Exchange Traded Concepts LLC Cuts Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Exchange Traded Concepts LLC reduced its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 25.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 987 shares of the financial services provider’s stock after selling 339 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Commerce Bancshares were worth $59,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CBSH. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Commerce Bancshares by 0.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock worth $1,724,000 after buying an additional 154 shares in the last quarter. Fulton Bank N.A. increased its stake in Commerce Bancshares by 5.8% during the third quarter. Fulton Bank N.A. now owns 6,534 shares of the financial services provider’s stock worth $388,000 after purchasing an additional 359 shares during the period. Bessemer Group Inc. grew its stake in Commerce Bancshares by 86.3% during the 1st quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 390 shares in the last quarter. Lindenwold Advisors INC grew its holdings in Commerce Bancshares by 4.1% during the 1st quarter. Lindenwold Advisors INC now owns 10,692 shares of the financial services provider’s stock worth $569,000 after acquiring an additional 426 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Commerce Bancshares by 1.4% in the second quarter. Arizona State Retirement System now owns 34,542 shares of the financial services provider’s stock valued at $1,927,000 after buying an additional 470 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 2,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $62.23, for a total value of $124,460.00. Following the transaction, the senior vice president now owns 23,381 shares of the company’s stock, valued at $1,454,999.63. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Patricia R. Kellerhals sold 2,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $62.23, for a total value of $124,460.00. Following the completion of the sale, the senior vice president now owns 23,381 shares of the company’s stock, valued at $1,454,999.63. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John K. Handy sold 1,331 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total value of $84,917.80. Following the transaction, the executive vice president now directly owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,174 shares of company stock valued at $1,297,855. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CBSH shares. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their price target on Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a report on Monday, July 22nd. Jefferies Financial Group upped their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.79.

Commerce Bancshares Stock Up 0.3 %

CBSH opened at $61.90 on Thursday. The company has a market cap of $8.02 billion, a P/E ratio of 17.24, a P/E/G ratio of 3.07 and a beta of 0.74. Commerce Bancshares, Inc. has a 52-week low of $40.91 and a 52-week high of $65.86. The company has a 50 day moving average of $61.15 and a two-hundred day moving average of $58.23.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Thursday, September 5th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Thursday, September 5th. Commerce Bancshares’s dividend payout ratio is currently 30.08%.

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.