M&T Bank Corp Sells 2,200 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

M&T Bank Corp lessened its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,556 shares of the financial services provider’s stock after selling 2,200 shares during the quarter. M&T Bank Corp’s holdings in Commerce Bancshares were worth $3,835,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Marshall Investment Management LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $35,000. Capital Performance Advisors LLP bought a new stake in shares of Commerce Bancshares in the 3rd quarter worth approximately $39,000. True Wealth Design LLC bought a new stake in shares of Commerce Bancshares in the 3rd quarter worth approximately $47,000. V Square Quantitative Management LLC raised its holdings in shares of Commerce Bancshares by 84.0% in the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 361 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of Commerce Bancshares by 48.2% in 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. Institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Wells Fargo & Company lifted their price objective on shares of Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 29th. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods lifted their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler lifted their price objective on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $67.83.

Commerce Bancshares Price Performance

CBSH opened at $62.22 on Friday. The company has a fifty day moving average price of $64.72 and a 200-day moving average price of $64.58. The firm has a market capitalization of $8.33 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. Commerce Bancshares, Inc. has a one year low of $47.89 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.48 million. During the same period in the previous year, the business earned $0.84 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 annualized dividend and a yield of 1.77%. Commerce Bancshares’s payout ratio is currently 27.43%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 1,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $67.69, for a total value of $67,690.00. Following the completion of the sale, the senior vice president now directly owns 21,265 shares of the company’s stock, valued at $1,439,427.85. The trade was a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO John W. Kemper sold 26,042 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total transaction of $1,752,105.76. Following the completion of the sale, the chief executive officer now directly owns 211,929 shares of the company’s stock, valued at $14,258,583.12. This represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,516 shares of company stock valued at $5,457,086 over the last three months. 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.