Nuveen Asset Management LLC Has $20.47 Million Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Nuveen Asset Management LLC lowered its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 328,489 shares of the financial services provider’s stock after selling 14,017 shares during the quarter. Nuveen Asset Management LLC’s holdings in Commerce Bancshares were worth $20,468,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Kapitalo Investimentos Ltda acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth about $26,000. CoreFirst Bank & Trust acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth about $33,000. Marshall Investment Management LLC acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth about $35,000. V Square Quantitative Management LLC increased its position 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 worth $49,000 after purchasing an additional 361 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Commerce Bancshares by 46.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 268 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CBSH. Wells Fargo & Company dropped their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lowered their price objective for the company from $66.00 to $58.00 in a research report on Monday, April 7th. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research note on Thursday, April 17th. Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Piper Sandler boosted their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat.com, Commerce Bancshares presently has a consensus rating of “Hold” and a consensus price target of $63.20.

Commerce Bancshares Trading Down 0.7%

Shares of NASDAQ CBSH opened at $62.76 on Friday. Commerce Bancshares, Inc. has a 1-year low of $49.97 and a 1-year high of $72.75. The company has a market cap of $8.37 billion, a PE ratio of 15.65, a P/E/G ratio of 2.13 and a beta of 0.60. The company has a 50-day moving average of $61.21 and a two-hundred day moving average of $64.45.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $428.05 million during the quarter, compared to analysts’ expectations of $417.85 million. As a group, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, June 6th. Commerce Bancshares’s dividend payout ratio is 26.63%.

Insider Transactions at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director now owns 3,175 shares in the company, valued at approximately $192,786. The trade was a 33.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is owned by corporate insiders.

Commerce Bancshares 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.