Oppenheimer & Co. Inc. Sells 1,623 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Oppenheimer & Co. Inc. lessened its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 95,343 shares of the financial services provider’s stock after selling 1,623 shares during the period. Oppenheimer & Co. Inc.’s holdings in Commerce Bancshares were worth $5,663,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CBSH. Aigen Investment Management LP purchased a new position in Commerce Bancshares during the third quarter valued at $638,000. Keystone Financial Services bought a new position in shares of Commerce Bancshares in the third quarter worth about $215,000. Los Angeles Capital Management LLC grew its stake in shares of Commerce Bancshares by 7,407.2% during 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 acquiring an additional 358,066 shares during the period. Atria Investments Inc increased its holdings in Commerce Bancshares by 9.3% in the 3rd quarter. Atria Investments Inc now owns 24,455 shares of the financial services provider’s stock worth $1,453,000 after acquiring an additional 2,071 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Commerce Bancshares during the 3rd quarter worth approximately $39,000. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Down 0.4 %

Shares of CBSH stock opened at $71.71 on Friday. The stock has a market cap of $9.20 billion, a P/E ratio of 18.67, a PEG ratio of 3.89 and a beta of 0.73. The company’s fifty day simple moving average is $62.24 and its two-hundred day simple moving average is $59.62. Commerce Bancshares, Inc. has a 52 week low of $46.38 and a 52 week high of $73.31.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $412.85 million. On average, analysts anticipate that Commerce Bancshares, Inc. will post 4.02 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas D. Neff sold 888 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total transaction of $64,024.80. Following the transaction, the senior vice president now owns 8,038 shares in the company, valued at $579,539.80. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,219 shares of company stock valued at $2,126,803 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

CBSH has been the topic of several analyst reports. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a report on Monday, July 22nd. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $61.79.

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.