Commerce Bancshares, Inc. $CBSH Stock Position Raised by Boston Trust Walden Corp

Key Points

• Boston Trust Walden Corp increased its stake in Commerce Bancshares by 9.5% to 2,084,628 shares (about 1.57% ownership), a holding valued at roughly $109.1 million, while institutional investors own about 70.26% of CBSH.
• Analysts are largely cautious with a consensus "Hold" rating and a price target of $60.47, following several firms trimming targets into the mid-$50s.
• Commerce beat Q1 EPS estimates with $0.96 (vs. $0.94) and saw revenue rise 11.1% year-over-year despite missing consensus, and it pays a quarterly dividend of $0.275 (≈2.2% yield).

Boston Trust Walden Corp lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 9.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,084,628 shares of the financial services provider's stock after acquiring an additional 181,266 shares during the quarter. Commerce Bancshares makes up about 0.8% of Boston Trust Walden Corp's holdings, making the stock its 20th biggest holding. Boston Trust Walden Corp owned 1.57% of Commerce Bancshares worth $109,109,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CBSH. Geneos Wealth Management Inc. lifted its position in shares of Commerce Bancshares by 85.4% in 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 in the last quarter. Invesco Ltd. lifted its position in shares of Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock valued at $53,780,000 after acquiring an additional 16,610 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Commerce Bancshares by 3.0% in the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider's stock valued at $631,000 after acquiring an additional 300 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Commerce Bancshares in the 2nd quarter valued at approximately $376,000. Finally, California Public Employees Retirement System lifted its position in shares of Commerce Bancshares by 4.8% in the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock valued at $12,941,000 after acquiring an additional 9,483 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CBSH shares. Piper Sandler set a $62.00 price target on shares of Commerce Bancshares and gave the company a "neutral" rating in a research report on Monday, January 26th. Zacks Research upgraded shares of Commerce Bancshares from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. TD Cowen cut their target price on shares of Commerce Bancshares from $61.00 to $55.00 and set a "hold" rating for the company in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods cut their target price on shares of Commerce Bancshares from $56.00 to $54.00 and set a "market perform" rating for the company in a research report on Thursday, April 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Commerce Bancshares in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $60.47.

Commerce Bancshares Stock Down 1.6%

CBSH stock opened at $50.59 on Wednesday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 3.70 and a beta of 0.60. The company has a 50 day moving average of $50.52 and a two-hundred day moving average of $51.87.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The company had revenue of $475.69 million during the quarter, compared to the consensus estimate of $481.94 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The company's revenue was up 11.1% compared to the same quarter last year. On average, research analysts anticipate that Commerce Bancshares, Inc. will post 4.07 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Stockholders of record on Friday, March 6th were issued a dividend of $0.275 per share. The ex-dividend date was Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.2%. Commerce Bancshares's dividend payout ratio (DPR) is currently 26.25%.

Insider Buying and Selling at Commerce Bancshares

In other news, SVP Kim L. Jakovich sold 949 shares of the firm's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $51.45, for a total transaction of $48,826.05. Following the transaction, the senior vice president owned 12,741 shares in the company, valued at approximately $655,524.45. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David L. Roller sold 2,092 shares of the firm's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $53.32, for a total transaction of $111,545.44. Following the transaction, the senior vice president owned 28,933 shares in the company, valued at $1,542,707.56. This represents a 6.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,477 shares of company stock worth $1,586,655 in the last ninety days. Company insiders own 1.80% of the company's stock.

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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