Commerce Bancshares, Inc. $CBSH Position Trimmed by Legal & General Group Plc

Legal & General Group Plc trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 200,542 shares of the financial services provider’s stock after selling 18,765 shares during the quarter. Legal & General Group Plc’s holdings in Commerce Bancshares were worth $10,496,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after buying an additional 1,098,142 shares in the last quarter. State Street Corp boosted its holdings in Commerce Bancshares by 5.0% during the third quarter. State Street Corp now owns 6,752,045 shares of the financial services provider’s stock worth $403,502,000 after buying an additional 319,137 shares in the last quarter. American Century Companies Inc. boosted its holdings in Commerce Bancshares by 5.4% during the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after buying an additional 202,758 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Commerce Bancshares by 7.2% during the third quarter. Dimensional Fund Advisors LP now owns 2,643,001 shares of the financial services provider’s stock worth $157,942,000 after buying an additional 177,076 shares in the last quarter. Finally, Boston Trust Walden Corp boosted its holdings in Commerce Bancshares by 9.5% during the fourth quarter. Boston Trust Walden Corp now owns 2,084,628 shares of the financial services provider’s stock worth $109,109,000 after buying an additional 181,266 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Insider Transactions at Commerce Bancshares

In related news, Director Timothy S. Dunn bought 2,500 shares of the business’s stock in a transaction on Friday, March 13th. The stock was bought at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the transaction, the director directly owned 5,403 shares in the company, valued at $257,777.13. This represents a 86.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is currently owned by insiders.

Commerce Bancshares Stock Down 1.3%

CBSH stock opened at $51.36 on Thursday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The company has a market cap of $7.49 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 3.53 and a beta of 0.60. The company has a 50 day moving average of $50.95 and a two-hundred day moving average of $51.79.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company had revenue of $475.69 million during the quarter, compared to the consensus estimate of $481.94 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts anticipate that Commerce Bancshares, Inc. will post 4.12 EPS for the current year.

Commerce Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

CBSH has been the subject of several research analyst reports. Wells Fargo & Company reduced their price target on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. Morgan Stanley reduced their price target 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 price target (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Piper Sandler restated a “neutral” rating and issued a $58.50 price target (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Finally, Hovde Group reduced their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Commerce Bancshares presently has a consensus rating of “Hold” and an average target price of $59.30.

About Commerce Bancshares

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.