Fmr LLC Has $6.56 Million Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Fmr LLC grew its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 15.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 110,423 shares of the financial services provider’s stock after acquiring an additional 14,775 shares during the period. Fmr LLC owned 0.09% of Commerce Bancshares worth $6,559,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in shares of Commerce Bancshares in the 2nd quarter worth $1,226,000. Marshall Financial Group LLC purchased a new position in shares of Commerce Bancshares during the 2nd quarter valued at $1,006,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Commerce Bancshares in the 2nd quarter worth $436,000. Dark Forest Capital Management LP bought a new stake in Commerce Bancshares in the 2nd quarter worth approximately $522,000. Finally, &PARTNERS purchased a new position in Commerce Bancshares in the 2nd quarter worth $396,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Stock Down 1.0 %

Shares of CBSH stock opened at $67.66 on Friday. The stock has a market cap of $8.68 billion, a P/E ratio of 17.62, a PEG ratio of 3.72 and a beta of 0.77. The company’s fifty day simple moving average is $66.42 and its two-hundred day simple moving average is $61.70. Commerce Bancshares, Inc. has a 52 week low of $47.09 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating 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 business had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.98 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.60%. Commerce Bancshares’s dividend payout ratio (DPR) is 28.13%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several recent analyst reports. Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their target price on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $65.07.

Insiders Place Their Bets

In related news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $62.23, for a total transaction of $124,460.00. Following the completion of the sale, the senior vice president now directly owns 23,381 shares in the company, valued at $1,454,999.63. This trade represents a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,816 shares of company stock worth $2,454,586 in the last ninety days. 3.20% of the stock is owned by company insiders.

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.