Sei Investments Co. Purchases 84,433 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Sei Investments Co. increased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 15.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 621,324 shares of the financial services provider’s stock after purchasing an additional 84,433 shares during the quarter. Sei Investments Co. owned approximately 0.48% of Commerce Bancshares worth $33,055,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CBSH. Walleye Trading LLC purchased a new stake in shares of Commerce Bancshares during the 3rd quarter worth $1,203,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Commerce Bancshares by 92.4% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 38,965 shares of the financial services provider’s stock worth $1,870,000 after purchasing an additional 18,709 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of Commerce Bancshares during the 4th quarter worth $55,000. Cornerstone Wealth Management LLC lifted its stake in shares of Commerce Bancshares by 5.0% during the 4th quarter. Cornerstone Wealth Management LLC now owns 15,130 shares of the financial services provider’s stock worth $808,000 after purchasing an additional 717 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV purchased a new stake in Commerce Bancshares in the fourth quarter valued at about $35,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO John W. Kemper sold 26,581 shares of Commerce Bancshares stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the transaction, the chief executive officer now owns 198,387 shares in the company, valued at $11,262,429.99. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.20% of the stock is currently owned by company insiders.

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded up $1.43 during midday trading on Monday, hitting $59.56. 474,231 shares of the company were exchanged, compared to its average volume of 478,193. The firm has a market capitalization of $7.72 billion, a PE ratio of 16.21 and a beta of 0.76. Commerce Bancshares, Inc. has a fifty-two week low of $40.91 and a fifty-two week high of $59.88. The business has a fifty day simple moving average of $55.24 and a two-hundred day simple moving average of $53.62.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. Commerce Bancshares’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. As a group, equities analysts expect that Commerce Bancshares, Inc. will post 3.6 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a yield of 1.81%. Commerce Bancshares’s payout ratio is 30.12%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target for the company in a research note on Wednesday, April 17th. Piper Sandler increased their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. Finally, Jefferies Financial Group increased their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and a consensus target price of $56.71.

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.