Modern Wealth Management LLC Boosts Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Modern Wealth Management LLC boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 18.5% during the 4th quarter, Holdings Channel reports. The firm owned 16,638 shares of the financial services provider’s stock after buying an additional 2,595 shares during the quarter. Modern Wealth Management LLC’s holdings in Commerce Bancshares were worth $1,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CBSH. American Century Companies Inc. lifted its position in shares of Commerce Bancshares by 25.5% in the fourth quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock worth $228,991,000 after buying an additional 745,661 shares in the last quarter. Vanguard Group Inc. increased its stake in Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock worth $824,080,000 after acquiring an additional 642,401 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Commerce Bancshares by 17.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider’s stock worth $91,524,000 after acquiring an additional 219,826 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Commerce Bancshares during the 4th quarter valued at approximately $10,387,000. Finally, Geode Capital Management LLC grew its holdings in shares of Commerce Bancshares by 7.3% in the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after purchasing an additional 163,782 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

CBSH has been the topic of a number of recent research reports. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler upped their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Morgan Stanley dropped their target price on Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating for the company in a report on Thursday, March 13th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $68.17.

Commerce Bancshares Stock Performance

CBSH opened at $62.69 on Thursday. The stock’s 50 day moving average price is $64.40 and its 200-day moving average price is $64.43. Commerce Bancshares, Inc. has a one year low of $48.49 and a one year high of $72.75. The stock has a market cap of $8.41 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business 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%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. As a group, analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.75%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, March 7th. Commerce Bancshares’s payout ratio is 27.43%.

Insiders Place Their Bets

In other Commerce Bancshares news, EVP Kevin G. Barth sold 24,870 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.06, for a total value of $1,642,912.20. Following the completion of the sale, the executive vice president now directly owns 45,511 shares in the company, valued at approximately $3,006,456.66. This represents a 35.34 % decrease in their position. The sale 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 value of $70,696.64. Following the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,434 shares of company stock worth $5,248,272 in the last three months. 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.