Novem Group Raises Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Novem Group boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 35.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,663 shares of the financial services provider's stock after buying an additional 4,344 shares during the quarter. Novem Group's holdings in Commerce Bancshares were worth $1,037,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock worth $824,080,000 after buying an additional 642,401 shares in the last quarter. Aristotle Capital Management LLC raised its holdings in shares of Commerce Bancshares by 4.3% in the 4th 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 in the last quarter. American Century Companies Inc. raised its holdings in shares of Commerce Bancshares by 25.5% in the 4th 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 in the last quarter. Geode Capital Management LLC raised its holdings in shares of Commerce Bancshares by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after purchasing an additional 87,723 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Commerce Bancshares by 11.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after purchasing an additional 227,052 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director directly owned 3,175 shares of the company's stock, valued at approximately $192,786. This trade represents a 33.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.10% of the company's stock.

Commerce Bancshares Stock Up 0.9%

Shares of NASDAQ CBSH traded up $0.55 during mid-day trading on Friday, reaching $64.53. The company had a trading volume of 364,125 shares, compared to its average volume of 613,568. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a 50 day simple moving average of $62.81 and a two-hundred day simple moving average of $62.74. The stock has a market cap of $8.61 billion, a P/E ratio of 15.62, a PEG ratio of 2.85 and a beta of 0.59. Commerce Bancshares, Inc. has a 52-week low of $52.57 and a 52-week high of $72.75.

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

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Friday, June 6th. Commerce Bancshares's payout ratio is currently 26.63%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CBSH shares. Piper Sandler raised their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a report on Thursday, April 17th. Wells Fargo & Company reduced their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Morgan Stanley raised 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. Bank of America raised 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. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, Commerce Bancshares currently has an average rating of "Hold" and a consensus price target of $65.60.

Commerce Bancshares Company 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.