Mutual Advisors LLC Raises Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Mutual Advisors LLC increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 474,189 shares of the financial services provider’s stock after buying an additional 21,922 shares during the quarter. Commerce Bancshares accounts for about 0.9% of Mutual Advisors LLC’s portfolio, making the stock its 13th largest position. Mutual Advisors LLC owned approximately 0.37% of Commerce Bancshares worth $30,244,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CBSH. V Square Quantitative Management LLC purchased a new stake in shares of Commerce Bancshares during the third quarter valued at $26,000. Allworth Financial LP raised its position in Commerce Bancshares by 51.1% during the 3rd 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 purchased a new stake in shares of Commerce Bancshares in the 3rd quarter valued at $39,000. True Wealth Design LLC acquired a new stake in shares of Commerce Bancshares in the third quarter worth $47,000. Finally, Farther Finance Advisors LLC increased its stake in shares of 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 acquiring an additional 287 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $65.61 on Thursday. The company has a fifty day moving average of $66.78 and a two-hundred day moving average of $63.62. Commerce Bancshares, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $72.75. The stock has a market capitalization of $8.41 billion, a PE ratio of 17.09, a P/E/G ratio of 3.63 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The firm had revenue of $422.10 million during the quarter, compared to the consensus estimate of $417,482 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. Research analysts forecast that Commerce Bancshares, Inc. will post 3.91 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Finally, Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $66.75.

Insider Buying and Selling at Commerce Bancshares

In related news, SVP David L. Roller sold 890 shares of Commerce Bancshares stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $72.27, for a total transaction of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman David W. Kemper sold 4,500 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $69.22, for a total value of $311,490.00. Following the transaction, the chairman now directly owns 23,725 shares in the company, valued at $1,642,244.50. This trade represents a 15.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,398 shares of company stock worth $651,265. Corporate insiders own 3.20% of the company’s stock.

Commerce Bancshares 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.