Mattern Capital Management LLC Sells 1,087 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Mattern Capital Management LLC decreased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 140,902 shares of the financial services provider’s stock after selling 1,087 shares during the period. Mattern Capital Management LLC owned approximately 0.11% of Commerce Bancshares worth $8,370,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in Commerce Bancshares by 81.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 14,168 shares of the financial services provider’s stock worth $842,000 after purchasing an additional 6,349 shares during the period. Outlook Wealth Advisors LLC grew its stake in shares of Commerce Bancshares by 3.6% during the third quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock valued at $374,000 after buying an additional 217 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after buying an additional 192 shares during the period. Nicholson Wealth Management Group LLC purchased a new position in Commerce Bancshares during the 3rd quarter valued at $731,000. Finally, CENTRAL TRUST Co boosted its holdings in Commerce Bancshares by 3.4% during the 3rd quarter. CENTRAL TRUST Co now owns 34,767 shares of the financial services provider’s stock valued at $2,065,000 after acquiring an additional 1,139 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $61.20 on Friday. Commerce Bancshares, Inc. has a 52-week low of $40.91 and a 52-week high of $65.86. The firm’s 50 day moving average price is $61.18 and its 200-day moving average price is $58.36. The company has a market cap of $7.93 billion, a PE ratio of 17.05, a P/E/G ratio of 3.05 and a beta of 0.74.

Commerce Bancshares Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.76%. Commerce Bancshares’s dividend payout ratio is currently 30.08%.

Insider Transactions at Commerce Bancshares

In other news, CFO Charles G. Kim sold 5,282 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $65.00, for a total transaction of $343,330.00. Following the sale, the chief financial officer now owns 89,472 shares in the company, valued at approximately $5,815,680. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Charles G. Kim sold 5,282 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $65.00, for a total transaction of $343,330.00. Following the sale, the chief financial officer now owns 89,472 shares in the company, valued at approximately $5,815,680. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the sale, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,174 shares of company stock worth $3,151,255. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

CBSH has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.