Robeco Institutional Asset Management B.V. Buys 1,863 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Robeco Institutional Asset Management B.V. grew its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.8% during the fourth quarter, HoldingsChannel reports. The firm owned 68,643 shares of the financial services provider’s stock after purchasing an additional 1,863 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Commerce Bancshares were worth $4,277,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Los Angeles Capital Management LLC lifted its position in Commerce Bancshares by 7,407.2% during the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after buying an additional 358,066 shares during the period. Millennium Management LLC boosted its stake in Commerce Bancshares by 168.3% during the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after acquiring an additional 214,582 shares in the last quarter. Geode Capital Management LLC grew its holdings in Commerce Bancshares by 7.3% in the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock worth $142,951,000 after purchasing an additional 163,782 shares during the period. NFJ Investment Group LLC increased its stake in shares of Commerce Bancshares by 17.7% during the third quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider’s stock valued at $42,006,000 after purchasing an additional 106,316 shares in the last quarter. Finally, Zacks Investment Management purchased a new position in shares of Commerce Bancshares during the third quarter valued at approximately $6,087,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

CBSH opened at $66.80 on Monday. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 3.50 and a beta of 0.79. The firm has a 50 day moving average price of $66.01 and a 200-day moving average price of $64.05. Commerce Bancshares, Inc. has a twelve month low of $47.09 and a twelve month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm had revenue of $422.10 million for the quarter, compared to analysts’ expectations of $417.48 million. During the same period in the prior year, the firm earned $0.84 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, analysts expect that Commerce Bancshares, Inc. will post 3.9 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.275 per share. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.65%. Commerce Bancshares’s payout ratio is currently 26.93%.

Insider Activity

In related news, SVP Patricia R. Kellerhals sold 500 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $68.55, for a total value of $34,275.00. Following the transaction, the senior vice president now directly owns 22,265 shares of the company’s stock, valued at approximately $1,526,265.75. This trade represents a 2.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Douglas D. Neff sold 888 shares of Commerce Bancshares stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the transaction, the senior vice president now owns 8,038 shares in the company, valued at $579,539.80. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,990 shares of company stock valued at $2,475,680 in the last quarter. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 29th. Piper Sandler upped their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Seven investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $67.83.

About Commerce Bancshares

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.