Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 56,337 shares of the financial services provider's stock, valued at approximately $3,253,000.
Several other hedge funds have also recently added to or reduced their stakes in CBSH. Bank of Nova Scotia acquired a new stake in Commerce Bancshares during the 2nd quarter worth $424,000. Commerce Bank purchased a new stake in shares of Commerce Bancshares during the second quarter worth $316,010,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $93,000. Evolve Private Wealth LLC acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $689,000. Finally, Madison Wealth Partners Inc purchased a new position in shares of Commerce Bancshares in the second quarter worth about $253,000. 70.26% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Commerce Bancshares
In other news, CFO Charles G. Kim sold 19,771 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer owned 119,410 shares in the company, valued at $7,066,683.80. This trade represents a 14.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John W. Kemper sold 5,830 shares of Commerce Bancshares stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the sale, the chief executive officer directly owned 206,528 shares in the company, valued at approximately $12,511,466.24. The trade was a 2.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 32,484 shares of company stock worth $1,936,055. Insiders own 1.80% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on CBSH. Piper Sandler reaffirmed a "neutral" rating and set a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Wells Fargo & Company set a $63.00 target price on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Stephens set a $64.00 target price on Commerce Bancshares and gave the stock an "equal weight" rating in a report on Friday, July 17th. Weiss Ratings upgraded Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Finally, TD Cowen reaffirmed a "hold" rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $63.29.
Get Our Latest Report on CBSH
Commerce Bancshares Trading Down 0.0%
Shares of CBSH stock opened at $58.04 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $60.92. The company's 50-day moving average price is $58.64 and its 200-day moving average price is $53.98. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 2.07 and a beta of 0.59.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data 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. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The firm had revenue of $498.91 million during the quarter, compared to analysts' expectations of $492.22 million. During the same period last year, the business earned $1.14 earnings per share. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current year.
Commerce Bancshares Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares's dividend payout ratio is 26.63%.
About Commerce Bancshares
(
Free Report)
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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