Rhumbline Advisers Boosts Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Rhumbline Advisers lifted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 357,339 shares of the financial services provider’s stock after buying an additional 16,513 shares during the period. Rhumbline Advisers owned approximately 0.28% of Commerce Bancshares worth $22,266,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Virtu Financial LLC purchased a new position in Commerce Bancshares during the 3rd quarter worth $566,000. Procyon Advisors LLC purchased a new position in Commerce Bancshares during the 4th quarter worth $200,000. Centiva Capital LP purchased a new position in Commerce Bancshares during the 3rd quarter worth $581,000. PFW Advisors LLC purchased a new position in Commerce Bancshares during the 4th quarter worth $1,336,000. Finally, Barclays PLC grew its position in Commerce Bancshares by 19.4% during the 3rd quarter. Barclays PLC now owns 106,934 shares of the financial services provider’s stock worth $6,353,000 after purchasing an additional 17,400 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CBSH. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Piper Sandler raised their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 29th. Finally, 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 research note on Wednesday, December 4th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $67.83.

Insiders Place Their Bets

In other Commerce Bancshares news, EVP Kevin G. Barth sold 24,870 shares of Commerce Bancshares stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the completion of the transaction, the executive vice president now owns 45,511 shares in the company, valued at approximately $3,006,456.66. The trade was a 35.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Charles G. Kim sold 13,493 shares of Commerce Bancshares stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $67.76, for a total transaction of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares of the company’s stock, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 86,054 shares of company stock worth $5,771,192. Insiders own 3.20% of the company’s stock.

Commerce Bancshares Stock Down 1.5 %

Shares of NASDAQ CBSH opened at $64.90 on Friday. Commerce Bancshares, Inc. has a 52 week low of $47.89 and a 52 week high of $72.75. The firm has a 50-day moving average price of $64.86 and a 200 day moving average price of $64.33. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 2.19 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. During the same quarter last year, the business earned $0.84 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts expect that Commerce Bancshares, Inc. will post 3.92 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be given 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 yield of 1.69%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s payout ratio is presently 26.93%.

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.