Commerce Bancshares, Inc. $CBSH Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,611,608 shares of the financial services provider’s stock after buying an additional 73,965 shares during the period. JPMorgan Chase & Co.’s holdings in Commerce Bancshares were worth $96,310,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Commerce Bancshares in the second quarter valued at approximately $89,282,000. Boston Trust Walden Corp increased its position in shares of Commerce Bancshares by 28.3% during the third quarter. Boston Trust Walden Corp now owns 1,903,362 shares of the financial services provider’s stock worth $113,745,000 after purchasing an additional 420,053 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in Commerce Bancshares by 172.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 405,531 shares of the financial services provider’s stock valued at $25,212,000 after purchasing an additional 256,650 shares during the last quarter. Midwest Trust Co purchased a new position in Commerce Bancshares in the 2nd quarter valued at $10,667,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Commerce Bancshares in the 2nd quarter valued at $10,331,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Derrick Brooks sold 1,044 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total transaction of $56,793.60. Following the completion of the sale, the senior vice president directly owned 14,585 shares of the company’s stock, valued at approximately $793,424. This trade represents a 6.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP David L. Roller sold 1,134 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $54.48, for a total transaction of $61,780.32. Following the completion of the sale, the senior vice president owned 30,535 shares in the company, valued at approximately $1,663,546.80. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,667 shares of company stock valued at $1,493,323 over the last quarter. 3.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Commerce Bancshares Trading Down 3.3%

Commerce Bancshares stock opened at $52.24 on Tuesday. The company has a 50-day moving average price of $53.50 and a 200 day moving average price of $54.15. Commerce Bancshares, Inc. has a 12-month low of $48.69 and a 12-month high of $63.30. The stock has a market cap of $6.92 billion, a P/E ratio of 12.47, a PEG ratio of 2.71 and a beta of 0.62.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $449.36 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 EPS. As a group, analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 2.1%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.25%.

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.