Bank of New York Mellon Corp Takes $54.44 Million Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Bank of New York Mellon acquired 942,747 shares of Commerce Bancshares during the second quarter, establishing a position valued at approximately $54.44 million, or 0.65% of the company.
• Institutional investors and hedge funds own 70.26% of CBSH, while analysts maintain a generally neutral outlook: the stock has an average “Hold” rating and a consensus price target of $63.29.
• Commerce Bancshares exceeded quarterly earnings expectations, reporting $1.10 in EPS and $498.91 million in revenue. The company also declared a quarterly dividend of $0.275 per share, representing a 1.9% annualized yield.

Bank of New York Mellon Corp purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 942,747 shares of the financial services provider's stock, valued at approximately $54,444,000. Bank of New York Mellon Corp owned about 0.65% of Commerce Bancshares as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Danske Bank A S bought a new position in shares of Commerce Bancshares in the 3rd quarter valued at about $25,000. Geneos Wealth Management Inc. boosted its stake in Commerce Bancshares by 85.4% in the first 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 last quarter. Root Financial Partners LLC grew its holdings in Commerce Bancshares by 104.9% during the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock worth $31,000 after acquiring an additional 319 shares during the period. Laurel Wealth Advisors LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter valued at $34,000. Finally, Rothschild Investment LLC lifted its stake in shares of Commerce Bancshares by 75.3% in the 4th quarter. Rothschild Investment LLC now owns 1,031 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 443 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on CBSH. Stephens set a $64.00 price objective on Commerce Bancshares and gave the company an "equal weight" rating in a report on Friday, July 17th. Piper Sandler restated a "neutral" rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods increased their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Wells Fargo & Company set a $63.00 price objective on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Finally, Wall Street Zen raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $63.29.

Insiders Place Their Bets

In other news, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the completion of the transaction, the chief financial officer directly owned 119,410 shares in the company, valued at $7,066,683.80. This represents a 14.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP David L. Orf sold 642 shares of Commerce Bancshares stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $60.35, for a total value of $38,744.70. Following the completion of the sale, the vice president directly owned 24,962 shares in the company, valued at approximately $1,506,456.70. This represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 32,484 shares of company stock valued at $1,936,055 in the last quarter. Company insiders own 1.80% of the company's stock.

Commerce Bancshares Stock Up 0.5%

Shares of Commerce Bancshares stock opened at $58.50 on Thursday. The firm has a market cap of $8.39 billion, a PE ratio of 14.16, a P/E/G ratio of 2.07 and a beta of 0.59. The business's 50 day simple moving average is $58.51 and its 200 day simple moving average is $53.93. 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.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. During the same quarter in the prior year, the firm posted $1.14 EPS. On average, analysts predict that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Friday, September 4th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, September 4th. This represents a $1.10 annualized dividend and a yield of 1.9%. Commerce Bancshares's dividend payout ratio is presently 26.63%.

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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