Healthcare of Ontario Pension Plan Trust Fund Takes $1.44 Million Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Healthcare of Ontario Pension Plan Trust Fund bought 29,200 shares of Commerce Bancshares, valued at approximately $1.44 million. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares beat quarterly expectations, reporting $1.10 in EPS versus the $1.04 consensus estimate and revenue of $498.91 million versus $492.22 million expected.
• Analysts maintain a generally neutral view, with three Buy ratings and six Hold ratings; the consensus price target is $62.43, compared with the stock’s recent price of $59.27. Meanwhile, insiders sold roughly $1.90 million in shares over the past three months.

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,200 shares of the financial services provider's stock, valued at approximately $1,437,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CBSH. Vanguard Group Inc. boosted its stake in Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after buying an additional 1,098,142 shares during the period. State Street Corp increased its stake in Commerce Bancshares by 8.4% in the 4th quarter. State Street Corp now owns 7,318,898 shares of the financial services provider's stock worth $383,071,000 after acquiring an additional 566,853 shares during the last quarter. Commerce Bank raised its holdings in shares of Commerce Bancshares by 7.0% in the 4th quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider's stock valued at $296,287,000 after acquiring an additional 369,636 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Commerce Bancshares by 29.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider's stock valued at $193,999,000 after acquiring an additional 894,183 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Commerce Bancshares by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock valued at $147,097,000 after acquiring an additional 174,863 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Trading Down 0.3%

Shares of CBSH stock opened at $59.27 on Friday. The business has a 50-day moving average price of $56.37 and a two-hundred day moving average price of $53.23. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $60.92. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The firm has a market cap of $8.64 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 2.12 and a beta of 0.58.

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

Insider Transactions at Commerce Bancshares

In other news, SVP Derrick Brooks sold 1,041 shares of the business's stock in a transaction that occurred 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Charles G. Kim sold 19,771 shares of the company'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 sale, the chief financial officer directly owned 119,410 shares of the company's stock, valued at $7,066,683.80. This trade represents a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,842 shares of company stock worth $1,897,310 in the last three months. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler reissued 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. Keefe, Bruyette & Woods raised their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. TD Cowen reiterated a "hold" rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Hovde Group cut their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $62.43.

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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