Public Employees Retirement System of Ohio acquired a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 40,014 shares of the financial services provider’s stock, valued at approximately $2,311,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CBSH. Danske Bank A S bought a new position in Commerce Bancshares in the 3rd quarter worth about $25,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Commerce Bancshares during the 2nd quarter valued at about $29,000. Geneos Wealth Management Inc. grew its holdings in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares in the last quarter. Root Financial Partners LLC increased its position in shares of Commerce Bancshares by 104.9% in the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 319 shares during the last quarter. Finally, Rothschild Investment LLC increased its position in shares of Commerce Bancshares by 75.3% in the fourth quarter. Rothschild Investment LLC now owns 1,031 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 443 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.
Commerce Bancshares Price Performance
Shares of Commerce Bancshares stock opened at $58.37 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92. The company has a fifty day moving average of $58.77 and a 200-day moving average of $54.10. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 2.09 and a beta of 0.58.
Commerce Bancshares Dividend Announcement
The business 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 $0.275 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s payout ratio is currently 26.63%.
Insider Buying and Selling
In related news, SVP Douglas Neff sold 666 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $58.15, for a total transaction of $38,727.90. Following the completion of the sale, the senior vice president directly owned 11,746 shares in the company, valued at $683,029.90. This represents a 5.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP David Orf sold 642 shares of the firm’s stock in a transaction that occurred 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. The trade was a 2.51% 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 in the last 90 days. 1.80% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on CBSH. TD Cowen reiterated a “hold” rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Morgan Stanley reissued a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Finally, Wells Fargo & Company set a $63.00 price target on Commerce Bancshares and gave the company an “equal weight” rating in a research report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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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