Commerce Bancshares, Inc. $CBSH Holdings Reduced by Legal & General Group Plc

Legal & General Group Plc decreased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 200,542 shares of the financial services provider’s stock after selling 18,765 shares during the period. Legal & General Group Plc owned approximately 0.15% of Commerce Bancshares worth $10,496,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after purchasing an additional 1,098,142 shares during the last quarter. State Street Corp grew its position in Commerce Bancshares by 5.0% in the 3rd quarter. State Street Corp now owns 6,752,045 shares of the financial services provider’s stock worth $403,502,000 after purchasing an additional 319,137 shares during the last quarter. American Century Companies Inc. grew its position in Commerce Bancshares by 5.4% in the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after purchasing an additional 202,758 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Commerce Bancshares by 7.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,643,001 shares of the financial services provider’s stock worth $157,942,000 after purchasing an additional 177,076 shares during the last quarter. Finally, Boston Trust Walden Corp grew its position in Commerce Bancshares by 9.5% in the 4th quarter. Boston Trust Walden Corp now owns 2,084,628 shares of the financial services provider’s stock worth $109,109,000 after purchasing an additional 181,266 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on CBSH shares. Keefe, Bruyette & Woods upped their target price on shares of Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Morgan Stanley decreased their target price on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. TD Cowen restated a “hold” rating and issued a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Piper Sandler reiterated a “neutral” rating and issued a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Finally, Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $59.30.

Insiders Place Their Bets

In other Commerce Bancshares news, Director Timothy S. Dunn bought 2,500 shares of Commerce Bancshares stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average cost of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the acquisition, the director owned 5,403 shares of the company’s stock, valued at approximately $257,777.13. This represents a 86.12% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $51.36 on Thursday. The firm has a 50 day simple moving average of $50.95 and a 200-day simple moving average of $51.79. The stock has a market capitalization of $7.49 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 3.53 and a beta of 0.60. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02. The business had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $0.98 earnings per share. On average, analysts forecast that Commerce Bancshares, Inc. will post 4.12 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, June 5th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.38%.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.