Novem Group Acquires New Shares in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Novem Group purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,319 shares of the financial services provider's stock, valued at approximately $768,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kapitalo Investimentos Ltda bought a new position in Commerce Bancshares during the fourth quarter worth about $26,000. CoreFirst Bank & Trust bought a new position in shares of Commerce Bancshares in the fourth quarter worth approximately $33,000. Marshall Investment Management LLC bought a new stake in shares of Commerce Bancshares during the fourth quarter valued at approximately $35,000. V Square Quantitative Management LLC increased its holdings in shares of Commerce Bancshares by 84.0% during the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 361 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Commerce Bancshares by 46.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock worth $52,000 after buying an additional 268 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CBSH has been the subject of a number of analyst reports. Piper Sandler upped their price target on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Morgan Stanley raised Commerce Bancshares from an "underweight" rating to an "equal weight" rating and lowered their target price for the company from $66.00 to $58.00 in a report on Monday, April 7th. Wells Fargo & Company dropped their target price on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Keefe, Bruyette & Woods dropped their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Finally, Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. 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 currently has an average rating of "Hold" and an average target price of $63.20.

Commerce Bancshares Price Performance

Shares of CBSH stock traded up $0.75 during mid-day trading on Tuesday, hitting $63.51. The company had a trading volume of 102,996 shares, compared to its average volume of 592,491. Commerce Bancshares, Inc. has a 52-week low of $49.97 and a 52-week high of $72.75. The company has a market capitalization of $8.47 billion, a P/E ratio of 15.82, a P/E/G ratio of 2.13 and a beta of 0.60. The stock's 50 day moving average price is $61.22 and its 200-day moving average price is $64.34.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a yield of 1.73%. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

Insider Activity

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director now owns 3,175 shares in the company, valued at $192,786. This trade represents a 33.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.