Stifel Financial Corp Reduces Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Stifel Financial Corp decreased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 123,502 shares of the financial services provider’s stock after selling 4,563 shares during the quarter. Stifel Financial Corp owned approximately 0.10% of Commerce Bancshares worth $7,337,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CBSH. V Square Quantitative Management LLC acquired a new position in Commerce Bancshares in the 3rd quarter valued at about $26,000. Allworth Financial LP increased its position in Commerce Bancshares by 51.1% during the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP acquired a new position in Commerce Bancshares during the 3rd quarter worth approximately $39,000. True Wealth Design LLC acquired a new position in Commerce Bancshares during the 3rd quarter worth approximately $47,000. Finally, Farther Finance Advisors LLC increased 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 during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of the business’s 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 completion of the transaction, the chairman now directly owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. The trade was a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the sale, the senior vice president now owns 23,381 shares of the company’s stock, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 38,816 shares of company stock worth $2,454,586. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CBSH. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their target price on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $65.07.

Commerce Bancshares Stock Performance

CBSH stock opened at $67.53 on Friday. Commerce Bancshares, Inc. has a 1 year low of $47.09 and a 1 year high of $72.75. The stock’s 50 day moving average price is $66.60 and its 200 day moving average price is $61.79. The firm has a market cap of $8.66 billion, a P/E ratio of 17.59, a PEG ratio of 2.95 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) 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 firm had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. On average, research analysts predict that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.60%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

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.