Summit Financial LLC Grows Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Summit Financial LLC increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,241 shares of the financial services provider’s stock after purchasing an additional 2,791 shares during the quarter. Summit Financial LLC’s holdings in Commerce Bancshares were worth $3,691,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CBSH. CoreFirst Bank & Trust purchased a new stake in shares of Commerce Bancshares during the 4th quarter valued at about $33,000. Marshall Investment Management LLC purchased a new stake in Commerce Bancshares during the fourth quarter valued at approximately $35,000. True Wealth Design LLC bought a new position in Commerce Bancshares in the third quarter worth approximately $47,000. V Square Quantitative Management LLC raised its position in Commerce Bancshares by 84.0% in the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 361 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its position in shares of Commerce Bancshares by 46.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 268 shares during the period. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of CBSH opened at $62.23 on Tuesday. The firm has a market cap of $8.34 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. Commerce Bancshares, Inc. has a 1 year low of $48.49 and a 1 year high of $72.75. The company has a 50 day simple moving average of $64.25 and a two-hundred day simple moving average of $64.47.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. Commerce Bancshares’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 earnings per share. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were given a dividend of $0.275 per share. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.77%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 27.43%.

Insider Transactions at Commerce Bancshares

In related news, EVP John K. Handy sold 2,722 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $66.68, for a total value of $181,502.96. Following the completion of the transaction, the executive vice president now directly owns 39,638 shares of the company’s stock, valued at approximately $2,643,061.84. This trade represents a 6.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Charles G. Kim sold 13,493 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the sale, the chief financial officer now directly owns 86,246 shares in the company, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,434 shares of company stock valued at $5,248,272. 3.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CBSH has been the topic of a number of recent research reports. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Morgan Stanley decreased their price objective on Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Piper Sandler raised 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, Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $68.17.

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.