Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Acquired by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSHFree Report) by 78.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,283 shares of the financial services provider’s stock after buying an additional 66,296 shares during the period. Rafferty Asset Management LLC’s holdings in Commerce Bancshares were worth $8,080,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Commerce Bank lifted its stake in shares of Commerce Bancshares by 2.8% in the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock worth $385,771,000 after acquiring an additional 196,431 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Commerce Bancshares by 7.1% in the 4th quarter. Wells Fargo & Company MN now owns 2,345,252 shares of the financial services provider’s stock valued at $125,260,000 after purchasing an additional 155,526 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Commerce Bancshares by 22.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock valued at $89,541,000 after purchasing an additional 302,630 shares in the last quarter. Norges Bank acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth approximately $71,835,000. Finally, Boston Trust Walden Corp increased its stake in shares of Commerce Bancshares by 6.7% in the fourth quarter. Boston Trust Walden Corp now owns 1,094,108 shares of the financial services provider’s stock worth $58,436,000 after buying an additional 68,245 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Piper Sandler increased their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target for the company in a report on Wednesday, April 17th. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, May 10th. Finally, Morgan Stanley upped their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $55.29.

Check Out Our Latest Research Report on CBSH

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, CEO John W. Kemper sold 26,581 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the sale, the chief executive officer now directly owns 198,387 shares in the company, valued at $11,262,429.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Commerce Bancshares news, CEO John W. Kemper sold 26,581 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $56.77, for a total value of $1,509,003.37. Following the sale, the chief executive officer now directly owns 198,387 shares in the company, valued at $11,262,429.99. The sale 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 dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares Trading Down 0.4 %

Shares of NASDAQ CBSH opened at $54.23 on Thursday. Commerce Bancshares, Inc. has a 12-month low of $40.91 and a 12-month high of $57.48. The company has a market cap of $7.02 billion, a PE ratio of 15.12, a P/E/G ratio of 1.79 and a beta of 0.76. The stock has a 50 day simple moving average of $54.65 and a 200-day simple moving average of $53.10.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 earnings per share. Sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.54 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, June 18th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.27 per share. The ex-dividend date is Wednesday, June 5th. This represents a $1.08 annualized dividend and a yield of 1.99%. Commerce Bancshares’s payout ratio is 30.12%.

About Commerce Bancshares

(Free Report)

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.

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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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