Sei Investments Co. Acquires 3,391 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Sei Investments Co. raised its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 624,715 shares of the financial services provider’s stock after buying an additional 3,391 shares during the quarter. Sei Investments Co. owned about 0.48% of Commerce Bancshares worth $34,846,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Clarity Asset Management Inc. purchased a new position in Commerce Bancshares during the 4th quarter valued at $43,000. Bessemer Group Inc. lifted its holdings in Commerce Bancshares by 86.3% in the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after buying an additional 390 shares during the period. GAMMA Investing LLC grew 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 worth $48,000 after acquiring an additional 521 shares during the period. Eagle Bay Advisors LLC raised its position in shares of Commerce Bancshares by 2,864.7% in the 2nd quarter. Eagle Bay Advisors LLC now owns 1,008 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 974 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Commerce Bancshares in the 1st quarter valued at approximately $90,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CBSH shares. Jefferies Financial Group upped their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd. Finally, Morgan Stanley lifted their price target on shares of Commerce Bancshares from $58.00 to $66.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.00.

Insider Activity

In related news, Director Jonathan M. Kemper sold 19,626 shares of Commerce Bancshares stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $63.66, for a total value of $1,249,391.16. Following the completion of the sale, the director now directly owns 997,112 shares in the company, valued at approximately $63,476,149.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Commerce Bancshares news, Director Jonathan M. Kemper sold 19,626 shares of Commerce Bancshares stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $63.66, for a total value of $1,249,391.16. Following the completion of the sale, the director now owns 997,112 shares of the company’s stock, valued at approximately $63,476,149.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Robert S. Holmes sold 3,795 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $64.75, for a total transaction of $245,726.25. Following the sale, the executive vice president now owns 50,293 shares of the company’s stock, valued at $3,256,471.75. The disclosure for this sale can be found here. Insiders have sold a total of 49,612 shares of company stock valued at $3,184,609 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $61.84 on Tuesday. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 10.29 and a beta of 0.75. Commerce Bancshares, Inc. has a 1 year low of $40.91 and a 1 year high of $65.86. The firm’s 50-day moving average is $62.33 and its 200 day moving average is $57.11.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.17. The company had revenue of $414.90 million during the quarter, compared to the consensus estimate of $406.88 million. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 earnings per share. On average, equities analysts expect that Commerce Bancshares, Inc. will post 3.96 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, September 5th. Commerce Bancshares’s payout ratio is currently 30.08%.

About Commerce Bancshares

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.