Freestone Grove Partners LP purchased a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 77,146 shares of the financial services provider’s stock, valued at approximately $4,455,000. Freestone Grove Partners LP owned about 0.05% of Commerce Bancshares at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Man Group plc acquired a new position in shares of Commerce Bancshares in the second quarter valued at $5,071,000. Jupiter Topco LLC acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $3,566,000. Hsbc Holdings PLC acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $271,000. Legal & General Group Plc bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $10,770,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $5,677,000. 70.26% of the stock is owned by institutional investors.
Insider Activity at Commerce Bancshares
In related news, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the sale, 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David L. Orf sold 642 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president owned 24,962 shares in the company, valued at approximately $1,506,456.70. This trade represents a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 32,484 shares of company stock valued at $1,936,055. 1.80% of the stock is currently owned by company insiders.
Commerce Bancshares Trading Down 0.0%
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The business had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. During the same period last year, the firm earned $1.14 earnings per share. As a group, 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 announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be given 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 is Friday, September 4th. Commerce Bancshares’s dividend payout ratio is presently 26.63%.
Analysts Set New Price Targets
Several research analysts have weighed in on the stock. Piper Sandler reissued a “neutral” rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. TD Cowen restated a “hold” rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Wells Fargo & Company set a $63.00 price objective on Commerce Bancshares and gave the stock an “equal weight” rating in a report on Monday, August 10th. Keefe, Bruyette & Woods upped their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Finally, Stephens set a $64.00 target price on Commerce Bancshares and gave the stock 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $63.29.
View Our Latest Stock Report on CBSH
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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