Commerce Bancshares, Inc. $CBSH Stock Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,611,608 shares of the financial services provider’s stock after buying an additional 73,965 shares during the period. JPMorgan Chase & Co.’s holdings in Commerce Bancshares were worth $96,310,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CBSH. Vanguard Group Inc. lifted its position in Commerce Bancshares by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 13,591,897 shares of the financial services provider’s stock worth $812,252,000 after buying an additional 151,785 shares in the last quarter. State Street Corp raised its holdings in shares of Commerce Bancshares by 5.0% during the third quarter. State Street Corp now owns 6,752,045 shares of the financial services provider’s stock worth $403,502,000 after acquiring an additional 319,137 shares in the last quarter. American Century Companies Inc. boosted its position in Commerce Bancshares by 5.4% during the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock valued at $237,420,000 after purchasing an additional 202,758 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Commerce Bancshares by 7.2% in the third quarter. Dimensional Fund Advisors LP now owns 2,643,001 shares of the financial services provider’s stock valued at $157,942,000 after purchasing an additional 177,076 shares in the last quarter. Finally, Boston Trust Walden Corp increased its position in Commerce Bancshares by 28.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,903,362 shares of the financial services provider’s stock worth $113,745,000 after purchasing an additional 420,053 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $47.82 on Wednesday. The stock’s 50 day simple moving average is $52.66 and its 200 day simple moving average is $53.19. Commerce Bancshares, Inc. has a twelve month low of $47.28 and a twelve month high of $63.19. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 2.40 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The firm had revenue of $449.36 million during the quarter, compared to analysts’ expectations of $442.47 million. During the same quarter in the prior year, the business earned $1.01 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Friday, March 6th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, March 6th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.25%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CBSH shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. TD Cowen cut 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. Morgan Stanley reduced 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 note on Monday, March 2nd. Piper Sandler set a $62.00 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research report on Monday, January 26th. Finally, Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus price target of $61.51.

Insider Buying and Selling at Commerce Bancshares

In related news, CEO John W. Kemper sold 23,397 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the completion of the sale, the chief executive officer owned 206,528 shares in the company, valued at $11,150,446.72. This represents a 10.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Dunn purchased 2,500 shares of the company’s stock in a transaction on Friday, March 13th. The stock was acquired at an average cost of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the transaction, the director owned 5,403 shares in the company, valued at approximately $257,777.13. This trade represents a 86.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 29,477 shares of company stock worth $1,586,655 in the last ninety days. 3.10% of the stock is owned by 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.