Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,118 shares of the financial services provider’s stock after selling 1,477 shares during the period. Thrivent Financial for Lutherans’ holdings in Commerce Bancshares were worth $3,689,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Los Angeles Capital Management LLC increased its stake in Commerce Bancshares by 7,407.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Commerce Bancshares by 19.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after buying an additional 342,793 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Commerce Bancshares by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after buying an additional 240,938 shares during the last quarter. Millennium Management LLC boosted its position in shares of Commerce Bancshares by 168.3% in the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after buying an additional 214,582 shares in the last quarter. Finally, Boston Trust Walden Corp grew its stake in Commerce Bancshares by 15.4% in the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock valued at $70,339,000 after acquiring an additional 168,550 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Commerce Bancshares Price Performance

NASDAQ:CBSH opened at $74.36 on Tuesday. The firm has a market cap of $9.54 billion, a PE ratio of 19.36, a P/E/G ratio of 3.98 and a beta of 0.73. The firm has a 50 day simple moving average of $63.76 and a 200-day simple moving average of $60.48. Commerce Bancshares, Inc. has a 1-year low of $47.19 and a 1-year high of $76.39.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. As a group, sell-side analysts expect that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

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. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.45%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

Insider Buying and Selling

In other Commerce Bancshares news, SVP David L. Roller sold 890 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares of the company’s stock, valued at $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares 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 owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,109 shares of company stock worth $2,191,123. 3.10% of the stock is owned by company insiders.

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.