Stonebridge Financial Group LLC Buys Shares of 69,311 Commerce Bancshares, Inc. (NASDAQ:CBSH)

Stonebridge Financial Group LLC acquired a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 69,311 shares of the financial services provider's stock, valued at approximately $4,319,000. Stonebridge Financial Group LLC owned about 0.05% of Commerce Bancshares as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CBSH. V Square Quantitative Management LLC acquired a new stake in shares of Commerce Bancshares during the third quarter worth $26,000. Allworth Financial LP boosted its stake 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 buying an additional 192 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares in the third quarter worth approximately $39,000. True Wealth Design LLC acquired a new stake in shares of Commerce Bancshares in the third quarter worth approximately $47,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Commerce Bancshares by 48.2% in the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock worth $52,000 after acquiring an additional 287 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Trading Down 1.1 %

Shares of CBSH traded down $0.70 during midday trading on Friday, reaching $65.74. 439,296 shares of the company were exchanged, compared to its average volume of 529,087. The stock has a 50-day moving average price of $65.05 and a 200-day moving average price of $64.26. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 2.27 and a beta of 0.80. Commerce Bancshares, Inc. has a 1-year low of $47.89 and a 1-year high of $72.75.

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Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.06. The company had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 earnings per share. Equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.9 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a yield of 1.67%. This is a positive change from Commerce Bancshares's previous quarterly dividend of $0.27. Commerce Bancshares's payout ratio is currently 26.93%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Commerce Bancshares news, CEO John W. Kemper sold 26,042 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total value of $1,752,105.76. Following the transaction, the chief executive officer now directly owns 211,929 shares of the company's stock, valued at $14,258,583.12. This represents a 10.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP David L. Roller sold 890 shares of the company'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 transaction, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $2,236,684.23. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,944 shares of company stock worth $5,835,512 in the last quarter. 3.20% of the stock is owned by corporate 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.