Geode Capital Management LLC Raises Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Geode Capital Management LLC grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 7.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,396,740 shares of the financial services provider's stock after buying an additional 163,782 shares during the quarter. Geode Capital Management LLC owned 1.87% of Commerce Bancshares worth $142,951,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CBSH. Los Angeles Capital Management LLC increased its position in shares of 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 buying an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider's stock valued at $115,453,000 after buying an additional 342,793 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Commerce Bancshares by 7.4% in the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider's stock worth $195,776,000 after acquiring an additional 240,938 shares during the last quarter. Millennium Management LLC boosted 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 acquiring an additional 214,582 shares during the last quarter. Finally, NFJ Investment Group LLC boosted its stake in shares of Commerce Bancshares by 17.7% in the third quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider's stock worth $42,006,000 after acquiring an additional 106,316 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Down 1.6 %

NASDAQ CBSH traded down $1.10 on Tuesday, reaching $66.71. 611,273 shares of the company were exchanged, compared to its average volume of 553,512. The business's fifty day moving average price is $66.98 and its 200 day moving average price is $62.05. The stock has a market capitalization of $8.55 billion, a P/E ratio of 17.37, a price-to-earnings-growth ratio of 2.92 and a beta of 0.77. Commerce Bancshares, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Equities research analysts forecast that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares's dividend payout ratio (DPR) is presently 28.13%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CBSH shares. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a "neutral" rating in a research note on Friday, October 18th. Morgan Stanley lowered Commerce Bancshares from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $66.00 to $78.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company lifted their price target on Commerce Bancshares from $62.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $65.07.

Insider Activity

In other news, Chairman David W. Kemper sold 30,000 shares of the company's stock in a transaction 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 transaction, the chairman now owns 1,151,994 shares of the company's stock, valued at $71,170,189.32. This represents a 2.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Douglas D. Neff sold 888 shares of the company's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the completion of the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at approximately $579,539.80. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,816 shares of company stock valued at $2,330,126 in the last quarter. Insiders own 3.20% of the company's stock.

About Commerce Bancshares

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.