Ontario Teachers Pension Plan Board Purchases New Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Ontario Teachers Pension Plan Board bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,534 shares of the financial services provider's stock, valued at approximately $507,000.

Several other large investors have also recently added to or reduced their stakes in CBSH. Strategy Asset Managers LLC lifted its position in Commerce Bancshares by 24.3% during the third quarter. Strategy Asset Managers LLC now owns 5,486 shares of the financial services provider's stock valued at $326,000 after buying an additional 1,073 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Commerce Bancshares by 5.4% during the 3rd quarter. Pathstone Holdings LLC now owns 29,020 shares of the financial services provider's stock valued at $1,724,000 after acquiring an additional 1,492 shares in the last quarter. Lindenwold Advisors INC boosted its position in Commerce Bancshares by 3.0% during the 3rd quarter. Lindenwold Advisors INC now owns 10,760 shares of the financial services provider's stock worth $639,000 after purchasing an additional 309 shares during the period. Quest Partners LLC acquired a new stake in Commerce Bancshares in the 3rd quarter valued at $1,540,000. Finally, Huntington National Bank raised its position in Commerce Bancshares by 752.4% in the third quarter. Huntington National Bank now owns 1,756 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 1,550 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH traded up $1.89 during midday trading on Friday, reaching $73.70. 588,155 shares of the company traded hands, compared to its average volume of 532,300. The stock has a 50-day moving average price of $63.28 and a 200 day moving average price of $60.18. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 3.87 and a beta of 0.73. Commerce Bancshares, Inc. has a 52 week low of $47.19 and a 52 week high of $73.82.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The firm had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. As a group, analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares's dividend payout ratio (DPR) is currently 28.13%.

Insider Activity

In related news, SVP Patricia R. Kellerhals sold 2,000 shares of Commerce Bancshares stock in a transaction on Monday, September 16th. The shares were 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 owns 23,381 shares of the company's stock, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP David L. Roller sold 890 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now directly owns 30,949 shares of the company's stock, valued at $2,236,684.23. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,109 shares of company stock worth $2,191,123 over the last quarter. Corporate insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CBSH. Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the company a "neutral" rating in a research report on Friday, October 18th. Morgan Stanley cut shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their price target for the company 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 report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $61.79.

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.