Edgestream Partners L.P. Boosts Stock Position in Commerce Bancshares, Inc. $CBSH

Edgestream Partners L.P. lifted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 49.1% in the first quarter, Holdings Channel.com reports. The fund owned 94,994 shares of the financial services provider’s stock after purchasing an additional 31,270 shares during the period. Edgestream Partners L.P.’s holdings in Commerce Bancshares were worth $4,674,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in CBSH. Daytona Street Capital LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter valued at $25,000. Danske Bank A S purchased a new stake in Commerce Bancshares during the 3rd quarter worth about $25,000. Geneos Wealth Management Inc. boosted its stake in Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the period. Root Financial Partners LLC grew its holdings in Commerce Bancshares by 104.9% during the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after buying an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Commerce Bancshares during the 4th quarter valued at about $34,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Down 0.3%

CBSH stock opened at $59.27 on Friday. The company’s 50 day moving average is $56.37 and its 200 day moving average is $53.23. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares, Inc. has a 1-year low of $46.99 and a 1-year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The business had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. During the same period in the previous year, the business posted $1.14 earnings per share. Sell-side analysts predict that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CBSH. Weiss Ratings raised shares of Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley reaffirmed a “positive” rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, TD Cowen reissued a “hold” rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $62.43.

Insider Activity at Commerce Bancshares

In other news, SVP Derrick Brooks sold 1,041 shares of Commerce Bancshares stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total transaction of $62,074.83. Following the completion of the sale, the senior vice president directly owned 13,117 shares of the company’s stock, valued at approximately $782,166.71. The trade was a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Charles G. Kim sold 19,771 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the completion of the transaction, the chief financial officer owned 119,410 shares of the company’s stock, valued at $7,066,683.80. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 31,842 shares of company stock worth $1,897,310. Corporate insiders own 1.80% of the company’s stock.

About Commerce Bancshares

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.