Commerce Bancshares, Inc. $CBSH Shares Sold by Los Angeles Capital Management LLC

Key Points

• Los Angeles Capital Management sharply cut its Commerce Bancshares stake by 79% in the fourth quarter, selling 329,393 shares and leaving it with 87,512 shares worth about $4.58 million.
• Commerce Bancshares posted better-than-expected quarterly EPS of $0.96, though revenue of $475.69 million came in below analyst estimates. The company also reported year-over-year revenue growth of 11.1% and maintained a net margin of 26.37%.
• The bank declared a quarterly dividend of $0.275 per share, equal to a 2.1% annualized yield, while analysts overall remain cautious with a consensus rating of Hold and an average price target of $59.30.

Los Angeles Capital Management LLC lowered its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 79.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,512 shares of the financial services provider's stock after selling 329,393 shares during the period. Los Angeles Capital Management LLC owned approximately 0.07% of Commerce Bancshares worth $4,578,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CBSH. Tudor Investment Corp ET AL boosted its stake in Commerce Bancshares by 5,922.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider's stock valued at $29,991,000 after acquiring an additional 493,526 shares during the last quarter. Vanguard Group Inc. boosted its stake in Commerce Bancshares by 8.1% during the 4th 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 during the last quarter. American Century Companies Inc. boosted its stake in Commerce Bancshares by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider's stock valued at $237,420,000 after acquiring an additional 202,758 shares during the last quarter. Mattern Capital Management LLC lifted its position in shares of Commerce Bancshares by 14.4% in the 4th quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider's stock worth $8,443,000 after buying an additional 20,277 shares during the last quarter. Finally, Mutual Advisors LLC lifted its position in shares of Commerce Bancshares by 5.1% in the 4th quarter. Mutual Advisors LLC now owns 492,663 shares of the financial services provider's stock worth $25,786,000 after buying an additional 23,874 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Shares of CBSH opened at $53.41 on Tuesday. The firm's 50 day moving average is $51.21 and its 200-day moving average is $51.85. The stock has a market capitalization of $7.79 billion, a P/E ratio of 12.81, a P/E/G ratio of 3.60 and a beta of 0.60. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19.

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

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th. Commerce Bancshares's dividend payout ratio (DPR) is currently 26.38%.

Insider Activity at Commerce Bancshares

In related news, Director Timothy S. Dunn purchased 2,500 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average cost of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the acquisition, the director owned 5,403 shares in the company, valued at $257,777.13. This trade represents a 86.12% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CBSH. Morgan Stanley reduced their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, March 2nd. Piper Sandler reaffirmed a "neutral" rating and issued a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $56.00 to $57.00 and gave the stock a "market perform" rating in a report on Wednesday, May 13th. Zacks Research raised shares of Commerce Bancshares from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Commerce Bancshares in a report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and a consensus target price of $59.30.

About Commerce Bancshares

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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