Geode Capital Management LLC Raises Stock Holdings in Commerce Bancshares, Inc. $CBSH

Geode Capital Management LLC boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 2,780,678 shares of the financial services provider’s stock after purchasing an additional 174,863 shares during the period. Geode Capital Management LLC’s holdings in Commerce Bancshares were worth $147,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL increased its position in Commerce Bancshares by 5,922.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider’s stock valued at $29,991,000 after acquiring an additional 493,526 shares during the period. Vanguard Group Inc. increased its position in Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after acquiring an additional 1,098,142 shares during the period. American Century Companies Inc. increased its position in Commerce Bancshares by 5.4% in the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock valued at $237,420,000 after acquiring an additional 202,758 shares during the period. Mattern Capital Management LLC increased its position in Commerce Bancshares by 14.4% in the 4th quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider’s stock valued at $8,443,000 after acquiring an additional 20,277 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Commerce Bancshares by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,611,608 shares of the financial services provider’s stock valued at $96,310,000 after acquiring an additional 73,965 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 2.1%

NASDAQ CBSH opened at $52.45 on Friday. The business’s 50 day moving average is $51.03 and its two-hundred day moving average is $51.80. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 3.49 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $481.94 million. During the same quarter in the previous year, the firm posted $0.98 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Commerce Bancshares, Inc. will post 4.12 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 2.1%. Commerce Bancshares’s payout ratio is presently 26.38%.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director Timothy S. Dunn bought 2,500 shares of the company’s stock in a transaction on Friday, March 13th. The shares were bought at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the transaction, the director owned 5,403 shares of the company’s stock, valued at approximately $257,777.13. This trade represents a 86.12% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Piper Sandler restated a “neutral” rating and issued a $58.50 price target (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Friday, March 27th. TD Cowen restated a “hold” rating and issued a $54.00 price target (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Finally, Morgan Stanley dropped their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average price target of $59.30.

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.