1,385,446 Shares in Commerce Bancshares, Inc. (NASDAQ:CBSH) Acquired by Norges Bank

Norges Bank bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,385,446 shares of the financial services provider’s stock, valued at approximately $86,327,000. Norges Bank owned about 1.08% of Commerce Bancshares as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. lifted its stake in shares of Commerce Bancshares by 1.5% in the 4th quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider’s stock valued at $689,000 after purchasing an additional 166 shares during the last quarter. Apriem Advisors boosted its stake in shares of Commerce Bancshares by 5.0% during the 4th quarter. Apriem Advisors now owns 3,827 shares of the financial services provider’s stock worth $238,000 after acquiring an additional 182 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in shares of Commerce Bancshares by 4.9% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,908 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 183 shares during the last quarter. Verde Capital Management raised its stake in shares of Commerce Bancshares by 5.4% in the 4th quarter. Verde Capital Management now owns 3,573 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 183 shares in the last quarter. Finally, Frank Rimerman Advisors LLC lifted its holdings in Commerce Bancshares by 4.9% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 186 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler lifted their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Raymond James cut shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their price target 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. Finally, Morgan Stanley cut their price objective on Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating for the company in a research report on Thursday, March 13th. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $68.17.

Commerce Bancshares Stock Up 0.2 %

CBSH stock opened at $62.30 on Thursday. Commerce Bancshares, Inc. has a twelve month low of $48.49 and a twelve month high of $72.75. The company has a market cap of $8.35 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. The business’s 50-day simple moving average is $64.12 and its 200 day simple moving average is $64.46.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.06. The company had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Commerce Bancshares’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.84 EPS. On average, equities research analysts anticipate 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 paid a $0.275 dividend. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.77%. Commerce Bancshares’s dividend payout ratio is currently 27.43%.

Insider Transactions at Commerce Bancshares

In other news, CFO Charles G. Kim sold 13,493 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $67.76, for a total value of $914,285.68. Following the sale, the chief financial officer now owns 86,246 shares in the company, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David L. Orf sold 1,036 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the sale, the vice president now owns 22,175 shares of the company’s stock, valued at $1,513,222. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 78,434 shares of company stock valued at $5,248,272. Company insiders own 3.10% of the company’s stock.

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.