26,015 Shares in Commerce Bancshares, Inc. (NASDAQ:CBSH) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought 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 13F filing with the Securities and Exchange Commission. The fund bought 26,015 shares of the financial services provider's stock, valued at approximately $1,621,000.

A number of other hedge funds have also recently modified their holdings of CBSH. Marshall Investment Management LLC purchased a new position in Commerce Bancshares during the 4th quarter valued at about $35,000. True Wealth Design LLC bought a new position in shares of Commerce Bancshares during the third quarter valued at approximately $47,000. V Square Quantitative Management LLC lifted its holdings in shares of Commerce Bancshares by 84.0% during the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 361 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Commerce Bancshares by 19.6% in the 4th quarter. GAMMA Investing LLC now owns 1,139 shares of the financial services provider's stock worth $71,000 after purchasing an additional 187 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Commerce Bancshares by 35.3% in the 4th quarter. Blue Trust Inc. now owns 1,683 shares of the financial services provider's stock worth $100,000 after buying an additional 439 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Insider Activity

In other Commerce Bancshares news, CFO Charles G. Kim sold 13,493 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares of the company's stock, valued at approximately $5,844,028.96. This represents a 13.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David L. Orf sold 1,036 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the completion of the transaction, the vice president now directly owns 22,175 shares in the company, valued at $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. Insiders have sold 78,434 shares of company stock valued at $5,248,272 in the last ninety days. 3.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler lifted their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Raymond James cut shares of Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 19th. StockNews.com lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $68.17.

Commerce Bancshares Price Performance

NASDAQ CBSH traded up $0.15 during trading hours on Wednesday, hitting $62.30. The company's stock had a trading volume of 783,591 shares, compared to its average volume of 578,804. Commerce Bancshares, Inc. has a 12 month low of $48.49 and a 12 month high of $72.75. The company's 50 day simple moving average is $64.12 and its two-hundred day simple moving average is $64.46. The company has a market cap of $8.35 billion, a P/E ratio of 15.54, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced 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 during 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 revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 earnings per share. As a group, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Commerce Bancshares's previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a yield of 1.77%. Commerce Bancshares's payout ratio is currently 27.43%.

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.