Aigen Investment Management LP Takes Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Aigen Investment Management LP purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 10,747 shares of the financial services provider's stock, valued at approximately $638,000.

Several other hedge funds also recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. lifted its position in Commerce Bancshares by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider's stock valued at $1,724,000 after acquiring an additional 154 shares in the last quarter. Sound Stewardship LLC grew its holdings in Commerce Bancshares by 3.9% during the third quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider's stock worth $258,000 after buying an additional 163 shares in the last quarter. Allworth Financial LP boosted its holdings 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 acquiring an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC grew its stake in shares of Commerce Bancshares by 3.6% in the 3rd quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider's stock worth $374,000 after acquiring an additional 217 shares in the last quarter. Finally, Marshall Financial Group LLC raised its holdings in shares of Commerce Bancshares by 1.2% in the third quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider's stock valued at $1,084,000 after purchasing an additional 223 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Down 0.5 %

Shares of NASDAQ CBSH traded down $0.37 during trading hours on Thursday, reaching $71.60. 287,442 shares of the stock traded hands, compared to its average volume of 533,067. The company's 50-day simple moving average is $62.05 and its two-hundred day simple moving average is $59.54. The company has a market capitalization of $9.18 billion, a P/E ratio of 18.74, a price-to-earnings-growth ratio of 3.90 and a beta of 0.73. Commerce Bancshares, Inc. has a 52-week low of $46.38 and a 52-week high of $73.31.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million for the quarter, compared to analysts' expectations of $412.85 million. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.51%. Commerce Bancshares's dividend payout ratio (DPR) is presently 28.13%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CBSH shares. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an "equal weight" rating in a research report on Monday, July 22nd. Morgan Stanley lowered Commerce Bancshares from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $66.00 to $64.00 in a report on Monday, September 30th. StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Finally, Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a "neutral" rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $61.79.

Insider Buying and Selling

In other news, Chairman David W. Kemper sold 30,000 shares of the firm's 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 completion of the sale, the chairman now directly owns 1,151,994 shares of the company's stock, valued at approximately $71,170,189.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Chairman David W. Kemper sold 30,000 shares of the company's stock in a transaction that occurred on 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 sale, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Douglas D. Neff sold 888 shares of the business's stock in a transaction on Tuesday, November 12th. The stock was 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 directly owns 8,038 shares in the company, valued at $579,539.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,219 shares of company stock valued at $2,126,803 over the last quarter. 3.20% of the stock is owned by company insiders.

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.