The Manufacturers Life Insurance Company Acquires New Shares in Commerce Bancshares, Inc. $CBSH

The Manufacturers Life Insurance Company bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 98,307 shares of the financial services provider’s stock, valued at approximately $5,677,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Commerce Bancshares at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Algert Global LLC bought a new stake in shares of Commerce Bancshares in the 2nd quarter valued at about $3,237,000. Sanctuary Advisors LLC bought a new position in shares of Commerce Bancshares during the second quarter valued at approximately $1,186,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Commerce Bancshares during the second quarter valued at approximately $3,253,000. Bank of Nova Scotia bought a new position in Commerce Bancshares in the second quarter worth approximately $424,000. Finally, Commerce Bank purchased a new stake in Commerce Bancshares during the second quarter worth $316,010,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $57.71 on Tuesday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $60.92. The business’s fifty day simple moving average is $58.69 and its 200-day simple moving average is $53.99. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $8.28 billion, a PE ratio of 13.97, a PEG ratio of 2.06 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. During the same period in the previous year, the business earned $1.14 EPS. Analysts expect that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio is 26.63%.

Insider Activity

In related news, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the transaction, the chief financial officer directly owned 119,410 shares of the company’s stock, valued at $7,066,683.80. This trade represents a 14.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John W. Kemper sold 5,830 shares of Commerce Bancshares stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total transaction of $353,181.40. Following the completion of the sale, the chief executive officer owned 206,528 shares of the company’s stock, valued at $12,511,466.24. This trade represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 33,150 shares of company stock valued at $1,974,783. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CBSH has been the topic of several recent research reports. Piper Sandler reaffirmed a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Wells Fargo & Company set a $63.00 price objective on Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Morgan Stanley reaffirmed a “positive” rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. TD Cowen reiterated a “hold” rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Finally, Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $63.29.

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.