Los Angeles Capital Management LLC Increases Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Los Angeles Capital Management LLC increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 7,407.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 362,900 shares of the financial services provider's stock after buying an additional 358,066 shares during the quarter. Los Angeles Capital Management LLC owned 0.28% of Commerce Bancshares worth $21,556,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. V Square Quantitative Management LLC bought a new position in Commerce Bancshares in the third quarter valued at about $26,000. Allworth Financial LP grew its position in shares of Commerce Bancshares by 51.1% in the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock valued at $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 valued at about $39,000. Bessemer Group Inc. raised its position in shares of Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider's stock worth $45,000 after acquiring an additional 390 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Commerce Bancshares by 156.5% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 521 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Morgan Stanley downgraded shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the stock a "neutral" rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on Commerce Bancshares from $52.00 to $62.00 and gave the company an "equal weight" rating in a research report on Monday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Commerce Bancshares has an average rating of "Hold" and an average target price of $61.79.

Insider Activity at Commerce Bancshares

In other news, EVP John K. Handy sold 1,331 shares of the firm's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the completion of the transaction, the executive vice president now directly owns 41,548 shares of the company's stock, valued at $2,650,762.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP John K. Handy sold 1,331 shares of the business's stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total transaction of $84,917.80. Following the completion of the transaction, the executive vice president now directly owns 41,548 shares in the company, valued at $2,650,762.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $71,170,189.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,331 shares of company stock worth $2,062,778. Company insiders own 3.20% of the company's stock.

Commerce Bancshares Price Performance

Shares of CBSH stock traded up $2.49 during trading hours on Monday, reaching $71.94. The company had a trading volume of 561,470 shares, compared to its average volume of 534,754. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 3.76 and a beta of 0.73. The business has a fifty day simple moving average of $61.71 and a 200-day simple moving average of $59.33. Commerce Bancshares, Inc. has a 12 month low of $42.48 and a 12 month high of $72.74.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted 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 net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million for the quarter, compared to analysts' expectations of $412.85 million. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company 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 dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.50%. Commerce Bancshares's payout ratio is 28.13%.

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.