Quest Partners LLC Invests $1.54 Million in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Quest Partners LLC purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,923 shares of the financial services provider's stock, valued at approximately $1,540,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in CBSH. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares in the third quarter valued at approximately $26,000. Allworth Financial LP lifted its holdings 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 valued at $34,000 after buying an additional 192 shares during the period. Capital Performance Advisors LLP purchased a new position in Commerce Bancshares during the third quarter worth $39,000. Bessemer Group Inc. lifted its stake in shares of Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider's stock worth $45,000 after purchasing an additional 390 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider's stock valued at $48,000 after buying an additional 521 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Insiders Place Their Bets

In other news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction that occurred on 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 in the company, valued at $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the company's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the completion of the transaction, the senior vice president now owns 23,381 shares in the company, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,219 shares of company stock valued at $2,126,803 in the last three months. 3.10% of the stock is currently owned by corporate insiders.

Commerce Bancshares Price Performance

NASDAQ CBSH traded down $0.63 during trading on Wednesday, hitting $70.97. The company's stock had a trading volume of 439,391 shares, compared to its average volume of 532,869. Commerce Bancshares, Inc. has a fifty-two week low of $46.72 and a fifty-two week high of $73.31. The company has a market cap of $9.10 billion, a PE ratio of 18.57, a P/E/G ratio of 3.89 and a beta of 0.73. The business's 50 day simple moving average is $62.86 and its 200-day simple moving average is $60.02.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $412.85 million. Analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares's dividend payout ratio is presently 28.13%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Morgan Stanley lowered shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a "neutral" rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $61.79.

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.