Truist Financial Corp Sells 1,202 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Truist Financial Corp trimmed its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,464 shares of the financial services provider’s stock after selling 1,202 shares during the quarter. Truist Financial Corp’s holdings in Commerce Bancshares were worth $839,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. CIBC Asset Management Inc lifted its position in shares of Commerce Bancshares by 7.9% in the fourth quarter. CIBC Asset Management Inc now owns 5,715 shares of the financial services provider’s stock valued at $356,000 after buying an additional 420 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in Commerce Bancshares by 4.2% during the 4th quarter. Sanctuary Advisors LLC now owns 44,717 shares of the financial services provider’s stock worth $2,987,000 after purchasing an additional 1,793 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Commerce Bancshares by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 281,040 shares of the financial services provider’s stock worth $17,512,000 after purchasing an additional 9,362 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in Commerce Bancshares by 5.0% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 37,252 shares of the financial services provider’s stock worth $2,321,000 after purchasing an additional 1,774 shares during the last quarter. Finally, Keystone Financial Services lifted its holdings in Commerce Bancshares by 7.1% during the 4th quarter. Keystone Financial Services now owns 3,882 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 256 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Commerce Bancshares news, Chairman David W. Kemper sold 4,500 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $69.22, for a total value of $311,490.00. Following the transaction, the chairman now owns 23,725 shares in the company, valued at approximately $1,642,244.50. This represents a 15.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Patricia R. Kellerhals sold 500 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $68.55, for a total value of $34,275.00. Following the completion of the transaction, the senior vice president now owns 22,265 shares in the company, valued at approximately $1,526,265.75. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,054 shares of company stock worth $5,771,192. Corporate insiders own 3.20% of the company’s stock.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $65.03 on Friday. Commerce Bancshares, Inc. has a one year low of $47.89 and a one year high of $72.75. The stock’s 50-day moving average is $64.74 and its 200 day moving average is $64.53. The firm has a market cap of $8.71 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.13 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06. The company had revenue of $422.10 million for 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%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 EPS. On average, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.10 annualized dividend and a yield of 1.69%. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio is presently 27.43%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CBSH. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Wells Fargo & Company upped their price target on Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 29th. Piper Sandler upped their price target on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods upped their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Seven research analysts have rated the stock with a hold rating, According to MarketBeat.com, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $67.83.

Commerce Bancshares Company Profile

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.