Arbejdsmarkedets Tillaegspension Takes $23.38 Million Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Arbejdsmarkedets Tillaegspension disclosed a new fourth-quarter stake in Commerce Bancshares, buying 446,601 shares worth about $23.38 million.
• Commerce Bancshares reported better-than-expected quarterly earnings of $0.96 per share, though revenue came in slightly below estimates; analysts currently rate the stock a Hold with an average target price of $59.30.
• The company announced a quarterly dividend of $0.275 per share, payable June 23, for an annualized yield of about 2.2%.

Arbejdsmarkedets Tillaegspension bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 446,601 shares of the financial services provider's stock, valued at approximately $23,375,000. Arbejdsmarkedets Tillaegspension owned approximately 0.34% of Commerce Bancshares as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of CBSH. Tudor Investment Corp ET AL lifted its holdings in shares of Commerce Bancshares by 5,922.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider's stock worth $29,991,000 after acquiring an additional 493,526 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after acquiring an additional 1,098,142 shares in the last quarter. American Century Companies Inc. grew its stake in Commerce Bancshares by 5.4% in the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider's stock worth $237,420,000 after purchasing an additional 202,758 shares in the last quarter. Vest Financial LLC increased its holdings in Commerce Bancshares by 86.7% during the 3rd quarter. Vest Financial LLC now owns 62,154 shares of the financial services provider's stock worth $3,714,000 after purchasing an additional 28,858 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Commerce Bancshares by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,611,608 shares of the financial services provider's stock worth $96,310,000 after purchasing an additional 73,965 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CBSH shares. Wells Fargo & Company lowered their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an "equal weight" rating for the company in a research note on Monday, March 30th. Zacks Research upgraded shares of Commerce Bancshares from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. Piper Sandler reaffirmed a "neutral" rating and issued a $58.50 price target (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of Commerce Bancshares in a report on Friday, March 27th. Finally, Hovde Group reduced their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Commerce Bancshares presently has a consensus rating of "Hold" and an average target price of $59.30.

Commerce Bancshares Stock Down 0.2%

CBSH opened at $50.95 on Friday. The company has a 50-day moving average price of $50.03 and a 200 day moving average price of $51.67. The company has a market cap of $7.43 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 3.47 and a beta of 0.61. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.02. The firm had revenue of $475.69 million for the quarter, compared to the consensus estimate of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $0.98 earnings per share. As a group, sell-side analysts expect that Commerce Bancshares, Inc. will post 4.12 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Commerce Bancshares's dividend payout ratio is presently 26.38%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Kim L. Jakovich sold 949 shares of Commerce Bancshares stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $51.45, for a total value of $48,826.05. Following the sale, the senior vice president owned 12,741 shares in the company, valued at $655,524.45. The trade was a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Margaret M. Rowe sold 861 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $51.69, for a total transaction of $44,505.09. Following the completion of the sale, the senior vice president directly owned 5,742 shares in the company, valued at $296,803.98. This trade represents a 13.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.80% of the stock is owned by insiders.

Commerce Bancshares Company 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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