Axxcess Wealth Management LLC Boosts Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Axxcess Wealth Management LLC lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,171 shares of the financial services provider’s stock after acquiring an additional 634 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Commerce Bancshares were worth $650,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CBSH. Amalgamated Bank lifted its position in Commerce Bancshares by 1.8% in the fourth quarter. Amalgamated Bank now owns 73,644 shares of the financial services provider’s stock valued at $3,933,000 after purchasing an additional 1,307 shares during the last quarter. Natixis Advisors L.P. grew its holdings in Commerce Bancshares by 33.7% in the 4th quarter. Natixis Advisors L.P. now owns 198,615 shares of the financial services provider’s stock worth $10,607,000 after acquiring an additional 50,103 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Commerce Bancshares by 46.8% in the fourth quarter. Fisher Asset Management LLC now owns 6,227 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 1,984 shares during the period. ICW Investment Advisors LLC raised its stake in shares of Commerce Bancshares by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 10,522 shares of the financial services provider’s stock valued at $562,000 after acquiring an additional 264 shares during the last quarter. Finally, Gibraltar Capital Management Inc. boosted its holdings in shares of Commerce Bancshares by 5.0% during the fourth quarter. Gibraltar Capital Management Inc. now owns 5,817 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 277 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CBSH shares. Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday, April 17th. Piper Sandler lifted their price target on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Bank of America started coverage on shares of Commerce Bancshares in a report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective for the company. Morgan Stanley boosted their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Finally, Raymond James upgraded shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.00.

Insider Buying and Selling at Commerce Bancshares

In other news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Douglas D. Neff sold 614 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $56.02 on Wednesday. The company’s fifty day moving average is $53.03 and its 200 day moving average is $51.70. Commerce Bancshares, Inc. has a fifty-two week low of $40.91 and a fifty-two week high of $57.00. The stock has a market capitalization of $7.28 billion, a PE ratio of 15.62 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. As a group, research analysts forecast that Commerce Bancshares, Inc. will post 3.48 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.93%. The ex-dividend date is Wednesday, June 5th. Commerce Bancshares’s payout ratio is 30.12%.

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.