Fisher Asset Management LLC Purchases 149,070 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Fisher Asset Management LLC increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3,635.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 153,171 shares of the financial services provider’s stock after purchasing an additional 149,070 shares during the quarter. Fisher Asset Management LLC owned approximately 0.12% of Commerce Bancshares worth $9,544,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atria Wealth Solutions Inc. raised its stake in shares of Commerce Bancshares by 1.5% in the 4th quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider’s stock valued at $689,000 after buying an additional 166 shares in the last quarter. Apriem Advisors increased its stake in Commerce Bancshares by 5.0% in the fourth quarter. Apriem Advisors now owns 3,827 shares of the financial services provider’s stock valued at $238,000 after acquiring an additional 182 shares during the period. Fifth Third Wealth Advisors LLC raised its position in Commerce Bancshares by 4.9% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,908 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 183 shares in the last quarter. Verde Capital Management lifted its stake in Commerce Bancshares by 5.4% during the fourth quarter. Verde Capital Management now owns 3,573 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 183 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Commerce Bancshares by 19.6% during the fourth quarter. GAMMA Investing LLC now owns 1,139 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 187 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Chairman David W. Kemper sold 4,500 shares of Commerce Bancshares stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $69.22, for a total value of $311,490.00. Following the completion of the sale, the chairman now directly owns 23,725 shares in the company, valued at $1,642,244.50. This trade represents a 15.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David L. Orf sold 1,036 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,016 shares of company stock valued at $5,768,576. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $62.75 on Wednesday. The business has a fifty day moving average of $64.77 and a 200-day moving average of $64.59. Commerce Bancshares, Inc. has a twelve month low of $47.89 and a twelve month high of $72.75. The firm has a market cap of $8.40 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 2.13 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data 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 net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. During the same quarter last year, the company posted $0.84 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s payout ratio is 27.43%.

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.