ProShare Advisors LLC Acquires 80,997 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• ProShare Advisors LLC increased its stake in Commerce Bancshares by 14.3% in the fourth quarter, buying 80,997 additional shares and bringing its total holdings to 648,010 shares worth about $33.9 million.
• The company reported better-than-expected quarterly earnings of $0.96 per share, beating estimates by $0.02, while revenue rose 11.1% year over year to $475.69 million.
• Commerce Bancshares declared a quarterly dividend of $0.275 per share, payable June 23, for an annualized yield of about 2.1%; meanwhile, analysts currently rate the stock a consensus Hold with a $59.30 average price target.

ProShare Advisors LLC boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 14.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 648,010 shares of the financial services provider's stock after purchasing an additional 80,997 shares during the quarter. ProShare Advisors LLC owned about 0.49% of Commerce Bancshares worth $33,917,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CBSH. Danske Bank A S purchased a new stake in Commerce Bancshares during the 3rd quarter valued at approximately $25,000. Geneos Wealth Management Inc. raised its position in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 216 shares during the last quarter. Daytona Street Capital LLC purchased a new position in shares of Commerce Bancshares in the fourth quarter worth $25,000. Rothschild Investment LLC boosted its position in shares of Commerce Bancshares by 3,820.0% during the third quarter. Rothschild Investment LLC now owns 588 shares of the financial services provider's stock worth $35,000 after acquiring an additional 573 shares during the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in shares of Commerce Bancshares during the fourth quarter worth $34,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Commerce Bancshares news, SVP Margaret M. Rowe sold 861 shares of Commerce Bancshares stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $51.69, for a total transaction of $44,505.09. Following the completion of the transaction, the senior vice president directly owned 5,742 shares of the company's stock, valued at $296,803.98. The trade was a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kim L. Jakovich sold 949 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $51.45, for a total transaction of $48,826.05. Following the transaction, the senior vice president owned 12,741 shares in the company, valued at $655,524.45. This trade represents a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.80% of the company's stock.

Commerce Bancshares Trading Up 0.9%

Shares of NASDAQ CBSH opened at $52.27 on Thursday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The firm's 50-day moving average price is $50.12 and its 200-day moving average price is $51.72. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 3.52 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company had revenue of $475.69 million during the quarter, compared to analyst estimates of $481.94 million. During the same quarter last year, the business posted $0.98 earnings per share. The firm's revenue was up 11.1% on a year-over-year basis. On average, equities analysts predict that Commerce Bancshares, Inc. will post 4.12 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 2.1%. Commerce Bancshares's payout ratio is currently 26.38%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CBSH. Morgan Stanley reduced their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, March 2nd. TD Cowen reissued a "hold" rating and set a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $56.00 to $57.00 and gave the stock a "market perform" rating in a report on Wednesday, May 13th. Hovde Group decreased their target price on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 22nd. Finally, Piper Sandler reissued a "neutral" rating and set a $58.50 price target (up from $56.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $59.30.

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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