Legal & General Group Plc Makes New Investment in Commerce Bancshares, Inc. $CBSH

Key Points

• Legal & General Group Plc acquired 186,494 shares of Commerce Bancshares, worth approximately $10.77 million, during the second quarter. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares exceeded quarterly earnings expectations, reporting $1.10 EPS versus the $1.04 consensus and revenue of $498.91 million. The company declared a quarterly dividend of $0.275 per share, representing a 1.9% yield.
• Analysts maintain a generally cautious outlook, with an average “Hold” rating and a consensus price target of $63.29, while company insiders have sold 33,150 shares worth nearly $1.97 million over the past 90 days.

Legal & General Group Plc bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 186,494 shares of the financial services provider's stock, valued at approximately $10,770,000. Legal & General Group Plc owned 0.13% of Commerce Bancshares as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CBSH. BlackRock Inc. acquired a new stake in Commerce Bancshares during the second quarter valued at $755,669,000. Commerce Bank acquired a new position in Commerce Bancshares in the 2nd quarter worth about $316,010,000. Norges Bank purchased a new stake in shares of Commerce Bancshares during the 4th quarter worth about $85,282,000. Champlain Investment Partners LLC acquired a new stake in shares of Commerce Bancshares during the 4th quarter valued at about $58,830,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Commerce Bancshares by 1,433.7% during the 4th quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider's stock valued at $59,965,000 after buying an additional 1,070,980 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Down 0.6%

Commerce Bancshares stock opened at $57.71 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. Commerce Bancshares, Inc. has a fifty-two week low of $46.99 and a fifty-two week high of $60.92. The firm has a fifty day moving average price of $58.69 and a two-hundred day moving average price of $53.99. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 2.06 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping 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 business 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. As a group, analysts forecast that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Insiders Place Their Bets

In other Commerce Bancshares news, VP David L. Orf sold 642 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $60.35, for a total value of $38,744.70. Following the completion of the sale, the vice president directly owned 24,962 shares of the company's stock, valued at $1,506,456.70. This represents a 2.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert S. Holmes sold 5,000 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was 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 in the company, valued at $3,368,912.40. This represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,150 shares of company stock valued at $1,974,783 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on CBSH. Stephens set a $64.00 price target on Commerce Bancshares and gave the company an "equal weight" rating in a research note on Friday, July 17th. TD Cowen reiterated a "hold" rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Piper Sandler reissued a "neutral" rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Weiss Ratings upgraded shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. Finally, Wall Street Zen raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $63.29.

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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