Mattern Capital Management LLC Raises Stake in Commerce Bancshares, Inc. $CBSH

Key Points

• Mattern Capital Management LLC raised its stake in Commerce Bancshares by 14.4% to 161,306 shares (about $8.44M); institutional investors now own roughly 70.26% of the company, with several large funds (AQR, Tudor, Millennium, Two Sigma) substantially increasing positions.
• Commerce Bancshares reported quarterly EPS of $0.96, beating estimates by $0.02 while revenue was up 11.1% year-over-year but slightly below expectations; the stock has a market cap of $7.43B and a P/E of 12.12, and pays a $1.10 annualized dividend (≈2.2% yield).
• Insider activity included a director buying 2,500 shares while insiders sold about 29,477 shares in the last 90 days, and analysts are mostly at "Hold" (8 Holds, 1 Buy) with an average target of $59.16.

Mattern Capital Management LLC raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 14.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 161,306 shares of the financial services provider's stock after acquiring an additional 20,277 shares during the quarter. Mattern Capital Management LLC owned approximately 0.12% of Commerce Bancshares worth $8,443,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CBSH. AQR Capital Management LLC lifted its stake in Commerce Bancshares by 82.1% in the third quarter. AQR Capital Management LLC now owns 1,245,068 shares of the financial services provider's stock worth $74,368,000 after acquiring an additional 561,331 shares during the last quarter. Tudor Investment Corp ET AL lifted its stake in Commerce Bancshares by 5,922.5% in the third quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider's stock worth $29,991,000 after acquiring an additional 493,526 shares during the last quarter. Millennium Management LLC lifted its stake in Commerce Bancshares by 56.7% in the third quarter. Millennium Management LLC now owns 1,313,453 shares of the financial services provider's stock worth $78,492,000 after acquiring an additional 475,331 shares during the last quarter. Boston Trust Walden Corp lifted its position in shares of Commerce Bancshares by 28.3% during the 3rd quarter. Boston Trust Walden Corp now owns 1,903,362 shares of the financial services provider's stock worth $113,745,000 after buying an additional 420,053 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Commerce Bancshares by 1,621.8% during the 3rd quarter. Two Sigma Investments LP now owns 345,988 shares of the financial services provider's stock worth $20,676,000 after buying an additional 325,893 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $50.56 on Friday. The stock has a market capitalization of $7.43 billion, a P/E ratio of 12.12, a P/E/G ratio of 3.73 and a beta of 0.60. The company's fifty day moving average is $50.33 and its two-hundred day moving average is $51.82. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $63.19.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02. The company had revenue of $475.69 million for the quarter, compared to analysts' expectations of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. Commerce Bancshares's revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Sell-side analysts predict that Commerce Bancshares, Inc. will post 4.05 EPS for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, March 6th. Commerce Bancshares's payout ratio is currently 26.38%.

Insider Buying and Selling

In other news, Director Timothy S. Dunn acquired 2,500 shares of the company's stock in a transaction on Friday, March 13th. The shares were bought at an average cost of $47.71 per share, with a total value of $119,275.00. Following the purchase, the director owned 5,403 shares of the company's stock, valued at $257,777.13. This represents a 86.12% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Derrick Brooks sold 1,044 shares of the company's stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total transaction of $56,793.60. Following the transaction, the senior vice president directly owned 14,585 shares in the company, valued at approximately $793,424. This trade represents a 6.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,477 shares of company stock worth $1,586,655 in the last ninety days. Insiders own 1.80% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on CBSH shares. TD Cowen restated a "hold" rating and set a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday. Zacks Research upgraded shares of Commerce Bancshares from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Hovde Group reduced their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday. Piper Sandler restated a "neutral" rating and set a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday. Finally, Wells Fargo & Company reduced their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an "equal weight" rating for the company in a research report on Monday, March 30th. One investment analyst has rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $59.16.

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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