MetLife Investment Management LLC increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 13.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,079 shares of the financial services provider's stock after purchasing an additional 8,415 shares during the period. MetLife Investment Management LLC owned approximately 0.05% of Commerce Bancshares worth $4,304,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Commerce Bancshares in the fourth quarter valued at $86,327,000. American Century Companies Inc. lifted its holdings in shares of Commerce Bancshares by 25.5% in the fourth 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. Vanguard Group Inc. boosted its stake in shares of Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock worth $824,080,000 after buying an additional 642,401 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Commerce Bancshares by 11.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after purchasing an additional 227,052 shares during the last quarter. Finally, Boston Trust Walden Corp lifted its position in shares of Commerce Bancshares by 17.6% during the fourth quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider's stock worth $91,524,000 after acquiring an additional 219,826 shares in the last quarter. 70.26% of the stock is owned by institutional investors.
Commerce Bancshares Price Performance
Shares of Commerce Bancshares stock traded down $0.79 during trading on Wednesday, reaching $60.39. 42,970 shares of the stock traded hands, compared to its average volume of 615,297. The business has a fifty day simple moving average of $60.76 and a two-hundred day simple moving average of $64.25. Commerce Bancshares, Inc. has a 52-week low of $49.97 and a 52-week high of $72.75. The company has a market capitalization of $8.10 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 2.13 and a beta of 0.71.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating 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 business had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. On average, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.
Commerce Bancshares Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.82%. Commerce Bancshares's payout ratio is 26.63%.
Analyst Ratings Changes
A number of equities analysts recently commented on the stock. Piper Sandler lifted their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Thursday, April 17th. Wells Fargo & Company reduced their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. StockNews.com downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Thursday, April 17th. Finally, Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and reduced 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 company. According to MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and an average target price of $63.20.
Get Our Latest Stock Report on CBSH
Insiders Place Their Bets
In related news, CFO Charles G. Kim sold 13,493 shares of the company's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the sale, the chief financial officer now directly owns 86,246 shares of the company's stock, valued at $5,844,028.96. This represents a 13.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John W. Kemper sold 26,042 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total value of $1,752,105.76. Following the sale, the chief executive officer now owns 211,929 shares in the company, valued at approximately $14,258,583.12. This trade represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,842 shares of company stock worth $3,423,857. Company insiders own 3.10% of the company's stock.
About Commerce Bancshares
(
Free Report)
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.
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