Algert Global LLC Buys Shares of 12,425 Commerce Bancshares, Inc. (NASDAQ:CBSH)

Algert Global LLC purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 12,425 shares of the financial services provider’s stock, valued at approximately $693,000.

Other large investors have also made changes to their positions in the company. Clarity Asset Management Inc. purchased a new position in Commerce Bancshares during the 4th quarter worth $43,000. Bessemer Group Inc. grew its stake in shares of Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 390 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Commerce Bancshares by 156.5% during the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 521 shares in the last quarter. Eagle Bay Advisors LLC raised its position in shares of Commerce Bancshares by 2,864.7% in the 2nd quarter. Eagle Bay Advisors LLC now owns 1,008 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 974 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Commerce Bancshares by 93.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 805 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO John W. Kemper sold 5,156 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $65.22, for a total transaction of $336,274.32. Following the sale, the chief executive officer now directly owns 198,298 shares of the company’s stock, valued at approximately $12,932,995.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Commerce Bancshares news, CEO John W. Kemper sold 5,156 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $65.22, for a total transaction of $336,274.32. Following the transaction, the chief executive officer now owns 198,298 shares in the company, valued at approximately $12,932,995.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP David L. Roller sold 861 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total value of $55,362.30. Following the completion of the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at $1,990,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,612 shares of company stock valued at $3,184,609 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Jefferies Financial Group boosted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.71.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $58.52 on Friday. Commerce Bancshares, Inc. has a 1 year low of $40.91 and a 1 year high of $65.86. The company has a market capitalization of $7.54 billion, a PE ratio of 16.32, a P/E/G ratio of 9.40 and a beta of 0.74. The company has a fifty day moving average of $61.52 and a 200 day moving average of $57.49.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.17. The business had revenue of $414.90 million during the quarter, compared to analysts’ expectations of $406.88 million. Commerce Bancshares had a return on equity of 16.50% and a net margin of 23.62%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 EPS. Research analysts expect that Commerce Bancshares, Inc. will post 3.97 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.85%. Commerce Bancshares’s payout ratio is 30.12%.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.