Vanguard Group Inc. Raises Stock Position in Commerce Bancshares, Inc. $CBSH

Vanguard Group Inc. lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,591,897 shares of the financial services provider’s stock after purchasing an additional 151,785 shares during the quarter. Vanguard Group Inc. owned about 10.19% of Commerce Bancshares worth $812,252,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in CBSH. Geneos Wealth Management Inc. increased its stake in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the period. Quent Capital LLC acquired a new position in shares of Commerce Bancshares in the third quarter worth $31,000. CoreFirst Bank & Trust purchased a new stake in shares of Commerce Bancshares during the second quarter worth $33,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Commerce Bancshares in the third quarter valued at $48,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Commerce Bancshares in the second quarter valued at $59,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Activity at Commerce Bancshares

In related news, SVP Derrick Brooks sold 1,044 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total transaction of $56,793.60. Following the transaction, the senior vice president owned 14,585 shares of the company’s stock, valued at $793,424. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John W. Kemper sold 23,397 shares of the firm’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $53.99, for a total value of $1,263,204.03. Following the completion of the sale, the chief executive officer directly owned 206,528 shares of the company’s stock, valued at approximately $11,150,446.72. This trade represents a 10.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,667 shares of company stock worth $1,493,323 over the last three months. 3.10% of the stock is currently owned by corporate insiders.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock opened at $54.03 on Monday. Commerce Bancshares, Inc. has a one year low of $48.69 and a one year high of $63.30. The company has a market cap of $7.15 billion, a P/E ratio of 12.89, a PEG ratio of 2.71 and a beta of 0.62. The firm has a fifty day moving average of $53.53 and a two-hundred day moving average of $54.19.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $449.36 million for the quarter, compared to analyst estimates of $442.47 million. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.51%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.01 earnings per share. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Friday, March 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 2.0%. The ex-dividend date of this dividend is Friday, March 6th. Commerce Bancshares’s dividend payout ratio is 26.25%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CBSH shares. Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the stock a “neutral” rating in a report on Monday, January 26th. TD Cowen cut their target price on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Finally, Zacks Research cut shares of Commerce Bancshares from a “hold” rating to a “strong sell” rating in a report on Thursday, January 8th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $61.75.

Commerce Bancshares Profile

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.