Dakota Wealth Management Buys Shares of 11,575 Commerce Bancshares, Inc. $CBSH

Dakota Wealth Management bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 11,575 shares of the financial services provider’s stock, valued at approximately $606,000.

Other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. increased its holdings in Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares in the last quarter. Franklin Resources Inc. raised its position in Commerce Bancshares by 53.2% in the 2nd quarter. Franklin Resources Inc. now owns 75,749 shares of the financial services provider’s stock worth $4,709,000 after buying an additional 26,290 shares during the last quarter. Prudential Financial Inc. lifted its stake in Commerce Bancshares by 20.4% during the 2nd quarter. Prudential Financial Inc. now owns 13,369 shares of the financial services provider’s stock valued at $831,000 after acquiring an additional 2,269 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in Commerce Bancshares by 0.8% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 150,232 shares of the financial services provider’s stock valued at $9,340,000 after acquiring an additional 1,250 shares during the period. Finally, Norges Bank purchased a new stake in shares of Commerce Bancshares during the 2nd quarter valued at about $89,282,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, Director Timothy S. Dunn acquired 2,500 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was purchased at an average price of $47.71 per share, with a total value of $119,275.00. Following the transaction, the director directly owned 5,403 shares in the company, valued at approximately $257,777.13. The trade was a 86.12% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John W. Kemper sold 23,397 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total value of $1,263,204.03. Following the completion of the sale, the chief executive officer owned 206,528 shares of the company’s stock, valued at $11,150,446.72. This trade represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 29,477 shares of company stock valued at $1,586,655 in the last quarter. Insiders own 1.80% of the company’s stock.

Commerce Bancshares Stock Up 0.3%

Commerce Bancshares stock opened at $48.22 on Tuesday. The business has a 50-day simple moving average of $51.59 and a two-hundred day simple moving average of $52.56. The company has a market cap of $7.08 billion, a P/E ratio of 11.51, a P/E/G ratio of 2.41 and a beta of 0.61. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The firm had revenue of $449.36 million during the quarter, compared to analyst estimates of $442.47 million. During the same quarter in the prior year, the firm earned $1.01 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, March 6th. Commerce Bancshares’s dividend payout ratio is currently 26.25%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CBSH. Piper Sandler set a $62.00 price target on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research note on Monday, January 26th. TD Cowen lowered their price objective on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, January 7th. Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Morgan Stanley cut their target price on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. Finally, Wells Fargo & Company decreased their target price on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $60.92.

Commerce Bancshares Profile

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.