Evolve Private Wealth LLC Invests $689,000 in Commerce Bancshares, Inc. $CBSH

Evolve Private Wealth LLC bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, HoldingsChannel reports. The firm bought 11,936 shares of the financial services provider’s stock, valued at approximately $689,000.

Several other hedge funds have also bought and sold shares of CBSH. Apriem Advisors grew its holdings in shares of Commerce Bancshares by 5.0% during the fourth quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock valued at $210,000 after buying an additional 191 shares during the last quarter. Heartland Bank & Trust Co raised its holdings in shares of Commerce Bancshares by 4.4% in the 4th quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock worth $240,000 after acquiring an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC lifted its position in Commerce Bancshares by 3.7% in the 4th quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 214 shares in the last quarter. Centerpoint Advisory Group boosted its stake in Commerce Bancshares by 5.0% during the 4th quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 215 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CBSH shares. Morgan Stanley reissued a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Weiss Ratings raised Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Piper Sandler reiterated a “neutral” rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Wall Street Zen raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company set a $63.00 price objective on Commerce Bancshares and gave the company an “equal weight” rating in a research note on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.29.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, SVP Derrick Brooks sold 1,041 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total value of $62,074.83. Following the sale, the senior vice president directly owned 13,117 shares in the company, valued at $782,166.71. This represents a 7.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $60.20, for a total transaction of $301,000.00. Following the completion of the transaction, the executive vice president directly owned 55,962 shares of the company’s stock, valued at approximately $3,368,912.40. The trade was a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 32,484 shares of company stock valued at $1,936,055 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $58.63 on Tuesday. The business’s fifty day moving average is $58.37 and its 200 day moving average is $53.88. The firm has a market cap of $8.41 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 2.08 and a beta of 0.59. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last issued 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. The business had revenue of $498.91 million during the quarter, compared to the consensus estimate 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 last year, the company earned $1.14 EPS. Research analysts predict that Commerce Bancshares, Inc. will post 4.25 EPS for the current year.

Commerce Bancshares Announces Dividend

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

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.