Meeder Asset Management Inc. Has $1.30 Million Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Meeder Asset Management Inc. lowered its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 46.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,869 shares of the financial services provider’s stock after selling 18,993 shares during the quarter. Meeder Asset Management Inc.’s holdings in Commerce Bancshares were worth $1,299,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CBSH. Los Angeles Capital Management LLC increased its holdings in Commerce Bancshares by 7,407.2% in the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP lifted its position 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 valued at $115,453,000 after acquiring an additional 342,793 shares during the period. Vanguard Group Inc. boosted its stake in 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 acquiring an additional 259,127 shares in the last quarter. American Century Companies Inc. grew its holdings in Commerce Bancshares by 7.4% in 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 increased its stake in Commerce Bancshares by 168.3% in the second 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.

Insider Buying and Selling

In related news, SVP Douglas D. Neff sold 888 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at approximately $579,539.80. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value 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. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,219 shares of company stock worth $2,126,803. 3.10% of the stock is owned by company insiders.

Commerce Bancshares Trading Down 0.7 %

Shares of NASDAQ:CBSH opened at $71.60 on Wednesday. Commerce Bancshares, Inc. has a 1-year low of $46.72 and a 1-year high of $73.31. The stock has a market cap of $9.18 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 3.89 and a beta of 0.73. The stock’s fifty day simple moving average is $62.86 and its two-hundred day simple moving average is $60.02.

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

Commerce Bancshares Dividend Announcement

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 given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

Wall Street Analysts Forecast Growth

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