Oppenheimer & Co. Inc. Increases Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Oppenheimer & Co. Inc. increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.4% in the 4th quarter, Holdings Channel reports. The fund owned 96,662 shares of the financial services provider’s stock after buying an additional 1,319 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Commerce Bancshares were worth $6,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CBSH. Allworth Financial LP boosted its position in Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 192 shares during the period. Marshall Investment Management LLC purchased a new stake in Commerce Bancshares during the fourth quarter valued at about $35,000. Capital Performance Advisors LLP purchased a new stake in Commerce Bancshares during the third quarter valued at about $39,000. True Wealth Design LLC purchased a new stake in Commerce Bancshares during the third quarter valued at about $47,000. Finally, V Square Quantitative Management LLC boosted its position in Commerce Bancshares by 84.0% during the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock valued at $49,000 after buying an additional 361 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Commerce Bancshares news, EVP Kevin G. Barth sold 24,870 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the completion of the transaction, the executive vice president now owns 45,511 shares of the company’s stock, valued at approximately $3,006,456.66. This trade represents a 35.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Patricia R. Kellerhals sold 500 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the transaction, the senior vice president now directly owns 22,265 shares of the company’s stock, valued at $1,526,265.75. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,054 shares of company stock worth $5,771,192 over the last three months. Company insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Commerce Bancshares Trading Up 1.5 %

Commerce Bancshares stock opened at $65.03 on Friday. The firm has a 50-day moving average of $64.74 and a 200-day moving average of $64.50. The firm has a market cap of $8.34 billion, a P/E ratio of 16.22, a P/E/G ratio of 2.13 and a beta of 0.80. Commerce Bancshares, Inc. has a 1-year low of $47.89 and a 1-year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping 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 business had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.48 million. During the same period last year, the business posted $0.84 earnings per share. Commerce Bancshares’s quarterly revenue was up 7.3% compared to the same quarter last year. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share 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. Shareholders of record on Friday, March 7th will be issued a $0.275 dividend. The ex-dividend date is Friday, March 7th. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 annualized dividend and a yield of 1.69%. Commerce Bancshares’s dividend payout ratio (DPR) is 27.43%.

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.