Chicago Equity Partners LLC raised its stake in Commerce Bancshares (NASDAQ:CBSH) by 190.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,743 shares of the financial services provider’s stock after acquiring an additional 7,700 shares during the period. Chicago Equity Partners LLC’s holdings in Commerce Bancshares were worth $704,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Wetherby Asset Management Inc. bought a new stake in Commerce Bancshares in the first quarter valued at $201,000. Swiss National Bank grew its position in Commerce Bancshares by 2.4% in the first quarter. Swiss National Bank now owns 167,330 shares of the financial services provider’s stock valued at $10,025,000 after acquiring an additional 3,900 shares during the period. Victory Capital Management Inc. grew its position in Commerce Bancshares by 43.1% in the first quarter. Victory Capital Management Inc. now owns 57,478 shares of the financial services provider’s stock valued at $3,444,000 after acquiring an additional 17,307 shares during the period. Stephens Inc. AR grew its position in Commerce Bancshares by 10.3% in the first quarter. Stephens Inc. AR now owns 59,532 shares of the financial services provider’s stock valued at $3,567,000 after acquiring an additional 5,543 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Commerce Bancshares by 24.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,359 shares of the financial services provider’s stock valued at $381,000 after acquiring an additional 1,266 shares during the period. Hedge funds and other institutional investors own 62.67% of the company’s stock.
Shares of CBSH stock opened at $64.59 on Friday. The firm has a market cap of $6.95 billion, a PE ratio of 23.32, a price-to-earnings-growth ratio of 1.96 and a beta of 0.69. Commerce Bancshares has a 52 week low of $51.90 and a 52 week high of $65.77.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 25th. Stockholders of record on Friday, June 8th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Thursday, June 7th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.94%.
In other news, SVP Michael J. Petrie sold 617 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $58.95, for a total transaction of $36,372.15. Following the transaction, the senior vice president now owns 10,427 shares of the company’s stock, valued at $614,671.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles G. Kim sold 2,135 shares of the company’s stock in a transaction on Wednesday, April 18th. The shares were sold at an average price of $62.96, for a total value of $134,419.60. Following the transaction, the chief financial officer now directly owns 69,740 shares in the company, valued at approximately $4,390,830.40. The disclosure for this sale can be found here. Insiders have sold 51,536 shares of company stock worth $3,175,008 in the last ninety days. 4.00% of the stock is currently owned by insiders.
A number of analysts have weighed in on CBSH shares. ValuEngine upgraded Commerce Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, March 23rd. BidaskClub upgraded Commerce Bancshares from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 9th. Bank of America cut Commerce Bancshares from a “neutral” rating to an “underperform” rating and set a $64.00 price target on the stock. in a research report on Tuesday, May 15th. They noted that the move was a valuation call. Keefe, Bruyette & Woods upgraded Commerce Bancshares from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $54.00 to $60.00 in a report on Tuesday, February 27th. Finally, Barclays decreased their target price on Commerce Bancshares from $63.00 to $58.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 11th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Commerce Bancshares has an average rating of “Hold” and a consensus price target of $60.70.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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