Alpha DNA Investment Management LLC Sells 339 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Alpha DNA Investment Management LLC lessened its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,130 shares of the financial services provider’s stock after selling 339 shares during the period. Alpha DNA Investment Management LLC’s holdings in Commerce Bancshares were worth $424,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CBSH. American Century Companies Inc. raised its position in Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after purchasing an additional 240,938 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Commerce Bancshares by 19.8% in 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 purchasing an additional 342,793 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Commerce Bancshares by 15.4% during the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock worth $70,339,000 after buying an additional 168,550 shares in the last quarter. Sei Investments Co. lifted its position in shares of Commerce Bancshares by 0.5% during the 2nd quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider’s stock worth $34,846,000 after buying an additional 3,391 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Commerce Bancshares by 2.5% in the second quarter. ProShare Advisors LLC now owns 567,469 shares of the financial services provider’s stock valued at $31,653,000 after buying an additional 13,772 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Stock Up 2.6 %

Shares of CBSH opened at $73.70 on Monday. The business’s fifty day moving average is $63.52 and its 200 day moving average is $60.36. Commerce Bancshares, Inc. has a 12-month low of $47.19 and a 12-month high of $73.82. The stock has a market cap of $9.45 billion, a P/E ratio of 19.19, a P/E/G ratio of 3.98 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The company had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. On average, analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is currently 28.13%.

Insider Activity

In related news, SVP David L. Roller sold 890 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares of the company’s stock, valued at $2,236,684.23. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John K. Handy sold 1,331 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the transaction, the executive vice president now owns 41,548 shares in the company, valued at $2,650,762.40. The trade was a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,109 shares of company stock valued at $2,191,123 in the last 90 days. Insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on CBSH. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.79.

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.