Clarus Wealth Advisors increased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 7.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,770 shares of the financial services provider’s stock after buying an additional 254 shares during the quarter. Clarus Wealth Advisors’ holdings in Commerce Bancshares were worth $219,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pearl River Capital LLC purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $28,000. CX Institutional purchased a new stake in shares of Commerce Bancshares during the 1st quarter valued at $28,000. Oregon Public Employees Retirement Fund grew its stake in shares of Commerce Bancshares by 5,818.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,190,482 shares of the financial services provider’s stock valued at $39,000 after buying an additional 2,153,473 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in shares of Commerce Bancshares during the 4th quarter valued at $48,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Commerce Bancshares during the 4th quarter valued at $72,000. 64.19% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:CBSH opened at $60.82 on Friday. Commerce Bancshares, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $72.55. The stock has a market cap of $6.70 billion, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 2.95 and a beta of 0.74.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.71%. The ex-dividend date is Thursday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is 27.51%.
Several brokerages have recently issued reports on CBSH. DA Davidson lowered their price objective on shares of Commerce Bancshares to $60.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Stephens reaffirmed a “hold” rating and set a $62.00 price target on shares of Commerce Bancshares in a research report on Thursday, April 11th. Zacks Investment Research cut shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Barclays reiterated a “hold” rating and issued a $65.00 price objective on shares of Commerce Bancshares in a report on Friday, January 11th. Finally, Raymond James upgraded shares of Commerce Bancshares from an “underperform” rating to a “market perform” rating and set a $60.43 price objective on the stock in a report on Friday, January 18th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Commerce Bancshares presently has an average rating of “Hold” and an average price target of $62.68.
In other Commerce Bancshares news, EVP John K. Handy sold 1,634 shares of the company’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $63.70, for a total value of $104,085.80. Following the completion of the transaction, the executive vice president now owns 40,368 shares in the company, valued at approximately $2,571,441.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David W. Kemper sold 20,000 shares of the company’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $59.81, for a total transaction of $1,196,200.00. Following the completion of the transaction, the director now owns 1,319,624 shares of the company’s stock, valued at approximately $78,926,711.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,793 shares of company stock valued at $5,534,229. 3.60% of the stock is owned by insiders.
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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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
Further Reading: Initial Public Offering (IPO)
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