Vest Financial LLC Sells 27,195 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Vest Financial LLC cut its Commerce Bancshares stake by 26.9% in the third quarter, selling 27,195 shares and retaining 73,926 shares valued at approximately $4.05 million.
• Commerce Bancshares reported quarterly EPS of $1.08, slightly ahead of the $1.07 consensus estimate, while revenue of $494.34 million fell short of expectations. The company maintains a $0.275 quarterly dividend, yielding about 2.0% annually.
• Shares recently traded at $56.07, and analysts assigned the stock an average “Hold” rating with an average price target of $63.64. Institutional investors own approximately 70.26% of the company.

Vest Financial LLC decreased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 26.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,926 shares of the financial services provider's stock after selling 27,195 shares during the quarter. Vest Financial LLC owned approximately 0.05% of Commerce Bancshares worth $4,047,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Commerce Bancshares during the second quarter worth approximately $755,669,000. Commerce Bank purchased a new position in shares of Commerce Bancshares in the second quarter worth about $316,010,000. Dimensional Fund Advisors LP lifted its stake in shares of Commerce Bancshares by 29.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider's stock worth $193,999,000 after buying an additional 894,183 shares in the last quarter. First Trust Advisors LP boosted its position in Commerce Bancshares by 11.0% during the first quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider's stock worth $128,423,000 after acquiring an additional 257,817 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in Commerce Bancshares during the second quarter worth about $83,328,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Down 0.8%

Shares of CBSH opened at $56.07 on Friday. The company's 50-day moving average price is $56.77 and its 200 day moving average price is $55.55. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $60.92. The firm has a market cap of $8.04 billion, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.01. Commerce Bancshares had a net margin of 26.06% and a return on equity of 14.27%. The company had revenue of $494.34 million during the quarter, compared to analyst estimates of $496.75 million. During the same quarter last year, the firm posted $1.06 earnings per share. Equities research analysts forecast that Commerce Bancshares, Inc. will post 4.28 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th were issued a $0.2750 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, September 4th. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CBSH. Weiss Ratings raised shares of Commerce Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 16th. TD Cowen reaffirmed a "hold" rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Sunday, October 11th. Keefe, Bruyette & Woods increased their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Finally, Piper Sandler set a $60.50 price target on shares of Commerce Bancshares and gave the stock a "neutral" rating in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $63.64.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, CEO John W. Kemper sold 5,830 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total value of $353,181.40. Following the sale, the chief executive officer owned 206,528 shares of the company's stock, valued at $12,511,466.24. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert S. Holmes sold 5,000 shares of the company's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $60.20, for a total value of $301,000.00. Following the transaction, the executive vice president owned 55,962 shares in the company, valued at $3,368,912.40. This trade represents a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 32,950 shares of company stock worth $1,963,777. 1.80% of the stock is owned by company insiders.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Founded in 1865, the company operates Commerce Bank, which provides banking and related financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, mortgages, treasury and payment services, credit cards, investment management, trust services and institutional banking solutions. Its businesses also include capital markets and brokerage services, supporting corporate, municipal and institutional clients.

The bank serves customers primarily through a regional network spanning Missouri, Kansas, Illinois, Oklahoma and Colorado, along with digital banking channels.

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