EverSource Wealth Advisors LLC Buys 503 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

EverSource Wealth Advisors LLC boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.7% in the fourth quarter, HoldingsChannel reports. The firm owned 7,976 shares of the financial services provider’s stock after acquiring an additional 503 shares during the period. EverSource Wealth Advisors LLC’s holdings in Commerce Bancshares were worth $497,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Marshall Investment Management LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $35,000. True Wealth Design LLC bought a new stake in Commerce Bancshares in the third quarter valued at approximately $47,000. V Square Quantitative Management LLC raised its holdings in Commerce Bancshares by 84.0% in the fourth 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. GAMMA Investing LLC boosted its position in shares of Commerce Bancshares by 19.6% during the fourth quarter. GAMMA Investing LLC now owns 1,139 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 187 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Commerce Bancshares by 35.3% in the 4th quarter. Blue Trust Inc. now owns 1,683 shares of the financial services provider’s stock valued at $100,000 after buying an additional 439 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 29th. Morgan Stanley dropped their target price on shares of Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating on the stock in a report on Thursday. Finally, Piper Sandler upped their price target on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $68.17.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock opened at $60.71 on Friday. Commerce Bancshares, Inc. has a 52-week low of $47.89 and a 52-week high of $72.75. The business’s 50 day simple moving average is $64.49 and its 200 day simple moving average is $64.48. The firm has a market cap of $8.13 billion, a PE ratio of 15.14, a P/E/G ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping 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 business had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.81%. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, March 7th. Commerce Bancshares’s dividend payout ratio is currently 27.43%.

Insider Activity

In related news, CEO John W. Kemper sold 26,042 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 211,929 shares of the company’s stock, valued at approximately $14,258,583.12. This represents a 10.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Patricia R. Kellerhals sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 21,265 shares of the company’s stock, valued at approximately $1,439,427.85. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,016 shares of company stock worth $5,422,811 in the last quarter. Corporate insiders own 3.20% of the company’s stock.

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.