Jupiter Topco LLC Takes $3.57 Million Position in Commerce Bancshares, Inc. $CBSH

Jupiter Topco LLC bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 61,742 shares of the financial services provider’s stock, valued at approximately $3,566,000.

A number of other hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its stake in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 216 shares during the last quarter. Invesco Ltd. increased its stake in Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock worth $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC raised its holdings in shares of Commerce Bancshares by 3.0% during the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after acquiring an additional 300 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Commerce Bancshares during the 2nd quarter worth approximately $376,000. Finally, California Public Employees Retirement System boosted its position in shares of Commerce Bancshares by 4.8% during the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock valued at $12,941,000 after acquiring an additional 9,483 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $57.14 on Wednesday. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 2.06 and a beta of 0.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average price of $58.72 and a 200-day moving average price of $54.01. Commerce Bancshares, Inc. has a one year low of $46.99 and a one year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. The company had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same quarter in the prior year, the firm posted $1.14 EPS. Equities analysts expect that Commerce Bancshares, Inc. will post 4.23 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio is currently 26.63%.

Insider Transactions at Commerce Bancshares

In related news, VP David L. Orf sold 642 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $60.35, for a total transaction of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares in the company, valued at approximately $1,506,456.70. This represents a 2.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $60.20, for a total transaction of $301,000.00. Following the completion of the sale, the executive vice president directly owned 55,962 shares in the company, valued at $3,368,912.40. This trade represents a 8.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 33,150 shares of company stock worth $1,974,783. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CBSH shares. Weiss Ratings upgraded shares of Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. TD Cowen reiterated a “hold” rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods lifted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, Wells Fargo & Company set a $63.00 target price on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research report on Monday, August 10th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $63.29.

Commerce Bancshares Company 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.