3,441 Shares in Commerce Bancshares, Inc. (NASDAQ:CBSH) Bought by Canopy Partners LLC

Canopy Partners LLC acquired a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the third quarter, Holdings Channel reports. The institutional investor acquired 3,441 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other large investors have also modified their holdings of the company. Cerity Partners LLC lifted its holdings in Commerce Bancshares by 40.7% during the third quarter. Cerity Partners LLC now owns 74,872 shares of the financial services provider’s stock valued at $4,447,000 after purchasing an additional 21,664 shares in the last quarter. Citigroup Inc. lifted its stake in Commerce Bancshares by 11.7% in the 3rd quarter. Citigroup Inc. now owns 130,134 shares of the financial services provider’s stock valued at $7,730,000 after buying an additional 13,681 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Commerce Bancshares by 7.0% in the 3rd quarter. Raymond James Trust N.A. now owns 4,452 shares of the financial services provider’s stock worth $264,000 after buying an additional 292 shares during the last quarter. MTM Investment Management LLC increased its stake in Commerce Bancshares by 0.4% during the 3rd quarter. MTM Investment Management LLC now owns 59,864 shares of the financial services provider’s stock worth $3,503,000 after buying an additional 230 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new position in shares of Commerce Bancshares during the third quarter valued at approximately $507,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $72.27, for a total transaction of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the transaction, the senior vice president now owns 23,381 shares in the company, valued at $1,454,999.63. This represents a 7.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,109 shares of company stock valued at $2,191,123. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CBSH has been the subject of a number of research reports. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $66.00 to $64.00 in a report on Monday, September 30th. Finally, Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $61.79.

Commerce Bancshares Price Performance

CBSH stock opened at $73.70 on Friday. The business’s 50-day moving average is $63.52 and its two-hundred day moving average is $60.30. The firm has a market capitalization of $9.45 billion, a P/E ratio of 19.19, a P/E/G ratio of 3.88 and a beta of 0.73. Commerce Bancshares, Inc. has a 1 year low of $47.19 and a 1 year high of $73.82.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. On average, analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is presently 28.13%.

About Commerce Bancshares

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.