Jacobs Asset Management LLC Takes $3.08 Million Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Jacobs Asset Management initiated a new position in Commerce Bancshares, buying 62,500 shares worth about $3.08 million in the first quarter. The stake represents 1.8% of the firm’s holdings and is its 21st-largest position.
• Commerce Bancshares recently reported better-than-expected quarterly earnings, with EPS of $1.10 versus the $1.04 consensus and revenue of $498.91 million topping estimates. Analysts now expect the company to earn 4.22 per share for the full year.
• Wall Street sentiment is mixed: the stock currently has an average Hold rating and a consensus price target of $62.43. Meanwhile, shares were trading near $59.09, close to the 52-week high of $60.76.

Jacobs Asset Management LLC bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 62,500 shares of the financial services provider's stock, valued at approximately $3,075,000. Commerce Bancshares makes up 1.8% of Jacobs Asset Management LLC's holdings, making the stock its 21st biggest position.

A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Commerce Bancshares in the 4th quarter valued at about $85,282,000. Champlain Investment Partners LLC acquired a new position in shares of Commerce Bancshares in the 4th quarter worth approximately $58,830,000. Vanguard Group Inc. raised its holdings in shares of Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock worth $768,877,000 after purchasing an additional 1,098,142 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Commerce Bancshares by 1,433.7% in the 4th quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider's stock worth $59,965,000 after purchasing an additional 1,070,980 shares in the last quarter. Finally, 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 worth $193,999,000 after purchasing an additional 894,183 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Price Performance

CBSH stock opened at $59.09 on Friday. Commerce Bancshares, Inc. has a one year low of $46.99 and a one year high of $60.76. The firm has a 50-day moving average of $55.62 and a two-hundred day moving average of $53.03. The firm has a market capitalization of $8.61 billion, a PE ratio of 14.31, a P/E/G ratio of 2.12 and a beta of 0.58. 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 (NASDAQ:CBSH - Get Free Report) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share 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 business had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. During the same period last year, the firm posted $1.14 earnings per share. On average, analysts forecast that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current year.

Wall Street Analyst Weigh In

CBSH has been the subject of a number of research reports. Weiss Ratings upgraded shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday. 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. Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Monday, July 20th. Stephens set a $64.00 price objective on Commerce Bancshares and gave the stock an "equal weight" rating in a research note on Friday, July 17th. Finally, Keefe, Bruyette & Woods raised their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and six have issued 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.

Commerce Bancshares Company 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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