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

Voloridge Investment Management LLC boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 35.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 390,949 shares of the financial services provider's stock after buying an additional 103,335 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.30% of Commerce Bancshares worth $24,360,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CBSH. Kapitalo Investimentos Ltda purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $26,000. CoreFirst Bank & Trust bought a new position in shares of Commerce Bancshares during the fourth quarter valued at approximately $33,000. Marshall Investment Management LLC purchased a new stake in Commerce Bancshares in the fourth quarter worth $35,000. V Square Quantitative Management LLC boosted its holdings in Commerce Bancshares by 84.0% in the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 361 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in Commerce Bancshares by 46.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 268 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Shares of CBSH traded up $0.59 during mid-day trading on Tuesday, reaching $63.35. The company had a trading volume of 84,713 shares, compared to its average volume of 592,413. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 2.13 and a beta of 0.60. The firm has a 50-day moving average price of $61.22 and a 200 day moving average price of $64.34. Commerce Bancshares, Inc. has a 52 week low of $49.97 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. As a group, research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, June 6th. Commerce Bancshares's payout ratio is 26.63%.

Insider Activity at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the transaction, the director now directly owns 3,175 shares of the company's stock, valued at approximately $192,786. This represents a 33.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and dropped their price target for the company from $66.00 to $58.00 in a research report on Monday, April 7th. Piper Sandler upped their price target on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday, April 17th. Wells Fargo & Company lowered their price objective on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Finally, Wall Street Zen cut 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 issued a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $63.20.

About Commerce Bancshares

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.