UMB Bank n.a. Sells 29,946 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

UMB Bank n.a. decreased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 11.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 231,288 shares of the financial services provider's stock after selling 29,946 shares during the quarter. UMB Bank n.a. owned 0.17% of Commerce Bancshares worth $14,393,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Kapitalo Investimentos Ltda purchased a new stake in Commerce Bancshares in the fourth quarter worth approximately $26,000. CoreFirst Bank & Trust bought a new position in shares of Commerce Bancshares during the 4th quarter valued at $33,000. Marshall Investment Management LLC purchased a new position in shares of Commerce Bancshares in the 4th quarter worth $35,000. V Square Quantitative Management LLC increased its position in Commerce Bancshares by 84.0% during the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 361 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in Commerce Bancshares by 46.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 268 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Analysts Set New Price Targets

CBSH has been the subject of a number of recent research reports. Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and cut their price target for the company from $66.00 to $58.00 in a research note on Monday, April 7th. Piper Sandler upped their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating 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 research report on Wednesday, May 21st. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods reduced their price objective on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $63.20.

Commerce Bancshares Stock Up 0.1%

NASDAQ:CBSH traded up $0.06 during trading hours on Monday, hitting $63.51. 393,264 shares of the stock traded hands, compared to its average volume of 592,932. Commerce Bancshares, Inc. has a 1 year low of $49.97 and a 1 year high of $72.75. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 2.13 and a beta of 0.60. The stock has a 50 day moving average price of $61.39 and a 200 day moving average price of $63.79.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. Equities analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.73%. Commerce Bancshares's payout ratio is 26.63%.

Insider Transactions at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction 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 completion of the transaction, the director now owns 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company's stock.

About Commerce Bancshares

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.