Pinebridge Investments L.P. Has $3.24 Million Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Pinebridge Investments L.P. boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 49.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,027 shares of the financial services provider's stock after acquiring an additional 17,295 shares during the period. Pinebridge Investments L.P.'s holdings in Commerce Bancshares were worth $3,242,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fayez Sarofim & Co acquired a new stake in Commerce Bancshares during the 4th quarter valued at $200,000. Stifel Financial Corp lifted its position in shares of Commerce Bancshares by 7.9% in the fourth quarter. Stifel Financial Corp now owns 133,210 shares of the financial services provider's stock valued at $8,302,000 after acquiring an additional 9,708 shares in the last quarter. State of Tennessee Department of Treasury boosted its stake in shares of Commerce Bancshares by 2.1% during the fourth quarter. State of Tennessee Department of Treasury now owns 50,118 shares of the financial services provider's stock valued at $3,123,000 after acquiring an additional 1,040 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Commerce Bancshares by 102.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,615 shares of the financial services provider's stock worth $911,000 after purchasing an additional 7,411 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at about $68,000. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH traded up $0.46 during trading hours on Thursday, hitting $61.20. 72,432 shares of the company's stock traded hands, compared to its average volume of 588,117. The company's fifty day simple moving average is $60.70 and its two-hundred day simple moving average is $64.22. The company has a market cap of $8.21 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71. 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 announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS 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. Stockholders of record on Friday, June 6th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Friday, June 6th. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.63%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and cut their price objective for the company from $66.00 to $58.00 in a research report on Monday, April 7th. Keefe, Bruyette & Woods reduced their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. StockNews.com cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Thursday, April 17th. Piper Sandler increased their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Finally, Wells Fargo & Company dropped their price target on shares of 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. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. Based on data from MarketBeat.com, Commerce Bancshares currently has an average rating of "Hold" and a consensus price target of $63.20.

Insider Activity

In other news, CFO Charles G. Kim sold 13,493 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares in the company, valued at $5,844,028.96. This represents a 13.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP David L. Orf sold 1,036 shares of Commerce Bancshares stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $70,696.64. Following the completion of the sale, the vice president now directly owns 22,175 shares of the company's stock, valued at approximately $1,513,222. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,842 shares of company stock worth $3,423,857 in the last three months. 3.10% of the stock is owned by insiders.

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.