Fox Run Management L.L.C. Takes $506,000 Position in Commerce Bancshares, Inc. $CBSH

Fox Run Management L.L.C. purchased a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, Holdings Channel.com reports. The fund purchased 8,145 shares of the financial services provider’s stock, valued at approximately $506,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. lifted its position in shares of Commerce Bancshares by 136.0% during the 1st quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider’s stock worth $52,799,000 after buying an additional 488,960 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Commerce Bancshares during the first quarter valued at approximately $21,995,000. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 2.0% during the first quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider’s stock worth $839,716,000 after acquiring an additional 268,250 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in Commerce Bancshares by 104.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider’s stock worth $20,114,000 after purchasing an additional 165,000 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Commerce Bancshares by 4.4% in the first quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider’s stock worth $238,721,000 after purchasing an additional 161,082 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CBSH shares. Wall Street Zen lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Cowen restated a “hold” rating on shares of Commerce Bancshares in a research report on Tuesday, October 21st. Wells Fargo & Company lowered their price objective on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a research note on Friday, October 17th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $65.29.

Commerce Bancshares Trading Up 0.5%

CBSH opened at $54.32 on Wednesday. Commerce Bancshares, Inc. has a 12 month low of $51.64 and a 12 month high of $72.75. The company has a market cap of $7.25 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. The company has a 50 day moving average of $57.04 and a 200 day moving average of $60.68.

Shares of Commerce Bancshares are set to split on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.03). The company had revenue of $440.97 million for the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be paid a $0.275 dividend. The ex-dividend date is Tuesday, December 2nd. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.25%.

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.