Handelsbanken Fonder AB Grows Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by Defense World Staff on May 5th, 2023

Handelsbanken Fonder AB lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 5.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 15,265 shares of the financial services provider’s stock after acquiring an additional 726 shares during the period. Handelsbanken Fonder AB’s holdings in Commerce Bancshares were worth $1,039,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CBSH. State Street Corp grew its holdings in Commerce Bancshares by 8.9% during the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock worth $476,554,000 after acquiring an additional 544,292 shares during the period. Mutual Advisors LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at $26,709,000. Eaton Vance Management lifted its holdings in Commerce Bancshares by 15.0% in the 1st quarter. Eaton Vance Management now owns 1,385,610 shares of the financial services provider’s stock valued at $99,195,000 after purchasing an additional 181,148 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Commerce Bancshares by 29.3% during the fourth quarter. ProShare Advisors LLC now owns 519,104 shares of the financial services provider’s stock worth $35,335,000 after buying an additional 117,559 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 1.0% in the third quarter. Vanguard Group Inc. now owns 11,332,270 shares of the financial services provider’s stock valued at $749,743,000 after buying an additional 117,162 shares during the last quarter. Institutional investors and hedge funds own 64.12% of the company’s stock.

Insider Buying and Selling

In other Commerce Bancshares news, Director David W. Kemper sold 1,036 shares of the firm’s stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $67.39, for a total value of $69,816.04. Following the completion of the transaction, the director now owns 1,162,396 shares of the company’s stock, valued at approximately $78,333,866.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.20% of the stock is owned by insiders.

Commerce Bancshares Stock Down 4.6 %

Commerce Bancshares stock opened at $50.64 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a 50 day moving average price of $58.33 and a 200 day moving average price of $65.06. Commerce Bancshares, Inc. has a fifty-two week low of $50.36 and a fifty-two week high of $72.60. The company has a market capitalization of $6.32 billion, a PE ratio of 13.07 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, beating the consensus estimate 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 return on equity of 19.18% and a net margin of 29.71%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 EPS. Research analysts expect that Commerce Bancshares, Inc. will post 3.69 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Investors of record on Monday, June 5th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, June 2nd. Commerce Bancshares’s dividend payout ratio (DPR) is currently 27.87%.

Analyst Upgrades and Downgrades

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

Commerce Bancshares Company 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.