Commerce Bancshares, Inc. $CBSH Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,611,608 shares of the financial services provider’s stock after purchasing an additional 73,965 shares during the quarter. JPMorgan Chase & Co. owned 1.21% of Commerce Bancshares worth $96,310,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. boosted its position in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 216 shares during the last quarter. Quent Capital LLC purchased a new position in Commerce Bancshares during the 3rd quarter worth approximately $31,000. CoreFirst Bank & Trust acquired a new stake in Commerce Bancshares during the 2nd quarter valued at approximately $33,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Commerce Bancshares in the 3rd quarter valued at $48,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Commerce Bancshares in the 2nd quarter valued at $59,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Commerce Bancshares

In other news, CEO John W. Kemper sold 23,397 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the transaction, the chief executive officer owned 206,528 shares in the company, valued at $11,150,446.72. This trade represents a 10.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Derrick Brooks sold 1,044 shares of Commerce Bancshares stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total transaction of $56,793.60. Following the completion of the sale, the senior vice president directly owned 14,585 shares in the company, valued at $793,424. This represents a 6.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 27,667 shares of company stock valued at $1,493,323. Company insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. TD Cowen reduced their target price on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, January 7th. Zacks Research downgraded Commerce Bancshares from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 8th. Piper Sandler set a $62.00 price objective on Commerce Bancshares and gave the company a “neutral” rating in a research note on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $61.75.

Commerce Bancshares Stock Performance

CBSH stock opened at $52.24 on Tuesday. Commerce Bancshares, Inc. has a one year low of $48.69 and a one year high of $63.30. The firm’s fifty day moving average is $53.50 and its 200 day moving average is $54.15. The firm has a market cap of $6.92 billion, a PE ratio of 12.47, a P/E/G ratio of 2.71 and a beta of 0.62.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.51%. The business had revenue of $449.36 million during the quarter, compared to the consensus estimate of $442.47 million. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. Research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 2.1%. Commerce Bancshares’s dividend payout ratio is currently 26.25%.

Commerce Bancshares 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.