Norges Bank Takes Position in Commerce Bancshares, Inc. $CBSH

Norges Bank acquired a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 4th quarter, Holdings Channel.com reports. The fund acquired 1,629,393 shares of the financial services provider’s stock, valued at approximately $85,282,000.

Several other large investors also recently modified their holdings of the stock. Tudor Investment Corp ET AL boosted its holdings in shares of Commerce Bancshares by 5,922.5% in the third quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider’s stock valued at $29,991,000 after acquiring an additional 493,526 shares in the last quarter. Vanguard Group Inc. lifted its position in Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after buying an additional 1,098,142 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Commerce Bancshares by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after purchasing an additional 202,758 shares during the last quarter. Mattern Capital Management LLC increased its stake in shares of Commerce Bancshares by 14.4% during the 4th quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider’s stock worth $8,443,000 after purchasing an additional 20,277 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Commerce Bancshares by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,611,608 shares of the financial services provider’s stock worth $96,310,000 after purchasing an additional 73,965 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $53.05 on Friday. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $63.19. The firm’s 50 day moving average price is $51.12 and its two-hundred day moving average price is $51.81. The firm has a market cap of $7.73 billion, a P/E ratio of 12.72, a PEG ratio of 3.56 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results 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 firm had revenue of $475.69 million for 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 business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 4.12 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be given a dividend of $0.275 per share. 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 dividend payout ratio is 26.38%.

Insider Transactions at Commerce Bancshares

In other news, Director Timothy S. Dunn purchased 2,500 shares of the company’s stock in a transaction on Friday, March 13th. The shares were purchased 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 of the company’s stock, valued at $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 the SEC website. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CBSH shares. Wall Street Zen upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Zacks Research raised shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Piper Sandler reaffirmed a “neutral” rating and set a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Hovde Group cut their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Finally, Morgan Stanley cut their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 2nd. One research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $59.30.

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.