Keystone Financial Services Purchases 256 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Keystone Financial Services lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 7.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,882 shares of the financial services provider’s stock after acquiring an additional 256 shares during the period. Keystone Financial Services’ holdings in Commerce Bancshares were worth $242,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CBSH. Los Angeles Capital Management LLC raised its holdings in shares of Commerce Bancshares by 7,407.2% during the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after purchasing an additional 358,066 shares during the last quarter. Boston Trust Walden Corp grew its holdings in shares of Commerce Bancshares by 17.6% in the fourth quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider’s stock worth $91,524,000 after acquiring an additional 219,826 shares during the period. Geode Capital Management LLC increased its position in Commerce Bancshares by 7.3% during the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after acquiring an additional 163,782 shares during the last quarter. NFJ Investment Group LLC lifted its holdings in Commerce Bancshares by 17.7% in the third quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider’s stock valued at $42,006,000 after acquiring an additional 106,316 shares during the period. Finally, Zacks Investment Management purchased a new position in Commerce Bancshares in the third quarter worth about $6,087,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CBSH shares. Piper Sandler upped their price target on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Raymond James cut shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods raised their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Finally, Wells Fargo & Company boosted their price objective on Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 29th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $67.83.

Commerce Bancshares Stock Down 1.1 %

Shares of CBSH stock opened at $65.74 on Monday. The stock has a market cap of $8.43 billion, a P/E ratio of 16.39, a PEG ratio of 2.27 and a beta of 0.80. The company’s fifty day simple moving average is $65.05 and its two-hundred day simple moving average is $64.25. Commerce Bancshares, Inc. has a 52 week low of $47.89 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 earnings per share. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.9 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be paid a dividend of $0.275 per share. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a yield of 1.67%. Commerce Bancshares’s dividend payout ratio is presently 26.93%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, VP David L. Orf sold 1,036 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the sale, the vice president now directly owns 22,175 shares in the company, valued at $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kevin G. Barth sold 24,870 shares of Commerce Bancshares stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.06, for a total value of $1,642,912.20. Following the completion of the transaction, the executive vice president now owns 45,511 shares of the company’s stock, valued at approximately $3,006,456.66. This trade represents a 35.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,054 shares of company stock worth $5,771,192 over the last 90 days. 3.20% of the stock is owned by insiders.

Commerce Bancshares Company Profile

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.