First Trust Advisors LP Acquires 286,502 Shares of Commerce Bancshares, Inc. $CBSH

First Trust Advisors LP lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 20.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,711,478 shares of the financial services provider’s stock after purchasing an additional 286,502 shares during the period. First Trust Advisors LP owned 1.28% of Commerce Bancshares worth $102,278,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Edgestream Partners L.P. grew its position in shares of Commerce Bancshares by 28.8% during the 2nd quarter. Edgestream Partners L.P. now owns 178,420 shares of the financial services provider’s stock worth $11,092,000 after buying an additional 39,873 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Commerce Bancshares during the 2nd quarter valued at $1,948,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Commerce Bancshares by 59.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 102,227 shares of the financial services provider’s stock valued at $6,109,000 after acquiring an additional 38,120 shares during the period. Voya Investment Management LLC boosted its stake in Commerce Bancshares by 95.0% during the third quarter. Voya Investment Management LLC now owns 194,642 shares of the financial services provider’s stock worth $11,632,000 after acquiring an additional 94,841 shares in the last quarter. Finally, Midwest Trust Co acquired a new stake in Commerce Bancshares in the second quarter worth $10,667,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Down 2.2%

Shares of CBSH opened at $50.36 on Monday. The stock has a 50 day moving average of $53.30 and a 200 day moving average of $53.73. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 2.53 and a beta of 0.61. Commerce Bancshares, Inc. has a 12 month low of $48.69 and a 12 month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. The business had revenue of $449.36 million for the quarter, compared to analysts’ expectations of $442.47 million. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Friday, March 6th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, March 6th. Commerce Bancshares’s payout ratio is 26.25%.

Analysts Set New Price Targets

Several research firms have weighed in on CBSH. Piper Sandler set a $62.00 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research note on Monday, January 26th. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research report on Monday, December 29th. Morgan Stanley dropped their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. Finally, TD Cowen cut their price target on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $61.51.

Insider Activity at Commerce Bancshares

In related news, SVP Derrick Brooks sold 1,044 shares of the stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total transaction of $56,793.60. Following the completion of the transaction, the senior vice president owned 14,585 shares in the company, valued at approximately $793,424. This represents a 6.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David L. Roller sold 2,092 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $53.32, for a total transaction of $111,545.44. Following the sale, the senior vice president owned 28,933 shares of the company’s stock, valued at $1,542,707.56. This trade represents a 6.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 27,667 shares of company stock worth $1,493,323. 3.10% of the stock is owned by company 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.