.36 billion, a P/E ratio of 15.62, a PEG ratio of 2.13 and a beta of 0.60. The stock's 50 day simple moving average is $61.30 and its two-hundred day simple moving average is $64.32. Commerce Bancshares, Inc. has a 12-month low of $49.97 and a 12-month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data 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. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $428.05 million for the quarter, compared to the consensus estimate 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 announced a quarterly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Friday, June 6th. Commerce Bancshares's payout ratio is 26.63%.

Insiders Place Their Bets

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the sale, the director now owns 3,175 shares in the company, valued at approximately $192,786. This trade represents a 33.76% decrease in their position. The transaction was disclosed in a legal 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 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.