Commerce Bank Acquires Shares of 5,472,030 Commerce Bancshares, Inc. $CBSH

Key Points

• Commerce Bank acquired 5.47 million shares of Commerce Bancshares in the second quarter, worth approximately $316 million. The position represents about 3.82% of CBSH and 1.4% of Commerce Bank’s total holdings.
• Commerce Bancshares reported quarterly EPS of $1.10, exceeding analysts’ $1.04 estimate, while revenue of $498.91 million also surpassed expectations. The company declared a quarterly dividend of $0.275, equivalent to a 1.9% yield.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a $63.29 price target. Meanwhile, company insiders sold 32,484 shares worth approximately $1.94 million over the past 90 days.

Commerce Bank bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,472,030 shares of the financial services provider's stock, valued at approximately $316,010,000. Commerce Bancshares makes up about 1.4% of Commerce Bank's holdings, making the stock its 11th biggest holding. Commerce Bank owned approximately 3.82% of Commerce Bancshares at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Apriem Advisors grew its holdings in shares of Commerce Bancshares by 5.0% during the 4th quarter. Apriem Advisors now owns 4,018 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 191 shares in the last quarter. Heartland Bank & Trust Co raised its holdings in shares of Commerce Bancshares by 4.4% during the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider's stock worth $240,000 after acquiring an additional 192 shares in the last quarter. Outlook Wealth Advisors LLC raised its holdings in shares of Commerce Bancshares by 3.7% during the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider's stock worth $311,000 after acquiring an additional 214 shares in the last quarter. Centerpoint Advisory Group boosted its position in Commerce Bancshares by 5.0% during the fourth quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 215 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 216 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $58.38 on Friday. Commerce Bancshares, Inc. has a fifty-two week low of $46.99 and a fifty-two week high of $60.92. The stock's 50-day moving average is $58.30 and its two-hundred day moving average is $53.84. The firm has a market cap of $8.37 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 2.08 and a beta of 0.59. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82.

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 (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the company posted $1.14 EPS. On average, analysts anticipate that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business 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 $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Commerce Bancshares's payout ratio is 26.63%.

Insider Activity

In other news, SVP Derrick Brooks sold 1,041 shares of the business's stock in a transaction on 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 sale, the senior vice president directly owned 13,117 shares in the company, valued at approximately $782,166.71. The trade was a 7.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles G. Kim sold 19,771 shares of the firm's stock in a transaction on 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 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 32,484 shares of company stock valued at $1,936,055. Insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CBSH. TD Cowen reaffirmed a "hold" rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Piper Sandler reiterated a "neutral" rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Wall Street Zen raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Stephens set a $64.00 price objective on Commerce Bancshares and gave the stock an "equal weight" rating in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods raised their price objective 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. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Commerce Bancshares presently has an average rating of "Hold" and an average price target of $63.29.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source