iSAM Funds UK Ltd bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,100 shares of the financial services provider’s stock, valued at approximately $583,000.
Several other hedge funds also recently made changes to their positions in CBSH. BlackRock Inc. bought a new stake in Commerce Bancshares in the 2nd quarter worth $755,669,000. State Street Corp raised its stake in shares of Commerce Bancshares by 8.4% during the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock valued at $383,071,000 after acquiring an additional 566,853 shares during the last quarter. Commerce Bank raised its stake in shares of Commerce Bancshares by 7.0% during the fourth quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock valued at $296,287,000 after acquiring an additional 369,636 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after purchasing an additional 894,183 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Commerce Bancshares by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider’s stock worth $147,097,000 after purchasing an additional 174,863 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.
Commerce Bancshares Price Performance
Shares of NASDAQ CBSH opened at $57.96 on Thursday. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The company’s 50-day moving average is $58.74 and its 200 day moving average is $54.04. The stock has a market capitalization of $8.31 billion, a P/E ratio of 14.03, a P/E/G ratio of 2.04 and a beta of 0.58.
Commerce Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio is currently 26.63%.
Analyst Ratings Changes
A number of research analysts recently issued reports on the company. Stephens set a $64.00 price target on Commerce Bancshares and gave the company an “equal weight” rating in a report on Friday, July 17th. Raymond James Financial upgraded Commerce Bancshares to a “hold” rating in a report on Thursday, August 27th. TD Cowen reiterated a “hold” rating and issued a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Piper Sandler reissued a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Finally, Wells Fargo & Company set a $63.00 target price on Commerce Bancshares and gave the company an “equal weight” rating in a report on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $63.29.
Check Out Our Latest Research Report on CBSH
Insider Buying and Selling
In other news, CEO John W. Kemper sold 5,830 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total value of $353,181.40. Following the completion of the transaction, the chief executive officer owned 206,528 shares in the company, valued at $12,511,466.24. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Douglas D. Neff sold 666 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $58.15, for a total value of $38,727.90. Following the sale, the senior vice president owned 11,746 shares in the company, valued at $683,029.90. This represents a 5.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,150 shares of company stock worth $1,974,783 over the last quarter. Company insiders own 1.80% of the company’s stock.
Commerce Bancshares Profile
Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.
The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.
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