Securian Asset Management Inc. Purchases 496 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by Defense World Staff on Apr 26th, 2023

Securian Asset Management Inc. grew its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 5.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,412 shares of the financial services provider’s stock after purchasing an additional 496 shares during the quarter. Securian Asset Management Inc.’s holdings in Commerce Bancshares were worth $709,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Commerce Bancshares by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,332,270 shares of the financial services provider’s stock valued at $749,743,000 after acquiring an additional 117,162 shares in the last quarter. State Street Corp increased its stake in shares of Commerce Bancshares by 8.9% in the 1st quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock valued at $476,554,000 after acquiring an additional 544,292 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Commerce Bancshares by 2.1% in the 1st quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock valued at $379,739,000 after acquiring an additional 111,594 shares in the last quarter. Eaton Vance Management increased its stake in shares of Commerce Bancshares by 0.6% in the 3rd quarter. Eaton Vance Management now owns 1,404,351 shares of the financial services provider’s stock valued at $92,912,000 after acquiring an additional 8,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Commerce Bancshares by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock valued at $79,527,000 after acquiring an additional 12,655 shares in the last quarter. Institutional investors own 64.12% of the company’s stock.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $52.40 on Wednesday. The company has a fifty day simple moving average of $60.09 and a 200 day simple moving average of $65.78. Commerce Bancshares, Inc. has a 12-month low of $52.21 and a 12-month high of $72.60. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.56. The company has a market cap of $6.54 billion, a P/E ratio of 13.52 and a beta of 0.74.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.03. The firm had revenue of $389.20 million for the quarter, compared to the consensus estimate of $389.46 million. Commerce Bancshares had a net margin of 29.71% and a return on equity of 19.18%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 EPS. Sell-side analysts predict that Commerce Bancshares, Inc. will post 3.74 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Monday, June 5th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Friday, June 2nd. Commerce Bancshares’s dividend payout ratio is 27.87%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CBSH shares. Wells Fargo & Company lowered their price objective on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods reduced their price target on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. StockNews.com downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, March 30th. Finally, Morgan Stanley reduced their price target on shares of Commerce Bancshares from $70.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $64.50.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 574 shares of Commerce Bancshares stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $67.62, for a total transaction of $38,813.88. Following the transaction, the senior vice president now directly owns 9,946 shares of the company’s stock, valued at approximately $672,548.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Patricia R. Kellerhals sold 574 shares of the business’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $67.62, for a total value of $38,813.88. Following the transaction, the senior vice president now directly owns 9,946 shares of the company’s stock, valued at approximately $672,548.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David W. Kemper sold 1,036 shares of the business’s stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $67.39, for a total transaction of $69,816.04. Following the completion of the transaction, the director now directly owns 1,162,396 shares in the company, valued at $78,333,866.44. The disclosure for this sale can be found here. Insiders have sold 24,117 shares of company stock valued at $1,607,327 in the last three months. 3.20% of the stock is currently owned by insiders.

Commerce Bancshares Profile

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Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.