Commerce Bancshares, Inc. $CBSH Shares Acquired by Geode Capital Management LLC

Key Points

• Geode Capital Management boosted its stake in Commerce Bancshares by 6.7% in the fourth quarter, holding 2.78 million shares worth about $147.1 million and representing roughly 2.1% of the company.
• Commerce Bancshares reported better-than-expected quarterly EPS of $0.96, though revenue of $475.69 million came in slightly below estimates. The company also said quarterly revenue rose 11.1% year over year.
• The bank declared a quarterly dividend of $0.275 per share, implying an annualized yield of 2.1%, while Wall Street’s view remains cautious with an average Hold rating and $59.30 price target.

Geode Capital Management LLC increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,780,678 shares of the financial services provider's stock after acquiring an additional 174,863 shares during the period. Geode Capital Management LLC owned approximately 2.10% of Commerce Bancshares worth $147,097,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CBSH. Heartland Bank & Trust Co increased its holdings in Commerce Bancshares by 4.4% in the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider's stock valued at $240,000 after buying an additional 192 shares during the last quarter. Profund Advisors LLC increased its holdings in Commerce Bancshares by 4.4% in the third quarter. Profund Advisors LLC now owns 4,682 shares of the financial services provider's stock valued at $280,000 after buying an additional 197 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in Commerce Bancshares by 2.7% in the third quarter. Crossmark Global Holdings Inc. now owns 8,265 shares of the financial services provider's stock valued at $494,000 after buying an additional 215 shares during the last quarter. Elser Financial Planning Inc increased its holdings in Commerce Bancshares by 5.0% in the fourth quarter. Elser Financial Planning Inc now owns 4,531 shares of the financial services provider's stock valued at $237,000 after buying an additional 215 shares during the last quarter. Finally, Centerpoint Advisory Group increased its holdings in Commerce Bancshares by 5.0% in the fourth quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider's stock valued at $237,000 after buying an additional 215 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $52.45 on Friday. The stock's 50-day moving average is $51.03 and its two-hundred day moving average is $51.80. The firm has a market cap of $7.65 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 3.49 and a beta of 0.60. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $63.19.

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

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be paid a $0.275 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 2.1%. Commerce Bancshares's payout ratio is currently 26.38%.

Insiders Place Their Bets

In other news, Director Timothy S. Dunn acquired 2,500 shares of Commerce Bancshares stock in a transaction on Friday, March 13th. The stock was bought at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the purchase, the director owned 5,403 shares in the company, valued at $257,777.13. This represents a 86.12% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CBSH. Wells Fargo & Company decreased their target price on 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 raised Commerce Bancshares from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. TD Cowen reaffirmed a "hold" rating and issued a $54.00 price target (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Commerce Bancshares in a report on Friday, March 27th. Finally, Hovde Group lowered their price target on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and an average target price of $59.30.

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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