MTM Investment Management LLC Increases Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

MTM Investment Management LLC lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 6.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,966 shares of the financial services provider's stock after buying an additional 3,886 shares during the period. Commerce Bancshares makes up approximately 1.6% of MTM Investment Management LLC's investment portfolio, making the stock its 13th biggest holding. MTM Investment Management LLC's holdings in Commerce Bancshares were worth $4,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new position in Commerce Bancshares during the fourth quarter valued at $86,327,000. American Century Companies Inc. lifted its position in Commerce Bancshares by 25.5% during the fourth quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider's stock valued at $228,991,000 after purchasing an additional 745,661 shares during the period. Vanguard Group Inc. lifted its position in 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 during the period. Aristotle Capital Management LLC lifted its position in Commerce Bancshares by 4.3% during the fourth quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock valued at $533,777,000 after purchasing an additional 351,406 shares during the period. Finally, Northern Trust Corp lifted its position in Commerce Bancshares by 31.8% during the fourth quarter. Northern Trust Corp now owns 1,286,483 shares of the financial services provider's stock valued at $80,161,000 after purchasing an additional 310,443 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director owned 3,175 shares in the company, valued at $192,786. This represents a 33.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods cut their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Bank of America lifted their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $66.00.

Commerce Bancshares Price Performance

Shares of CBSH traded down $1.63 during mid-day trading on Tuesday, hitting $64.48. 155,193 shares of the company were exchanged, compared to its average volume of 613,644. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company has a 50 day moving average of $63.21 and a 200-day moving average of $62.81. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 2.89 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. The firm had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. Analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

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

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.