Meyer Handelman Co. Has $1.59 Million Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Meyer Handelman Co. cut its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 10.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,809 shares of the financial services provider’s stock after selling 3,500 shares during the period. Meyer Handelman Co.’s holdings in Commerce Bancshares were worth $1,586,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. United Advisor Group LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at $3,827,000. Speece Thorson Capital Group Inc. raised its holdings in Commerce Bancshares by 37.3% in the 4th quarter. Speece Thorson Capital Group Inc. now owns 232,774 shares of the financial services provider’s stock valued at $12,432,000 after acquiring an additional 63,266 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Commerce Bancshares in the 4th quarter valued at $1,176,000. PNC Financial Services Group Inc. increased its stake in shares of Commerce Bancshares by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 193,619 shares of the financial services provider’s stock valued at $10,341,000 after purchasing an additional 7,740 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its stake in shares of Commerce Bancshares by 78.0% in the 4th quarter. Rafferty Asset Management LLC now owns 151,283 shares of the financial services provider’s stock valued at $8,080,000 after purchasing an additional 66,296 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CBSH shares. Piper Sandler lifted their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research note on Wednesday, April 17th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $55.29.

Commerce Bancshares Stock Up 1.2 %

Shares of CBSH stock opened at $54.09 on Friday. The firm has a market capitalization of $7.01 billion, a P/E ratio of 15.08, a P/E/G ratio of 1.75 and a beta of 0.76. Commerce Bancshares, Inc. has a twelve month low of $40.91 and a twelve month high of $57.48. The stock’s fifty day simple moving average is $54.91 and its 200 day simple moving average is $53.39.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The business had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same quarter in the previous year, the company posted $0.90 EPS. Commerce Bancshares’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts expect that Commerce Bancshares, Inc. will post 3.54 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th were given a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.00%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.12%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, CEO John W. Kemper sold 26,581 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $56.77, for a total value of $1,509,003.37. Following the sale, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.20% of the company’s stock.

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.