3,217 Shares in Commerce Bancshares, Inc. (NASDAQ:CBSH) Acquired by Procyon Advisors LLC

Procyon Advisors LLC bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,217 shares of the financial services provider’s stock, valued at approximately $200,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares during the 3rd quarter worth about $26,000. Allworth Financial LP raised its holdings in shares of Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 192 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares during the third quarter valued at approximately $39,000. True Wealth Design LLC purchased a new stake in shares of Commerce Bancshares in the 3rd quarter valued at approximately $47,000. Finally, Farther Finance Advisors LLC grew its position in Commerce Bancshares by 48.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 287 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CBSH. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Wells Fargo & Company lifted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. 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 analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $66.75.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $64.85 on Tuesday. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 3.38 and a beta of 0.79. The stock has a 50-day simple moving average of $67.04 and a 200-day simple moving average of $63.53. Commerce Bancshares, Inc. has a 52-week low of $47.09 and a 52-week high of $72.75.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is 28.13%.

Insiders Place Their Bets

In related news, EVP Kevin G. Barth sold 1,582 shares of Commerce Bancshares stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total value of $106,848.28. Following the completion of the sale, the executive vice president now owns 65,409 shares of the company’s stock, valued at approximately $4,417,723.86. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Patricia R. Kellerhals sold 1,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $67.69, for a total transaction of $67,690.00. Following the transaction, the senior vice president now directly owns 21,265 shares in the company, valued at $1,439,427.85. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,398 shares of company stock valued at $651,265 over the last ninety days. Corporate insiders own 3.10% 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.