Arrowstreet Capital Limited Partnership Reduces Stock Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Arrowstreet Capital reduced its Commerce Bancshares position by 28.3% in the first quarter, selling 241,875 shares and retaining 612,159 shares worth approximately $30.1 million. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares insiders sold 21,012 shares worth about $1.24 million over the last quarter, including substantial sales by the CFO and a senior vice president.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a $62.43 price target. The bank recently beat quarterly earnings expectations, reporting $1.10 EPS versus the $1.04 consensus and revenue of $498.91 million.

Arrowstreet Capital Limited Partnership cut its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 28.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 612,159 shares of the financial services provider's stock after selling 241,875 shares during the period. Arrowstreet Capital Limited Partnership owned 0.42% of Commerce Bancshares worth $30,118,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CBSH. Danske Bank A S bought a new stake in shares of Commerce Bancshares during the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. lifted its position in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 216 shares during the period. Daytona Street Capital LLC purchased a new position in Commerce Bancshares during the 4th quarter valued at about $25,000. Root Financial Partners LLC increased its stake in shares of Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in shares of Commerce Bancshares during the fourth quarter valued at approximately $34,000. Institutional investors own 70.26% of the company's stock.

Insiders Place Their Bets

In related news, SVP Derrick Brooks sold 1,041 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total value of $62,074.83. Following the completion of the transaction, the senior vice president owned 13,117 shares of the company's stock, valued at approximately $782,166.71. This trade represents a 7.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Charles G. Kim sold 19,771 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $59.18, for a total value of $1,170,047.78. Following the sale, the chief financial officer directly owned 119,410 shares in the company, valued at $7,066,683.80. The trade was a 14.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 21,012 shares of company stock worth $1,243,129. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on CBSH. Piper Sandler reissued 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. Stephens set a $64.00 price objective on Commerce Bancshares and gave the company an "equal weight" rating in a research note on Friday, July 17th. Morgan Stanley restated a "positive" rating and set a $65.00 price target (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Finally, Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $62.43.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $60.33 on Thursday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $60.92. The firm has a market capitalization of $8.79 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 2.15 and a beta of 0.58. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $56.08 and a 200 day moving average of $53.14.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.06. The company had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period in the previous year, the company posted $1.14 EPS. On average, research analysts anticipate that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current year.

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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