Modern Wealth Management LLC Purchases 2,595 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Modern Wealth Management LLC grew its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 18.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,638 shares of the financial services provider’s stock after buying an additional 2,595 shares during the period. Modern Wealth Management LLC’s holdings in Commerce Bancshares were worth $1,110,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. American Century Companies Inc. raised its stake in Commerce Bancshares by 25.5% during the fourth quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock valued at $228,991,000 after buying an additional 745,661 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Commerce Bancshares by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock valued at $824,080,000 after acquiring an additional 642,401 shares in the last quarter. Boston Trust Walden Corp raised its position in shares of Commerce Bancshares by 17.6% in the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider’s stock worth $91,524,000 after purchasing an additional 219,826 shares during the last quarter. Raymond James Financial Inc. bought a new position in Commerce Bancshares in the 4th quarter worth about $10,387,000. Finally, Geode Capital Management LLC grew its position in Commerce Bancshares by 7.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after purchasing an additional 163,782 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CBSH shares. Keefe, Bruyette & Woods raised their price target on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler boosted their price target on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $68.17.

Insider Buying and Selling

In related news, EVP Kevin G. Barth sold 24,870 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.06, for a total value of $1,642,912.20. Following the completion of the transaction, the executive vice president now owns 45,511 shares of the company’s stock, valued at approximately $3,006,456.66. This represents a 35.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Charles G. Kim sold 13,493 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $67.76, for a total value of $914,285.68. Following the completion of the transaction, the chief financial officer now owns 86,246 shares in the company, valued at $5,844,028.96. The trade was a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,434 shares of company stock valued at $5,248,272. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares Trading Down 0.3 %

Shares of CBSH stock opened at $62.69 on Thursday. Commerce Bancshares, Inc. has a 12 month low of $48.49 and a 12 month high of $72.75. The stock has a market cap of $8.41 billion, a P/E ratio of 15.63, a P/E/G ratio of 2.13 and a beta of 0.78. The company has a 50 day simple moving average of $64.40 and a two-hundred day simple moving average of $64.43.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. The firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Commerce Bancshares’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. As a group, equities analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Friday, March 7th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, March 7th. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.75%. Commerce Bancshares’s payout ratio is 27.43%.

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.