Kovitz Investment Group Partners LLC Acquires 858 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Kovitz Investment Group Partners LLC lifted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,356 shares of the financial services provider’s stock after purchasing an additional 858 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Commerce Bancshares were worth $1,331,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares in the 4th quarter valued at $33,000. Marshall Investment Management LLC acquired a new position in Commerce Bancshares in the fourth quarter valued at about $35,000. V Square Quantitative Management LLC increased its holdings in shares of Commerce Bancshares by 84.0% in the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 361 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Commerce Bancshares by 46.9% during the fourth 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 during the period. Finally, Transce3nd LLC bought a new position in shares of Commerce Bancshares during the 4th quarter valued at about $68,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on CBSH shares. Keefe, Bruyette & Woods cut their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. StockNews.com cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, April 17th. Morgan Stanley upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $66.00 to $58.00 in a report on Monday, April 7th. Finally, Piper Sandler lifted their target price on Commerce Bancshares from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.20.

Commerce Bancshares Trading Up 0.2 %

NASDAQ CBSH opened at $61.18 on Wednesday. Commerce Bancshares, Inc. has a 12 month low of $49.97 and a 12 month high of $72.75. The stock has a 50 day moving average of $60.76 and a 200-day moving average of $64.25. The company has a market cap of $8.20 billion, a PE ratio of 15.26, a PEG ratio of 2.13 and a beta of 0.71.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $428.05 million during the quarter, compared to analysts’ expectations of $417.85 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, Chairman David W. Kemper sold 3,708 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $66.16, for a total value of $245,321.28. Following the transaction, the chairman now directly owns 1,208,311 shares of the company’s stock, valued at $79,941,855.76. This represents a 0.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John W. Kemper sold 26,042 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total value of $1,752,105.76. Following the sale, the chief executive officer now owns 211,929 shares of the company’s stock, valued at approximately $14,258,583.12. This represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,842 shares of company stock worth $3,423,857 over the last 90 days. Company insiders own 3.10% of the company’s stock.

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.