Meeder Asset Management Inc. Trims Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Meeder Asset Management Inc. reduced its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 46.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,869 shares of the financial services provider’s stock after selling 18,993 shares during the quarter. Meeder Asset Management Inc.’s holdings in Commerce Bancshares were worth $1,299,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Pathstone Holdings LLC lifted its holdings in Commerce Bancshares by 5.4% during the 3rd quarter. Pathstone Holdings LLC now owns 29,020 shares of the financial services provider’s stock worth $1,724,000 after purchasing an additional 1,492 shares in the last quarter. Lindenwold Advisors INC lifted its holdings in shares of Commerce Bancshares by 3.0% in the third quarter. Lindenwold Advisors INC now owns 10,760 shares of the financial services provider’s stock worth $639,000 after buying an additional 309 shares in the last quarter. Quest Partners LLC bought a new position in shares of Commerce Bancshares in the third quarter valued at approximately $1,540,000. Huntington National Bank grew its stake in Commerce Bancshares by 752.4% during the third quarter. Huntington National Bank now owns 1,756 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,550 shares in the last quarter. Finally, KBC Group NV increased its holdings in Commerce Bancshares by 23.7% during the 3rd quarter. KBC Group NV now owns 3,669 shares of the financial services provider’s stock worth $218,000 after acquiring an additional 703 shares during the period. 70.26% of the stock is owned by institutional investors.

Insider Activity

In other Commerce Bancshares news, SVP Douglas D. Neff sold 888 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $72.10, for a total value of $64,024.80. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at $579,539.80. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction on 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 in the company, valued at $2,650,762.40. The trade was a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,219 shares of company stock worth $2,126,803 over the last three months. 3.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CBSH has been the subject of several recent analyst reports. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus price target of $61.79.

Commerce Bancshares Stock Down 0.7 %

Shares of NASDAQ:CBSH opened at $71.60 on Wednesday. Commerce Bancshares, Inc. has a 52 week low of $46.72 and a 52 week high of $73.31. The company’s fifty day moving average is $62.86 and its 200 day moving average is $60.02. The stock has a market cap of $9.18 billion, a PE ratio of 18.65, a PEG ratio of 3.89 and a beta of 0.73.

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

Commerce Bancshares Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

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.