abrdn plc lessened its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,313 shares of the financial services provider's stock after selling 236 shares during the period. abrdn plc's holdings in Commerce Bancshares were worth $529,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in CBSH. National Bank of Canada FI bought a new stake in shares of Commerce Bancshares during the fourth quarter valued at approximately $29,000. Van ECK Associates Corp raised its holdings in shares of Commerce Bancshares by 19.1% during the fourth quarter. Van ECK Associates Corp now owns 2,276 shares of the financial services provider's stock valued at $156,000 after buying an additional 365 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Commerce Bancshares by 26.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,966 shares of the financial services provider's stock worth $616,000 after purchasing an additional 1,851 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Commerce Bancshares during the fourth quarter worth approximately $41,000. Finally, Commonwealth Equity Services LLC raised its holdings in Commerce Bancshares by 6.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 20,323 shares of the financial services provider's stock worth $1,397,000 after purchasing an additional 1,149 shares in the last quarter. Institutional investors own 67.85% of the company's stock.
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Insiders Place Their Bets
In other Commerce Bancshares news, Director Blackford F. Brauer purchased 5,000 shares of the firm's stock in a transaction on Wednesday, July 27th. The shares were purchased at an average price of $68.87 per share, for a total transaction of $344,350.00. Following the completion of the transaction, the director now owns 16,027 shares in the company, valued at approximately $1,103,779.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have acquired 15,000 shares of company stock worth $1,015,150. 3.20% of the stock is owned by insiders.
Commerce Bancshares Stock Performance
Commerce Bancshares stock opened at $70.37 on Thursday. The firm has a market cap of $8.50 billion, a price-to-earnings ratio of 18.18 and a beta of 0.80. Commerce Bancshares, Inc. has a 1 year low of $61.81 and a 1 year high of $74.72. The firm's 50 day moving average price is $67.08 and its two-hundred day moving average price is $69.12.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The firm had revenue of $371.80 million for the quarter, compared to analyst estimates of $362.50 million. Commerce Bancshares had a net margin of 32.88% and a return on equity of 14.27%. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 earnings per share. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 4.04 EPS for the current fiscal year.
Wall Street Analyst Weigh In
CBSH has been the topic of several recent analyst reports. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Monday, July 18th. Jefferies Financial Group dropped their target price on Commerce Bancshares from $75.00 to $71.00 in a report on Monday, July 11th. Finally, DA Davidson boosted their target price on Commerce Bancshares to $71.00 in a report on Monday, July 25th.
Commerce Bancshares Profile
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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.
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