Zacks Investment Management Makes New $6.09 Million Investment in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Zacks Investment Management bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 102,474 shares of the financial services provider’s stock, valued at approximately $6,087,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Investment Advisers grew its holdings in Commerce Bancshares by 138.3% in the first quarter. Cetera Investment Advisers now owns 31,872 shares of the financial services provider’s stock valued at $1,696,000 after purchasing an additional 18,496 shares during the period. Cetera Advisors LLC grew its stake in Commerce Bancshares by 22.1% in the 1st quarter. Cetera Advisors LLC now owns 6,373 shares of the financial services provider’s stock valued at $339,000 after acquiring an additional 1,155 shares during the period. GAMMA Investing LLC increased its holdings in Commerce Bancshares by 156.5% in the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 521 shares in the last quarter. SG Americas Securities LLC acquired a new position in Commerce Bancshares during the second quarter worth $1,226,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Commerce Bancshares during the second quarter worth $436,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock opened at $68.75 on Friday. The business’s 50 day moving average price is $65.59 and its 200 day moving average price is $61.39. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 3.74 and a beta of 0.77. Commerce Bancshares, Inc. has a one year low of $47.09 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. On average, analysts predict that Commerce Bancshares, Inc. will post 3.98 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.57%. Commerce Bancshares’s payout ratio is 28.13%.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the transaction, the senior vice president now owns 23,381 shares of the company’s stock, valued at $1,454,999.63. This represents a 7.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Douglas D. Neff sold 888 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $72.10, for a total value of $64,024.80. Following the sale, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at $579,539.80. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,816 shares of company stock valued at $2,108,821 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday. Wells Fargo & Company raised their target price on Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $65.07.

About Commerce Bancshares

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.