M&T Bank Corp Has $3.15 Million Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

M&T Bank Corp reduced its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 17.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,663 shares of the financial services provider’s stock after selling 10,893 shares during the period. M&T Bank Corp’s holdings in Commerce Bancshares were worth $3,153,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CBSH. Victory Capital Management Inc. lifted its position in Commerce Bancshares by 1.2% in the 4th quarter. Victory Capital Management Inc. now owns 89,125 shares of the financial services provider’s stock valued at $5,553,000 after acquiring an additional 1,052 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $2,050,000. Raymond James Financial Inc. purchased a new position in Commerce Bancshares in the 4th quarter valued at approximately $10,387,000. Amundi purchased a new position in Commerce Bancshares in the 4th quarter valued at approximately $3,806,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Commerce Bancshares by 14.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,427 shares of the financial services provider’s stock valued at $1,896,000 after buying an additional 3,919 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CBSH has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Wall Street Zen lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Bank of America upped their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 24th. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Piper Sandler upped their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $66.00.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $65.45 on Friday. The company has a 50-day simple moving average of $63.21 and a two-hundred day simple moving average of $62.82. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. Commerce Bancshares, Inc. has a 12-month low of $52.69 and a 12-month high of $72.75. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 2.92 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. On average, equities analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is 26.63%.

Insider Activity at Commerce Bancshares

In other news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director directly owned 3,175 shares of the company’s stock, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.10% of the company’s stock.

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.