HighTower Advisors LLC Has $644,000 Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

HighTower Advisors LLC increased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,816 shares of the financial services provider’s stock after buying an additional 694 shares during the quarter. HighTower Advisors LLC’s holdings in Commerce Bancshares were worth $644,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CBSH. Holocene Advisors LP increased its stake in Commerce Bancshares by 56.1% in the 3rd quarter. Holocene Advisors LP now owns 75,536 shares of the financial services provider’s stock valued at $4,487,000 after buying an additional 27,143 shares during the last quarter. Centiva Capital LP bought a new position in shares of Commerce Bancshares in the 3rd quarter valued at about $581,000. Benjamin Edwards Inc. increased its position in shares of Commerce Bancshares by 55,693.3% in the third quarter. Benjamin Edwards Inc. now owns 8,369 shares of the financial services provider’s stock valued at $497,000 after acquiring an additional 8,354 shares during the last quarter. Paloma Partners Management Co bought a new stake in Commerce Bancshares during the third quarter worth about $305,000. Finally, True Wealth Design LLC acquired a new position in Commerce Bancshares during the third quarter valued at approximately $47,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $62.89 on Friday. The business has a fifty day simple moving average of $67.18 and a two-hundred day simple moving average of $62.07. Commerce Bancshares, Inc. has a 1 year low of $47.09 and a 1 year high of $72.75. The company has a market capitalization of $8.06 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 2.92 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. As a group, equities analysts anticipate that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend was Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is presently 28.13%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CBSH shares. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday. Morgan Stanley cut shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Eight equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $65.07.

Insider Activity

In other news, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value 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 approximately $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David L. Roller sold 890 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the completion of the transaction, the senior vice president now owns 30,949 shares in the company, valued at $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,398 shares of company stock valued at $2,504,665. 3.10% of the stock is owned by 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.