Fisher Asset Management LLC Raises Stock Position in Commerce Bancshares, Inc. $CBSH

Fisher Asset Management LLC grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 28.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 322,335 shares of the financial services provider’s stock after buying an additional 70,531 shares during the period. Fisher Asset Management LLC’s holdings in Commerce Bancshares were worth $16,871,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Hantz Financial Services Inc. grew its stake in shares of Commerce Bancshares by 103.4% in the 4th quarter. Hantz Financial Services Inc. now owns 3,754 shares of the financial services provider’s stock worth $196,000 after buying an additional 1,908 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in shares of Commerce Bancshares by 2.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 36,373 shares of the financial services provider’s stock worth $1,904,000 after buying an additional 925 shares in the last quarter. Jefferies Financial Group Inc. grew its stake in shares of Commerce Bancshares by 100.7% in the 4th quarter. Jefferies Financial Group Inc. now owns 30,190 shares of the financial services provider’s stock worth $1,580,000 after buying an additional 15,145 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Commerce Bancshares by 39.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 12,012 shares of the financial services provider’s stock worth $629,000 after buying an additional 3,369 shares in the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in shares of Commerce Bancshares by 5.5% in the 4th quarter. Axxcess Wealth Management LLC now owns 13,921 shares of the financial services provider’s stock worth $729,000 after buying an additional 727 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CBSH shares. Wells Fargo & Company dropped their price objective 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, March 30th. Hovde Group dropped their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. Piper Sandler reissued a “neutral” rating and issued a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Zacks Research raised shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $59.30.

Commerce Bancshares Trading Down 0.9%

CBSH stock opened at $51.95 on Thursday. Commerce Bancshares, Inc. has a 12 month low of $46.99 and a 12 month high of $63.19. The company has a 50-day moving average price of $50.54 and a 200 day moving average price of $51.78. The stock has a market cap of $7.57 billion, a PE ratio of 12.46, a P/E/G ratio of 3.56 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The company had revenue of $475.69 million during the quarter, compared to analyst estimates of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. Sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.12 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, June 5th. Commerce Bancshares’s payout ratio is 26.38%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, SVP Margaret M. Rowe sold 861 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $51.69, for a total value of $44,505.09. Following the completion of the sale, the senior vice president directly owned 5,742 shares of the company’s stock, valued at $296,803.98. The trade was a 13.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Dunn acquired 2,500 shares of the stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $47.71 per share, with a total value of $119,275.00. Following the completion of the transaction, the director owned 5,403 shares in the company, valued at $257,777.13. This trade represents a 86.12% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 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.