Midwest Trust Co Sells 22,130 Shares of Commerce Bancshares, Inc. $CBSH

Midwest Trust Co reduced its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 12.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 149,455 shares of the financial services provider’s stock after selling 22,130 shares during the quarter. Midwest Trust Co’s holdings in Commerce Bancshares were worth $8,931,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Geneos Wealth Management Inc. grew its holdings in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares during the period. Quent Capital LLC acquired a new position in Commerce Bancshares in the third quarter valued at about $31,000. CoreFirst Bank & Trust bought a new position in Commerce Bancshares during the second quarter worth about $33,000. Mid American Wealth Advisory Group Inc. acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth about $46,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Commerce Bancshares in the 3rd quarter valued at about $48,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Down 0.6%

CBSH stock opened at $54.91 on Wednesday. The stock has a 50-day moving average price of $53.38 and a two-hundred day moving average price of $54.43. Commerce Bancshares, Inc. has a 1 year low of $48.69 and a 1 year high of $64.22. The stock has a market cap of $7.27 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 2.75 and a beta of 0.62.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. The company had revenue of $449.36 million during the quarter, compared to analysts’ expectations of $442.47 million. Commerce Bancshares had a return on equity of 15.51% and a net margin of 26.51%.Commerce Bancshares’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio is 26.25%.

Wall Street Analysts Forecast Growth

CBSH has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a research note on Monday, December 29th. Zacks Research cut shares of Commerce Bancshares from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 8th. Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Piper Sandler set a $62.00 target price on Commerce Bancshares and gave the company a “neutral” rating in a research note on Monday, January 26th. Finally, Wells Fargo & Company cut their price objective on Commerce Bancshares from $61.90 to $57.14 and set an “equal weight” rating on the stock in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Commerce Bancshares has an average rating of “Reduce” and a consensus price target of $61.75.

Insider Transactions at Commerce Bancshares

In related news, SVP Derrick Brooks sold 1,044 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total value of $56,793.60. Following the completion of the transaction, the senior vice president owned 14,585 shares of the company’s stock, valued at approximately $793,424. This trade represents a 6.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John W. Kemper sold 23,397 shares of Commerce Bancshares stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the completion of the sale, the chief executive officer owned 206,528 shares in the company, valued at $11,150,446.72. The trade was a 10.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 27,667 shares of company stock valued at $1,493,323 in the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Commerce Bancshares 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.