Angeles Investment Advisors LLC Cuts Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Angeles Investment Advisors LLC decreased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 14.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,880 shares of the financial services provider’s stock after selling 677 shares during the quarter. Angeles Investment Advisors LLC’s holdings in Commerce Bancshares were worth $230,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Commerce Bancshares by 93.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock worth $89,000 after buying an additional 805 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Commerce Bancshares by 73.0% during the 1st quarter. BNP Paribas Financial Markets now owns 12,251 shares of the financial services provider’s stock valued at $652,000 after purchasing an additional 5,170 shares during the last quarter. Entropy Technologies LP bought a new stake in shares of Commerce Bancshares in the 1st quarter worth $322,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Commerce Bancshares by 3.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 146,642 shares of the financial services provider’s stock worth $8,557,000 after purchasing an additional 4,703 shares in the last quarter. Finally, Lindenwold Advisors INC raised its stake in shares of Commerce Bancshares by 4.1% in the first quarter. Lindenwold Advisors INC now owns 10,692 shares of the financial services provider’s stock worth $569,000 after purchasing an additional 426 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. The trade was a 0.00 % 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. In other news, EVP John K. Handy sold 1,331 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total transaction of $84,917.80. Following the sale, the executive vice president now directly owns 41,548 shares of the company’s stock, valued at $2,650,762.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,331 shares of company stock worth $2,062,778. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares Trading Down 0.4 %

NASDAQ CBSH opened at $71.97 on Thursday. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 3.90 and a beta of 0.73. Commerce Bancshares, Inc. has a 12 month low of $44.48 and a 12 month high of $73.31. The company’s 50 day moving average is $62.05 and its two-hundred day moving average is $59.54.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million for the quarter, compared to analysts’ expectations of $412.85 million. Sell-side analysts forecast 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. Investors of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is currently 28.13%.

Analysts Set New Price Targets

CBSH has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Morgan Stanley cut shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $61.79.

Commerce Bancshares 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.