Mutual of America Capital Management LLC Sells 4,087 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Mutual of America Capital Management LLC cut its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 63,405 shares of the financial services provider’s stock after selling 4,087 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Commerce Bancshares were worth $3,766,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Los Angeles Capital Management LLC increased its position in shares of 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 buying an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after acquiring an additional 342,793 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 2.1% during the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock worth $672,004,000 after purchasing an additional 259,127 shares during the period. American Century Companies Inc. raised its position in shares of Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after purchasing an additional 240,938 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Commerce Bancshares by 168.3% during the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after purchasing an additional 214,582 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Stock Up 1.2 %

NASDAQ CBSH opened at $71.81 on Friday. The firm’s 50 day moving average is $63.28 and its 200-day moving average is $60.18. The company has a market capitalization of $9.21 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 3.87 and a beta of 0.73. Commerce Bancshares, Inc. has a 12-month low of $47.19 and a 12-month high of $73.31.

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

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.27 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.50%. Commerce Bancshares’s payout ratio is presently 28.13%.

Analyst Upgrades and Downgrades

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

Insider Activity at Commerce Bancshares

In other news, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the completion of the sale, the executive vice president now owns 41,548 shares of the company’s stock, valued at $2,650,762.40. This trade represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,109 shares of company stock valued at $2,191,123. Insiders own 3.20% 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.