Martingale Asset Management L P Has $3.61 Million Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Martingale Asset Management L P grew its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 194.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 60,705 shares of the financial services provider's stock after purchasing an additional 40,098 shares during the period. Martingale Asset Management L P's holdings in Commerce Bancshares were worth $3,606,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares during the 3rd quarter worth $26,000. Allworth Financial LP raised its position in shares of Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock worth $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at about $39,000. GAMMA Investing LLC lifted its holdings in shares of 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 in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Commerce Bancshares by 48.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 287 shares during the period. 70.26% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Patricia R. Kellerhals sold 2,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the completion of the sale, the senior vice president now directly owns 23,381 shares in the company, valued at $1,454,999.63. This represents a 7.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP David L. Roller sold 890 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now directly owns 30,949 shares of the company's stock, valued at approximately $2,236,684.23. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,109 shares of company stock valued at $2,191,123 over the last quarter. 3.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on CBSH shares. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a "neutral" rating in a report on Friday, October 18th. Morgan Stanley lowered shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Finally, StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Commerce Bancshares presently has an average rating of "Hold" and an average price target of $61.79.

Commerce Bancshares Stock Down 0.2 %

CBSH traded down $0.13 during trading hours on Friday, hitting $73.75. 256,836 shares of the company's stock were exchanged, compared to its average volume of 535,950. The stock's 50-day moving average is $64.66 and its two-hundred day moving average is $60.91. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 3.99 and a beta of 0.73. Commerce Bancshares, Inc. has a 1-year low of $47.28 and a 1-year high of $76.39.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share 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 company had revenue of $421.38 million for the quarter, compared to the consensus estimate of $412.85 million. On average, equities research analysts anticipate that Commerce Bancshares, Inc. will post 4.02 EPS 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 issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares's dividend payout ratio (DPR) is currently 28.13%.

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.