Algert Global LLC Takes Position in Commerce Bancshares, Inc. $CBSH

Algert Global LLC bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 56,060 shares of the financial services provider’s stock, valued at approximately $3,237,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after acquiring an additional 1,098,142 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth approximately $755,669,000. State Street Corp lifted its position in shares of Commerce Bancshares by 8.4% in the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock valued at $383,071,000 after buying an additional 566,853 shares during the last quarter. Commerce Bank raised its position in shares of Commerce Bancshares by 7.0% in the fourth quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock valued at $296,287,000 after purchasing an additional 369,636 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after acquiring an additional 894,183 shares during the period. Institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Morgan Stanley reiterated a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Keefe, Bruyette & Woods boosted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Piper Sandler reiterated a “neutral” rating and set a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Wells Fargo & Company set a $63.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Finally, Wall Street Zen raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $63.29.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $58.04 on Friday. The firm has a market cap of $8.32 billion, a PE ratio of 14.05, a P/E/G ratio of 2.07 and a beta of 0.59. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $60.92. The business has a 50-day moving average price of $58.64 and a 200 day moving average price of $53.98. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The firm had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. During the same period last year, the business earned $1.14 earnings per share. Sell-side analysts predict that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Friday, September 4th will be paid a $0.275 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.63%.

Insider Activity

In other Commerce Bancshares news, CEO John W. Kemper sold 5,830 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total transaction of $353,181.40. Following the transaction, the chief executive officer owned 206,528 shares of the company’s stock, valued at $12,511,466.24. This represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the transaction, the chief financial officer owned 119,410 shares in the company, valued at $7,066,683.80. This trade represents a 14.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 32,484 shares of company stock worth $1,936,055. 1.80% of the stock is owned by corporate insiders.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.