Vanguard Group Inc. raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,631,645 shares of the financial services provider’s stock after buying an additional 259,127 shares during the period. Vanguard Group Inc. owned approximately 0.10% of Commerce Bancshares worth $672,004,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clarity Asset Management Inc. purchased a new position in Commerce Bancshares in the 4th quarter valued at about $43,000. Allspring Global Investments Holdings LLC boosted its position in Commerce Bancshares by 93.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock valued at $89,000 after buying an additional 805 shares during the last quarter. Signaturefd LLC boosted its position in Commerce Bancshares by 14.4% in the 4th quarter. Signaturefd LLC now owns 1,694 shares of the financial services provider’s stock valued at $90,000 after buying an additional 213 shares during the last quarter. Manchester Capital Management LLC lifted its position in shares of Commerce Bancshares by 157.4% during the first quarter. Manchester Capital Management LLC now owns 1,835 shares of the financial services provider’s stock worth $98,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Commerce Bancshares by 11.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,604 shares of the financial services provider’s stock worth $139,000 after purchasing an additional 264 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Commerce Bancshares
In other Commerce Bancshares news, SVP David L. Roller sold 861 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total value of $55,362.30. Following the sale, the senior vice president now owns 30,949 shares in the company, valued at $1,990,020.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Commerce Bancshares news, SVP David L. Roller sold 861 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total value of $55,362.30. Following the sale, the senior vice president now owns 30,949 shares in the company, valued at $1,990,020.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John W. Kemper sold 26,581 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the completion of the sale, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,068 shares of company stock worth $2,813,757. 3.20% of the stock is owned by company insiders.
Commerce Bancshares Stock Up 0.9 %
Shares of NASDAQ CBSH opened at $64.24 on Friday. The firm’s 50-day moving average price is $56.37 and its two-hundred day moving average price is $54.20. Commerce Bancshares, Inc. has a 52-week low of $40.91 and a 52-week high of $65.38. The stock has a market capitalization of $8.32 billion, a P/E ratio of 17.92 and a beta of 0.76.
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.17. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The firm had revenue of $414.90 million for the quarter, compared to analysts’ expectations of $406.88 million. During the same quarter last year, the company posted $0.97 earnings per share. Commerce Bancshares’s revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts expect that Commerce Bancshares, Inc. will post 3.77 earnings per share for the current year.
Analyst Upgrades and Downgrades
CBSH has been the topic of several research analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, May 10th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday. Piper Sandler increased their price target on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Finally, Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $58.86.
Check Out Our Latest Analysis on Commerce Bancshares
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.
Further Reading
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