Raymond James & Associates Buys 7,512 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Raymond James & Associates increased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,046 shares of the financial services provider’s stock after buying an additional 7,512 shares during the quarter. Raymond James & Associates owned 0.11% of Commerce Bancshares worth $8,497,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CBSH. Vanguard Group Inc. lifted its position in shares of Commerce Bancshares by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock worth $672,004,000 after buying an additional 259,127 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Commerce Bancshares during the 2nd quarter valued at approximately $1,226,000. Marshall Financial Group LLC purchased a new stake in shares of Commerce Bancshares during the second quarter worth $1,006,000. Sei Investments Co. boosted its holdings in shares of Commerce Bancshares by 15.7% in the first quarter. Sei Investments Co. now owns 621,324 shares of the financial services provider’s stock worth $33,055,000 after acquiring an additional 84,433 shares during the period. Finally, Tidal Investments LLC grew its position in shares of Commerce Bancshares by 181.3% in the first quarter. Tidal Investments LLC now owns 17,905 shares of the financial services provider’s stock valued at $953,000 after purchasing an additional 11,540 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Patricia R. Kellerhals sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $60.82, for a total value of $91,230.00. Following the transaction, the senior vice president now owns 25,381 shares in the company, valued at approximately $1,543,672.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the completion of the sale, the executive vice president now owns 41,548 shares of the company’s stock, valued at $2,650,762.40. 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 through this link. Also, SVP Patricia R. Kellerhals sold 1,500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $60.82, for a total transaction of $91,230.00. Following the transaction, the senior vice president now directly owns 25,381 shares in the company, valued at approximately $1,543,672.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,831 shares of company stock valued at $2,154,008 in the last ninety days. Company insiders own 3.10% of the company’s stock.

Analysts Set New Price Targets

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

Commerce Bancshares Trading Up 0.3 %

Shares of Commerce Bancshares stock opened at $62.45 on Wednesday. Commerce Bancshares, Inc. has a 12 month low of $40.91 and a 12 month high of $65.86. The business’s 50-day moving average price is $61.20 and its 200-day moving average price is $58.56. The firm has a market capitalization of $8.05 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 3.03 and a beta of 0.74.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors 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 yield of 1.73%. Commerce Bancshares’s payout ratio is 28.13%.

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.