Edgestream Partners L.P. Boosts Stake in Commerce Bancshares, Inc. $CBSH

Key Points

• Edgestream Partners increased its Commerce Bancshares stake by 49.1% in the first quarter, owning 94,994 shares valued at approximately $4.67 million. Institutional investors collectively hold 70.26% of the company.
• Analysts maintain a generally neutral outlook, with three Buy ratings and six Holds. The stock has an average rating of Hold and a consensus price target of $62.43.
• Commerce Bancshares exceeded quarterly expectations, reporting $1.10 in EPS versus the $1.04 consensus and revenue of $498.91 million versus estimates of $492.22 million. Meanwhile, company insiders sold 31,842 shares worth about $1.90 million during the quarter.

Edgestream Partners L.P. grew its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 49.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,994 shares of the financial services provider's stock after buying an additional 31,270 shares during the quarter. Edgestream Partners L.P. owned 0.07% of Commerce Bancshares worth $4,674,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Daytona Street Capital LLC bought a new position in shares of Commerce Bancshares in the fourth quarter valued at approximately $25,000. Danske Bank A S purchased a new stake in shares of Commerce Bancshares during the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. lifted its holdings 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 worth $29,000 after acquiring an additional 216 shares during the period. Root Financial Partners LLC lifted its holdings in Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock worth $31,000 after acquiring an additional 319 shares during the period. Finally, Laurel Wealth Advisors LLC purchased a new position in Commerce Bancshares in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CBSH. Wall Street Zen upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday. Wells Fargo & Company lifted their target price on Commerce Bancshares from $53.00 to $57.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods boosted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. TD Cowen restated a "hold" rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Finally, Piper Sandler restated a "neutral" rating and set a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three 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 presently has an average rating of "Hold" and a consensus price target of $62.43.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction dated 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. This trade represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Derrick Brooks sold 1,041 shares of Commerce Bancshares stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $59.63, for a total transaction of $62,074.83. Following the completion of the transaction, the senior vice president owned 13,117 shares of the company's stock, valued at $782,166.71. The trade was a 7.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 31,842 shares of company stock worth $1,897,310. Insiders own 1.80% of the company's stock.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $59.27 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. The stock has a fifty day simple moving average of $56.37 and a two-hundred day simple moving average of $53.23. Commerce Bancshares, Inc. has a 1-year low of $46.99 and a 1-year high of $60.92. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. During the same period in the previous year, the company posted $1.14 earnings per share. Analysts anticipate that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current year.

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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