Element Capital Management LLC Invests $2.71 Million in Commerce Bancshares, Inc. $CBSH

Key Points

• Element Capital Management LLC has acquired a new position in Commerce Bancshares, purchasing 43,497 shares valued at approximately $2,707,000 during the first quarter.
• The stock has recently experienced several target price increases from analysts, with a consensus rating of "Hold" and a target price of $68.20.
• Commerce Bancshares declared a quarterly dividend of $0.275 per share, yielding about 1.8%, to be paid on September 23rd.

Element Capital Management LLC bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 43,497 shares of the financial services provider's stock, valued at approximately $2,707,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kapitalo Investimentos Ltda acquired a new stake in Commerce Bancshares during the fourth quarter worth about $26,000. IMA Advisory Services Inc. acquired a new stake in Commerce Bancshares during the first quarter worth about $29,000. Allworth Financial LP raised its stake in Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after acquiring an additional 231 shares during the period. Transce3nd LLC acquired a new stake in Commerce Bancshares during the fourth quarter worth about $68,000. Finally, GAMMA Investing LLC raised its stake in Commerce Bancshares by 64.9% during the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock worth $117,000 after acquiring an additional 739 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CBSH shares. Morgan Stanley increased their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Piper Sandler upped their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Bank of America upped their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Six research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Commerce Bancshares currently has a consensus rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Trading Up 0.1%

NASDAQ:CBSH traded up $0.04 during midday trading on Wednesday, hitting $61.97. 419,742 shares of the stock were exchanged, compared to its average volume of 661,494. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 14.75, a P/E/G ratio of 2.83 and a beta of 0.61. The business has a 50-day moving average price of $62.33 and a two-hundred day moving average price of $62.44.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The firm had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. During the same quarter in the previous year, the company earned $1.02 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. Sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. Commerce Bancshares's payout ratio is currently 26.19%.

About Commerce Bancshares

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.