Commerce Bank Buys New Position in Commerce Bancshares, Inc. $CBSH

Commerce Bank bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSHFree Report) during the second quarter, Holdings Channel.com reports. The fund bought 5,472,030 shares of the financial services provider’s stock, valued at approximately $316,010,000. Commerce Bancshares makes up about 1.4% of Commerce Bank’s portfolio, making the stock its 11th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Commerce Bancshares during the second quarter worth approximately $93,000. Evolve Private Wealth LLC acquired a new stake in shares of Commerce Bancshares in the second quarter worth $689,000. Madison Wealth Partners Inc acquired a new stake in shares of Commerce Bancshares in the second quarter worth $253,000. Heartland Bank & Trust Co bought a new position in Commerce Bancshares during the second quarter worth $374,000. Finally, Ieq Capital LLC bought a new position in Commerce Bancshares during the second quarter worth $7,176,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Activity at Commerce Bancshares

In related news, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the transaction, the chief financial officer owned 119,410 shares of the company’s stock, valued at $7,066,683.80. This represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $60.20, for a total transaction of $301,000.00. Following the completion of the transaction, the executive vice president directly owned 55,962 shares of the company’s stock, valued at $3,368,912.40. This trade represents a 8.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,484 shares of company stock worth $1,936,055 in the last ninety days. Company insiders own 1.80% of the company’s stock.

Commerce Bancshares Stock Performance

CBSH opened at $58.38 on Friday. The stock has a market cap of $8.37 billion, a PE ratio of 14.14, a P/E/G ratio of 2.08 and a beta of 0.59. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92. The stock’s 50 day simple moving average is $58.30 and its 200-day simple moving average is $53.84.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. During the same period last year, the business earned $1.14 earnings per share. Sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.25 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

Wall Street Analyst Weigh In

Several research firms recently commented on CBSH. Wall Street Zen upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Piper Sandler restated a “neutral” rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Wells Fargo & Company set a $63.00 price objective on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research report on Monday, August 10th. Finally, Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research note on Friday, July 17th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $63.29.

Read Our Latest Report on CBSH

About Commerce Bancshares

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding CBSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commerce Bancshares, Inc. (NASDAQ:CBSHFree Report).

Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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