Edgestream Partners L.P. Boosts Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Edgestream Partners L.P. lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 962.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 93,200 shares of the financial services provider’s stock after purchasing an additional 84,431 shares during the quarter. Edgestream Partners L.P.’s holdings in Commerce Bancshares were worth $5,536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in shares of Commerce Bancshares in the third quarter valued at $26,000. Allworth Financial LP lifted its position in Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after buying an additional 192 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Commerce Bancshares in the third quarter worth $39,000. GAMMA Investing LLC lifted its position in Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after buying an additional 521 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Commerce Bancshares by 48.2% in the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after buying an additional 287 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Down 0.2 %

NASDAQ:CBSH opened at $73.75 on Friday. Commerce Bancshares, Inc. has a twelve month low of $47.28 and a twelve month high of $76.39. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 19.21, a price-to-earnings-growth ratio of 3.98 and a beta of 0.73. The stock has a fifty day simple moving average of $64.66 and a 200-day simple moving average of $60.91.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 4.02 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be issued a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.46%. Commerce Bancshares’s payout ratio is currently 28.13%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $61.79.

Insider Activity at Commerce Bancshares

In related news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the sale, the chairman now directly owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Douglas D. Neff sold 888 shares of Commerce Bancshares stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the completion of the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $579,539.80. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,109 shares of company stock worth $2,191,123 over the last three months. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares Company 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.