Oppenheimer & Co. Inc. Trims Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Oppenheimer & Co. Inc. lessened its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,343 shares of the financial services provider’s stock after selling 1,623 shares during the quarter. Oppenheimer & Co. Inc. owned approximately 0.07% of Commerce Bancshares worth $5,663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC raised its holdings in Commerce Bancshares by 7,407.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after buying an additional 342,793 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 2.1% in the first 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 during the period. American Century Companies Inc. lifted its holdings in Commerce Bancshares by 7.4% in the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after buying an additional 240,938 shares during the period. Finally, Millennium Management LLC boosted its position in Commerce Bancshares by 168.3% during the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after acquiring an additional 214,582 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

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

Commerce Bancshares Price Performance

CBSH opened at $71.71 on Friday. Commerce Bancshares, Inc. has a 1 year low of $46.38 and a 1 year high of $73.31. The stock has a 50-day moving average price of $62.24 and a 200-day moving average price of $59.62. The firm has a market cap of $9.20 billion, a PE ratio of 18.67, a P/E/G ratio of 3.89 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The firm had revenue of $421.38 million for the quarter, compared to the consensus estimate of $412.85 million. As a group, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be paid 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 1.51%. Commerce Bancshares’s dividend payout ratio is 28.13%.

Insider Buying and Selling at Commerce Bancshares

In other news, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following 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 3.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,219 shares of company stock worth $2,126,803. Insiders own 3.20% of the company’s stock.

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.