OLD National Bancorp IN Takes $213,000 Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

OLD National Bancorp IN purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,420 shares of the financial services provider’s stock, valued at approximately $213,000.

Other hedge funds also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Commerce Bancshares in the 3rd quarter worth $26,000. Allworth Financial LP grew its stake in shares of Commerce Bancshares by 51.1% in 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 bought a new position in shares of Commerce Bancshares during the third quarter valued at $39,000. True Wealth Design LLC purchased a new position in Commerce Bancshares in the third quarter worth about $47,000. Finally, Farther Finance Advisors LLC lifted its position in Commerce Bancshares by 48.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

CBSH has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, January 29th. Piper Sandler raised their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and an average price target of $67.83.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $66.80 on Monday. The firm has a market capitalization of $8.57 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79. Commerce Bancshares, Inc. has a 12-month low of $47.09 and a 12-month high of $72.75. The firm has a 50-day moving average price of $66.01 and a 200-day moving average price of $64.05.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.9 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.65%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio is currently 26.93%.

Insider Buying and Selling

In other Commerce Bancshares news, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now directly owns 30,949 shares in the company, valued at $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin G. Barth sold 24,870 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.06, for a total value of $1,642,912.20. Following the transaction, the executive vice president now owns 45,511 shares in the company, valued at approximately $3,006,456.66. This trade represents a 35.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,990 shares of company stock valued at $2,475,680 over the last three months. 3.20% of the stock is owned by company 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.