Magnetar Financial LLC Makes New Investment in Commerce Bancshares, Inc. $CBSH

Magnetar Financial LLC purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 43,688 shares of the financial services provider’s stock, valued at approximately $2,611,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CBSH. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 1.1% during the third quarter. Vanguard Group Inc. now owns 13,591,897 shares of the financial services provider’s stock worth $812,252,000 after acquiring an additional 151,785 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Commerce Bancshares by 5.4% in the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after acquiring an additional 202,758 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Commerce Bancshares by 7.2% during the third quarter. Dimensional Fund Advisors LP now owns 2,643,001 shares of the financial services provider’s stock worth $157,942,000 after purchasing an additional 177,076 shares during the period. Boston Trust Walden Corp raised its position in shares of Commerce Bancshares by 28.3% during the third quarter. Boston Trust Walden Corp now owns 1,903,362 shares of the financial services provider’s stock worth $113,745,000 after purchasing an additional 420,053 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Commerce Bancshares by 20.1% during the 3rd quarter. First Trust Advisors LP now owns 1,711,478 shares of the financial services provider’s stock valued at $102,278,000 after purchasing an additional 286,502 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. TD Cowen lowered their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research report on Monday, January 26th. Zacks Research raised shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Morgan Stanley reduced their target price on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, March 2nd. One research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $61.51.

Commerce Bancshares Stock Down 1.7%

Shares of CBSH opened at $47.49 on Friday. Commerce Bancshares, Inc. has a twelve month low of $47.38 and a twelve month high of $63.19. The stock has a market capitalization of $6.98 billion, a P/E ratio of 11.33, a P/E/G ratio of 2.42 and a beta of 0.61. The company has a 50 day moving average of $52.98 and a 200-day moving average of $53.51.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The business had revenue of $449.36 million during the quarter, compared to analysts’ expectations of $442.47 million. During the same quarter in the prior year, the company posted $1.01 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Friday, March 6th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.3%. Commerce Bancshares’s payout ratio is currently 26.25%.

Insider Buying and Selling at Commerce Bancshares

In related news, SVP Margaret M. Rowe sold 861 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $51.69, for a total transaction of $44,505.09. Following the completion of the transaction, the senior vice president directly owned 5,742 shares of the company’s stock, valued at approximately $296,803.98. This represents a 13.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Derrick Brooks sold 1,044 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total value of $56,793.60. Following the completion of the transaction, the senior vice president owned 14,585 shares of the company’s stock, valued at approximately $793,424. This represents a 6.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,477 shares of company stock valued at $1,586,655 in the last ninety days. Insiders own 3.10% of the company’s stock.

About Commerce Bancshares

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.