Norges Bank Invests $86.33 Million in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Norges Bank acquired a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,385,446 shares of the financial services provider's stock, valued at approximately $86,327,000. Norges Bank owned about 1.08% of Commerce Bancshares as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC raised its position in shares of Commerce Bancshares by 15.4% during the 3rd quarter. FMR LLC now owns 110,423 shares of the financial services provider's stock valued at $6,559,000 after acquiring an additional 14,775 shares in the last quarter. Quantbot Technologies LP bought a new stake in Commerce Bancshares during the third quarter valued at $235,000. BNP Paribas Financial Markets increased its stake in Commerce Bancshares by 738.6% during the third quarter. BNP Paribas Financial Markets now owns 51,727 shares of the financial services provider's stock valued at $3,073,000 after purchasing an additional 45,559 shares during the last quarter. Townsquare Capital LLC raised its holdings in shares of Commerce Bancshares by 5.0% during the third quarter. Townsquare Capital LLC now owns 11,358 shares of the financial services provider's stock worth $675,000 after purchasing an additional 543 shares during the period. Finally, Glenmede Trust Co. NA boosted its holdings in shares of Commerce Bancshares by 2.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,523 shares of the financial services provider's stock valued at $684,000 after buying an additional 322 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Shares of CBSH traded up $0.43 during trading hours on Monday, reaching $55.85. 858,075 shares of the company's stock traded hands, compared to its average volume of 581,826. Commerce Bancshares, Inc. has a twelve month low of $48.49 and a twelve month high of $72.75. The business's fifty day simple moving average is $63.52 and its two-hundred day simple moving average is $64.33. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 2.13 and a beta of 0.71.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million for the quarter, compared to analysts' expectations of $417.48 million. During the same quarter last year, the company earned $0.84 EPS. Commerce Bancshares's quarterly revenue was up 7.3% on a year-over-year basis. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Friday, March 7th were issued a dividend of $0.275 per share. This is a boost from Commerce Bancshares's previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.10 annualized dividend and a yield of 1.97%. Commerce Bancshares's payout ratio is presently 27.43%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CBSH. StockNews.com cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Tuesday, April 1st. Piper Sandler boosted their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research report on Thursday, January 23rd. Wells Fargo & Company increased their target price on Commerce Bancshares from $67.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 29th. Raymond James downgraded shares of Commerce Bancshares from an "outperform" rating to a "market perform" rating in a report on Thursday, December 19th. Finally, Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and dropped their price objective for the stock from $66.00 to $58.00 in a report on Monday. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. Based on data from MarketBeat, Commerce Bancshares currently has an average rating of "Hold" and an average price target of $66.83.

Insiders Place Their Bets

In other news, CFO Charles G. Kim sold 13,493 shares of the business's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the sale, the chief financial officer now owns 86,246 shares of the company's stock, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP David L. Orf sold 1,036 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total value of $70,696.64. Following the transaction, the vice president now directly owns 22,175 shares of the company's stock, valued at $1,513,222. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,434 shares of company stock worth $5,248,272 over the last ninety days. Company insiders own 3.10% 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.