Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Purchased by MTM Investment Management LLC

MTM Investment Management LLC grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 6.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,966 shares of the financial services provider's stock after purchasing an additional 3,886 shares during the period. Commerce Bancshares comprises approximately 1.6% of MTM Investment Management LLC's holdings, making the stock its 13th largest holding. MTM Investment Management LLC's holdings in Commerce Bancshares were worth $4,162,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in Commerce Bancshares in the first quarter worth about $1,855,000. Integrated Wealth Concepts LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $842,000. GAMMA Investing LLC lifted its position in shares of Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock worth $117,000 after purchasing an additional 739 shares during the period. Vanguard Group Inc. boosted its stake in shares of Commerce Bancshares by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after purchasing an additional 642,401 shares in the last quarter. Finally, Novem Group boosted its stake in shares of Commerce Bancshares by 35.3% during the first quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after purchasing an additional 4,344 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

CBSH traded up $0.96 on Thursday, hitting $64.27. The company had a trading volume of 2,236,754 shares, compared to its average volume of 624,272. The stock has a fifty day moving average price of $63.34 and a 200-day moving average price of $62.85. Commerce Bancshares, Inc. has a 12-month low of $52.69 and a 12-month high of $72.75. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 2.81 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.12. The business had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company earned $1.02 earnings per share. Analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.71%. The ex-dividend date was Friday, June 6th. Commerce Bancshares's dividend payout ratio is presently 26.63%.

Analyst Ratings Changes

A number of research firms have recently issued reports on CBSH. Bank of America increased their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Morgan Stanley increased their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Keefe, Bruyette & Woods cut their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Wells Fargo & Company lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $66.80.

Insiders Place Their Bets

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the completion of the sale, the director owned 3,175 shares of the company's stock, valued at approximately $192,786. This trade represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.10% of the company's stock.

Commerce Bancshares Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.