Ontario Teachers Pension Plan Board Takes Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Ontario Teachers Pension Plan Board purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,534 shares of the financial services provider’s stock, valued at approximately $507,000.

A number of other hedge funds also recently modified their holdings of CBSH. Los Angeles Capital Management LLC raised its stake in shares of Commerce Bancshares by 7,407.2% in 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. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 19.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after acquiring an additional 342,793 shares during the period. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 2.1% during the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after purchasing an additional 259,127 shares during the last quarter. American Century Companies Inc. boosted its position in Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after purchasing an additional 240,938 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Commerce Bancshares by 168.3% in the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after purchasing an additional 214,582 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 2,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $62.23, for a total value of $124,460.00. Following the transaction, the senior vice president now owns 23,381 shares in the company, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,109 shares of company stock valued at $2,191,123 over the last three months. Insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CBSH. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $61.79.

Commerce Bancshares Trading Up 1.2 %

Shares of NASDAQ CBSH opened at $71.81 on Friday. The business has a 50-day moving average of $63.28 and a 200-day moving average of $60.18. The firm has a market capitalization of $9.21 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 3.87 and a beta of 0.73. Commerce Bancshares, Inc. has a 12 month low of $47.19 and a 12 month high of $73.31.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. On average, analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

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.