Clark & Stuart Inc purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 85,336 shares of the financial services provider's stock, valued at approximately $5,317,000. Commerce Bancshares comprises about 3.9% of Clark & Stuart Inc's portfolio, making the stock its 10th largest position. Clark & Stuart Inc owned approximately 0.07% of Commerce Bancshares at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in CBSH. Los Angeles Capital Management LLC lifted its holdings in Commerce Bancshares by 7,407.2% in the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider's stock valued at $21,556,000 after acquiring an additional 358,066 shares during the period. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 19.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider's stock valued at $115,453,000 after purchasing an additional 342,793 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Commerce Bancshares by 168.3% in the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider's stock worth $19,081,000 after buying an additional 214,582 shares in the last quarter. Geode Capital Management LLC lifted its stake in Commerce Bancshares by 7.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider's stock worth $142,951,000 after purchasing an additional 163,782 shares in the last quarter. Finally, NFJ Investment Group LLC grew its holdings in Commerce Bancshares by 17.7% in the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider's stock valued at $42,006,000 after buying an additional 106,316 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.
Insiders Place Their Bets
In other news, EVP Kevin G. Barth sold 1,582 shares of the company's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $67.54, for a total transaction of $106,848.28. Following the sale, the executive vice president now owns 65,409 shares in the company, valued at $4,417,723.86. This represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman David W. Kemper sold 30,000 shares of the firm's 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 of the company's stock, valued at approximately $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,398 shares of company stock valued at $2,504,665. Insiders own 3.20% of the company's stock.
Analysts Set New Price Targets
CBSH has been the topic of a number of research analyst reports. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a "neutral" rating in a research note on Friday, October 18th. Wells Fargo & Company increased their target price on Commerce Bancshares from $62.00 to $67.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Morgan Stanley cut shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. StockNews.com downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Tuesday, December 31st. Finally, Raymond James downgraded shares of Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, Commerce Bancshares has an average rating of "Hold" and a consensus target price of $66.75.
View Our Latest Analysis on Commerce Bancshares
Commerce Bancshares Price Performance
NASDAQ:CBSH traded up $0.59 during trading hours on Monday, reaching $61.74. The company's stock had a trading volume of 589,719 shares, compared to its average volume of 497,288. Commerce Bancshares, Inc. has a one year low of $47.09 and a one year high of $72.75. The business's 50-day moving average is $67.48 and its 200-day moving average is $63.17. The company has a market cap of $7.92 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 2.92 and a beta of 0.79.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly 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 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 analyst estimates of $412.85 million. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.95 EPS for the current fiscal year.
Commerce Bancshares Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were given a $0.27 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.75%. Commerce Bancshares's payout ratio is 28.13%.
Commerce Bancshares Company Profile
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Free Report)
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.
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