Victory Capital Management Inc. Has $5.23 Million Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Victory Capital Management Inc. decreased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 15.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,073 shares of the financial services provider’s stock after selling 15,576 shares during the period. Victory Capital Management Inc. owned 0.07% of Commerce Bancshares worth $5,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Aigen Investment Management LP acquired a new stake in shares of Commerce Bancshares in the third quarter valued at about $638,000. Keystone Financial Services bought a new stake in shares of Commerce Bancshares during the 3rd quarter valued at about $215,000. Los Angeles Capital Management LLC boosted its position in shares of Commerce Bancshares by 7,407.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Atria Investments Inc boosted its position in shares of Commerce Bancshares by 9.3% during the 3rd quarter. Atria Investments Inc now owns 24,455 shares of the financial services provider’s stock valued at $1,453,000 after purchasing an additional 2,071 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Commerce Bancshares during the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Patricia R. Kellerhals sold 2,000 shares of Commerce Bancshares stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the sale, the senior vice president now directly owns 23,381 shares in the company, valued at $1,454,999.63. The trade was a 7.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the sale, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,109 shares of company stock valued at $2,191,123. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CBSH. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.79.

Commerce Bancshares Stock Up 2.6 %

CBSH stock opened at $73.70 on Friday. Commerce Bancshares, Inc. has a twelve month low of $47.19 and a twelve month high of $73.82. The stock’s 50 day moving average is $63.52 and its 200-day moving average is $60.30. The firm has a market capitalization of $9.45 billion, a PE ratio of 19.19, a P/E/G ratio of 3.87 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. On average, equities research analysts anticipate that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.47%. Commerce Bancshares’s dividend payout ratio is currently 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.