Handelsbanken Fonder AB Raises Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Handelsbanken Fonder AB lifted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 15.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,258 shares of the financial services provider's stock after buying an additional 4,630 shares during the quarter. Handelsbanken Fonder AB's holdings in Commerce Bancshares were worth $2,135,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Commerce Bancshares by 7.3% during the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider's stock valued at $142,951,000 after purchasing an additional 163,782 shares in the last quarter. Boston Trust Walden Corp raised its stake in Commerce Bancshares by 17.6% during the fourth quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider's stock valued at $91,524,000 after purchasing an additional 219,826 shares in the last quarter. NFJ Investment Group LLC raised its stake in Commerce Bancshares by 17.7% during the third quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider's stock valued at $42,006,000 after purchasing an additional 106,316 shares in the last quarter. Mutual Advisors LLC raised its stake in Commerce Bancshares by 4.8% during the fourth quarter. Mutual Advisors LLC now owns 474,189 shares of the financial services provider's stock valued at $30,244,000 after purchasing an additional 21,922 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Commerce Bancshares by 7,407.2% during 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 purchasing an additional 358,066 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

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Commerce Bancshares Trading Up 1.5 %

Shares of NASDAQ CBSH traded up $0.94 during mid-day trading on Friday, reaching $65.03. The company had a trading volume of 755,846 shares, compared to its average volume of 521,719. The business's 50-day moving average is $64.74 and its 200-day moving average is $64.50. The stock has a market cap of $8.71 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 2.13 and a beta of 0.80. Commerce Bancshares, Inc. has a 52 week low of $47.89 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to analysts' expectations of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 earnings per share. As a group, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be issued a $0.275 dividend. The ex-dividend date is Friday, March 7th. This is a boost from Commerce Bancshares's previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.69%. Commerce Bancshares's dividend payout ratio is presently 27.43%.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 13,493 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the transaction, the chief financial officer now directly owns 86,246 shares in the company, valued at $5,844,028.96. This represents a 13.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David L. Orf sold 1,036 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,054 shares of company stock worth $5,771,192. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.