Zacks Investment Management Invests $6.09 Million in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Zacks Investment Management bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 102,474 shares of the financial services provider's stock, valued at approximately $6,087,000. Zacks Investment Management owned 0.08% of Commerce Bancshares at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC acquired a new position in shares of Commerce Bancshares in the 3rd quarter valued at about $26,000. Allworth Financial LP boosted its position in 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 purchasing an additional 192 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares during the 3rd quarter worth approximately $39,000. True Wealth Design LLC acquired a new stake in shares of Commerce Bancshares during the 3rd quarter worth approximately $47,000. Finally, GAMMA Investing LLC lifted its stake in shares of Commerce Bancshares by 156.5% in the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 521 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CBSH shares. Wells Fargo & Company increased their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the stock a "neutral" rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods increased their price objective on Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a research note on Wednesday. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Finally, Morgan Stanley cut shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Commerce Bancshares currently has a consensus rating of "Hold" and an average price target of $65.07.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH traded up $0.01 during midday trading on Friday, reaching $68.75. 422,926 shares of the company's stock were exchanged, compared to its average volume of 468,777. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 3.74 and a beta of 0.77. The firm's 50 day simple moving average is $65.59 and its two-hundred day simple moving average is $61.39. Commerce Bancshares, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.98 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares's dividend payout ratio (DPR) is 28.13%.

Insider Buying and Selling

In related news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the sale, the chairman now directly owns 1,151,994 shares of the company's stock, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David L. Roller sold 890 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,816 shares of company stock valued at $2,108,821. Corporate insiders own 3.20% of the company's stock.

About Commerce Bancshares

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.