Jacobs Asset Management LLC Takes Position in Commerce Bancshares, Inc. $CBSH

Jacobs Asset Management LLC purchased a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 62,500 shares of the financial services provider’s stock, valued at approximately $3,075,000. Commerce Bancshares accounts for about 1.8% of Jacobs Asset Management LLC’s holdings, making the stock its 21st largest position.

Several other hedge funds have also recently bought and sold shares of CBSH. Entropy Technologies LP boosted its position in Commerce Bancshares by 96.7% during the 1st quarter. Entropy Technologies LP now owns 123,514 shares of the financial services provider’s stock worth $6,077,000 after acquiring an additional 60,705 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Commerce Bancshares in the 1st quarter valued at about $1,437,000. Public Employees Retirement System of Ohio increased its holdings in shares of Commerce Bancshares by 1.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 40,705 shares of the financial services provider’s stock valued at $2,003,000 after purchasing an additional 498 shares during the period. Sei Investments Co. lifted its position in shares of Commerce Bancshares by 73.7% in the first quarter. Sei Investments Co. now owns 281,210 shares of the financial services provider’s stock worth $13,836,000 after purchasing an additional 119,298 shares in the last quarter. Finally, Lido Advisors LLC lifted its position in shares of Commerce Bancshares by 8.1% in the first quarter. Lido Advisors LLC now owns 11,608 shares of the financial services provider’s stock worth $571,000 after purchasing an additional 865 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on CBSH. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Monday, July 20th. Piper Sandler reiterated a “neutral” rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Morgan Stanley reissued a “positive” rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Finally, Hovde Group lowered their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and an average target price of $62.43.

Commerce Bancshares Stock Up 0.8%

Shares of Commerce Bancshares stock opened at $59.09 on Friday. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 14.31, a P/E/G ratio of 2.12 and a beta of 0.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.76. The stock has a 50-day simple moving average of $55.62 and a 200-day simple moving average of $53.03.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The business had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. During the same quarter in the previous year, the business posted $1.14 EPS. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current fiscal year.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.