Vest Financial LLC Takes Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Vest Financial LLC acquired a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 27,005 shares of the financial services provider's stock, valued at approximately $1,681,000.

Other hedge funds have also modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Commerce Bancshares by 28.0% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 38,144 shares of the financial services provider's stock valued at $2,374,000 after purchasing an additional 8,347 shares during the last quarter. GAMMA Investing LLC raised its holdings in Commerce Bancshares by 10,160.6% during the 1st quarter. GAMMA Investing LLC now owns 116,868 shares of the financial services provider's stock valued at $7,273,000 after buying an additional 115,729 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Commerce Bancshares by 3.2% in the 4th quarter. California State Teachers Retirement System now owns 119,939 shares of the financial services provider's stock worth $7,473,000 after acquiring an additional 3,750 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Commerce Bancshares by 6.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 15,016 shares of the financial services provider's stock worth $936,000 after purchasing an additional 848 shares during the last quarter. Finally, Smith Shellnut Wilson LLC ADV lifted its stake in shares of Commerce Bancshares by 5.0% during the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider's stock worth $390,000 after acquiring an additional 295 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Insider Activity at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction dated 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 sale, the director now owns 3,175 shares of the company's stock, valued at approximately $192,786. This represents a 33.76% decrease in their position. The sale 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 corporate insiders.

Commerce Bancshares Stock Up 0.1%

Shares of NASDAQ:CBSH traded up $0.06 during trading on Monday, reaching $63.51. 393,264 shares of the company's stock traded hands, compared to its average volume of 592,932. Commerce Bancshares, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $72.75. The company has a 50-day simple moving average of $61.39 and a 200-day simple moving average of $63.79. The firm has a market cap of $8.47 billion, a PE ratio of 15.84, a P/E/G ratio of 2.13 and a beta of 0.60.

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, beating the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. On average, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, June 6th. Commerce Bancshares's payout ratio is 26.63%.

Analyst Ratings Changes

CBSH has been the subject of a number of research reports. Piper Sandler boosted 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 upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and decreased their price objective for the company from $66.00 to $58.00 in a report on Monday, April 7th. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company dropped their price target 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 price objective on shares of 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 analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $63.20.

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.