Proficio Capital Partners LLC Invests $2.05 Million in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Proficio Capital Partners LLC bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 32,900 shares of the financial services provider’s stock, valued at approximately $2,050,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Marshall Investment Management LLC acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth $35,000. True Wealth Design LLC purchased a new position in Commerce Bancshares in the 3rd quarter worth $47,000. V Square Quantitative Management LLC raised its stake in Commerce Bancshares by 84.0% in the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 361 shares during the last quarter. GAMMA Investing LLC lifted its position in Commerce Bancshares by 19.6% during the 4th quarter. GAMMA Investing LLC now owns 1,139 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 187 shares during the period. Finally, Blue Trust Inc. grew its stake in Commerce Bancshares by 35.3% during the 4th quarter. Blue Trust Inc. now owns 1,683 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 439 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 1,719 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $67.30, for a total value of $115,688.70. Following the completion of the sale, the senior vice president now directly owns 18,688 shares in the company, valued at $1,257,702.40. This represents a 8.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the completion of the sale, the chief financial officer now directly owns 86,246 shares of the company’s stock, valued at $5,844,028.96. This trade represents a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,434 shares of company stock valued at $5,248,272 over the last ninety days. Insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wells Fargo & Company lifted their target price on Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Keefe, Bruyette & Woods raised their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley lowered their price target on shares of Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating on the stock in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $68.17.

Commerce Bancshares Stock Performance

CBSH opened at $62.34 on Thursday. The company has a fifty day moving average of $64.45 and a two-hundred day moving average of $64.45. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 2.13 and a beta of 0.78. Commerce Bancshares, Inc. has a fifty-two week low of $47.96 and a fifty-two week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $422.10 million for the quarter, compared to the consensus estimate of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Commerce Bancshares’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.84 earnings per share. On average, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.76%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio is presently 27.43%.

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.