Ieq Capital LLC Buys New Shares in Commerce Bancshares, Inc. $CBSH

Key Points

• Ieq Capital LLC initiated a position in Commerce Bancshares during the second quarter, purchasing 124,253 shares valued at approximately $7.2 million. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares exceeded quarterly expectations, reporting $1.10 in EPS versus the $1.04 consensus estimate and revenue of $498.91 million. The company also declared a quarterly dividend of $0.275 per share, equivalent to a 1.9% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $63.29, while company insiders have sold 32,484 shares worth approximately $1.94 million over the past 90 days.

Ieq Capital LLC purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 124,253 shares of the financial services provider's stock, valued at approximately $7,176,000. Ieq Capital LLC owned about 0.09% of Commerce Bancshares as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Apriem Advisors boosted its stake 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 worth $210,000 after acquiring an additional 191 shares in the last quarter. Heartland Bank & Trust Co grew its holdings in shares of Commerce Bancshares by 4.4% in the 4th 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 during the last quarter. Outlook Wealth Advisors LLC raised its position 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 purchasing an additional 214 shares during the period. Centerpoint Advisory Group lifted its holdings in shares of 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. lifted its holdings in shares of 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 own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $58.38 on Monday. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 2.08 and a beta of 0.59. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92. 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 business has a fifty day simple moving average of $58.30 and a 200 day simple moving average of $53.84.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $492.22 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors 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 payout ratio is presently 26.63%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CBSH shares. Keefe, Bruyette & Woods boosted their price objective on 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 issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Weiss Ratings raised shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Wells Fargo & Company set a $63.00 price objective on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Finally, Morgan Stanley reissued a "positive" rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $63.29.

Insider Transactions at Commerce Bancshares

In related news, VP David L. Orf sold 642 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $60.35, for a total transaction of $38,744.70. Following the transaction, the vice president owned 24,962 shares of the company's stock, valued at approximately $1,506,456.70. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $60.20, for a total transaction of $301,000.00. Following the completion of the sale, the executive vice president owned 55,962 shares of the company's stock, valued at $3,368,912.40. This trade represents a 8.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,484 shares of company stock valued at $1,936,055 in the last ninety days. 1.80% of the stock is currently owned by insiders.

About Commerce Bancshares

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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