Congress Wealth Management LLC DE Acquires 1,107 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Congress Wealth Management LLC DE increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,910 shares of the financial services provider’s stock after purchasing an additional 1,107 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Commerce Bancshares were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Citigroup Inc. lifted its stake in Commerce Bancshares by 11.7% during the 3rd quarter. Citigroup Inc. now owns 130,134 shares of the financial services provider’s stock valued at $7,730,000 after acquiring an additional 13,681 shares during the period. Cerity Partners LLC raised its holdings in shares of Commerce Bancshares by 40.7% during the third quarter. Cerity Partners LLC now owns 74,872 shares of the financial services provider’s stock valued at $4,447,000 after purchasing an additional 21,664 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Commerce Bancshares by 9.3% during the third quarter. Daiwa Securities Group Inc. now owns 7,557 shares of the financial services provider’s stock valued at $449,000 after purchasing an additional 642 shares during the period. FMR LLC boosted its holdings in Commerce Bancshares by 15.4% in the third quarter. FMR LLC now owns 110,423 shares of the financial services provider’s stock worth $6,559,000 after purchasing an additional 14,775 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in Commerce Bancshares in the 3rd quarter worth approximately $235,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Commerce Bancshares

In other news, CEO John W. Kemper sold 26,042 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $67.28, for a total value of $1,752,105.76. Following the transaction, the chief executive officer now owns 211,929 shares of the company’s stock, valued at approximately $14,258,583.12. The trade was a 10.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David L. Orf sold 1,036 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now directly owns 22,175 shares of the company’s stock, valued at $1,513,222. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,434 shares of company stock valued at $5,248,272 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CBSH shares. Morgan Stanley dropped their price target on Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company raised their target price on Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 29th. 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 research report on Thursday, January 23rd. Keefe, Bruyette & Woods raised their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Raymond James cut shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. One investment 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 currently has a consensus rating of “Hold” and a consensus price target of $68.17.

Commerce Bancshares Trading Down 1.0 %

Commerce Bancshares stock opened at $61.62 on Friday. Commerce Bancshares, Inc. has a 12-month low of $48.49 and a 12-month high of $72.75. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 2.13 and a beta of 0.78. The firm has a 50 day moving average of $64.30 and a 200 day moving average of $64.41.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (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 firm had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. During the same period in the prior year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, 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 was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.79%. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, March 7th. Commerce Bancshares’s payout ratio is presently 27.43%.

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.