AlphaQuest LLC Trims Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

AlphaQuest LLC cut its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 23.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,970 shares of the financial services provider’s stock after selling 5,953 shares during the quarter. AlphaQuest LLC’s holdings in Commerce Bancshares were worth $1,244,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Marshall Investment Management LLC purchased a new position in Commerce Bancshares during the 4th quarter worth approximately $35,000. Capital Performance Advisors LLP purchased a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $39,000. True Wealth Design LLC purchased a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $47,000. V Square Quantitative Management LLC increased its holdings in shares of Commerce Bancshares by 84.0% during the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 361 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Commerce Bancshares by 48.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 287 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $62.22 on Monday. The company’s fifty day moving average price is $64.72 and its 200 day moving average price is $64.60. Commerce Bancshares, Inc. has a 1 year low of $47.89 and a 1 year high of $72.75. The stock has a market capitalization of $8.33 billion, a P/E ratio of 15.52, a P/E/G ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $422.10 million for the quarter, compared to analysts’ expectations of $417.48 million. During the same quarter in the previous year, the company posted $0.84 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. Sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s payout ratio is 27.43%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, January 29th. Keefe, Bruyette & Woods lifted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler lifted their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Raymond James cut shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $67.83.

Insiders Place Their Bets

In other news, EVP Kevin G. Barth sold 1,582 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total transaction of $106,848.28. Following the transaction, the executive vice president now owns 65,409 shares of the company’s stock, valued at approximately $4,417,723.86. The trade was a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Patricia R. Kellerhals sold 1,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $67.69, for a total transaction of $67,690.00. Following the transaction, the senior vice president now directly owns 21,265 shares in the company, valued at approximately $1,439,427.85. The trade was a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 81,016 shares of company stock valued at $5,422,811 in the last 90 days. 3.20% of the stock is owned by 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.