11,156 Shares in Commerce Bancshares, Inc. $CBSH Bought by SummitTX Capital L.P.

SummitTX Capital L.P. acquired a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the first quarter, HoldingsChannel reports. The institutional investor acquired 11,156 shares of the financial services provider’s stock, valued at approximately $549,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank bought a new position in shares of Commerce Bancshares in the 4th quarter worth about $85,282,000. Champlain Investment Partners LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter valued at about $58,830,000. Vanguard Group Inc. grew its position in shares of Commerce Bancshares by 8.1% during 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 buying an additional 1,098,142 shares during the last quarter. Victory Capital Management Inc. raised its stake in Commerce Bancshares by 1,433.7% during the fourth quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock worth $59,965,000 after acquiring an additional 1,070,980 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Commerce Bancshares by 29.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after acquiring an additional 894,183 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO John W. Kemper sold 5,830 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total value of $353,181.40. Following the completion of the transaction, the chief executive officer directly owned 206,528 shares of the company’s stock, valued at $12,511,466.24. This represents a 2.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $60.20, for a total value of $301,000.00. Following the completion of the sale, the executive vice president owned 55,962 shares in the company, valued at approximately $3,368,912.40. This represents a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 31,842 shares of company stock valued at $1,897,310. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on CBSH shares. Hovde Group decreased their target price on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. Stephens set a $64.00 price target on Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $53.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Finally, Weiss Ratings upgraded Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $62.43.

Commerce Bancshares Trading Down 0.3%

Commerce Bancshares stock opened at $59.27 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $56.37 and a two-hundred day moving average price of $53.23. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 2.13 and a beta of 0.58. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92.

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

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.