Man Group plc Buys New Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Man Group plc acquired 87,804 shares of Commerce Bancshares in the second quarter, valued at approximately $5.1 million. Institutional investors collectively own 70.26% of CBSH.
• Commerce Bancshares exceeded quarterly expectations, reporting $1.10 earnings per share versus the $1.04 consensus estimate and revenue of $498.91 million versus expectations of $492.22 million.
• The company declared a quarterly dividend of $0.275, representing an annualized payout of $1.10 and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $63.29, while company insiders sold more than $1.9 million in stock over the last quarter.

Man Group plc purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 87,804 shares of the financial services provider's stock, valued at approximately $5,071,000. Man Group plc owned approximately 0.06% of Commerce Bancshares as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CBSH. Jupiter Topco LLC bought a new position in Commerce Bancshares in the 2nd quarter worth $3,566,000. Hsbc Holdings PLC purchased a new position in shares of Commerce Bancshares during the second quarter valued at about $271,000. Legal & General Group Plc purchased a new position in shares of Commerce Bancshares during the second quarter valued at about $10,770,000. The Manufacturers Life Insurance Company bought a new position in Commerce Bancshares in the second quarter worth about $5,677,000. Finally, Algert Global LLC bought a new position in Commerce Bancshares in the second quarter worth about $3,237,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $58.04 on Monday. Commerce Bancshares, Inc. has a one year low of $46.99 and a one year high of $60.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The company's 50-day simple moving average is $58.64 and its 200 day simple moving average is $53.97. The firm has a market capitalization of $8.32 billion, a P/E ratio of 14.05, a PEG ratio of 2.06 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $492.22 million. During the same quarter in the prior year, the company earned $1.14 earnings per share. As a group, analysts forecast that Commerce Bancshares, Inc. will post 4.25 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business 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 is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares's dividend payout ratio is presently 26.63%.

Analysts Set New Price Targets

Several research firms have weighed in on CBSH. Stephens set a $64.00 price objective on Commerce Bancshares and gave the company an "equal weight" rating in a research report on Friday, July 17th. Weiss Ratings raised Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Wells Fargo & Company set a $63.00 price target on Commerce Bancshares and gave the company an "equal weight" rating in a research report on Monday, August 10th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Commerce Bancshares presently has an average rating of "Hold" and a consensus price target of $63.29.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 19,771 shares of Commerce Bancshares stock in a transaction on Monday, July 27th. The stock was sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the completion of the transaction, the chief financial officer owned 119,410 shares in the company, valued at approximately $7,066,683.80. The trade was a 14.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David L. Orf sold 642 shares of the stock in a transaction on Friday, August 14th. The stock was 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 in the company, valued at approximately $1,506,456.70. This represents a 2.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,484 shares of company stock worth $1,936,055 over the last quarter. 1.80% of the stock is currently owned by company insiders.

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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