1,629,393 Shares in Commerce Bancshares, Inc. $CBSH Acquired by Norges Bank

Norges Bank acquired a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,629,393 shares of the financial services provider’s stock, valued at approximately $85,282,000. Norges Bank owned 1.23% of Commerce Bancshares as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Danske Bank A S bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at $25,000. Daytona Street Capital LLC bought a new position in shares of Commerce Bancshares during the 4th quarter valued at $25,000. Geneos Wealth Management Inc. raised its holdings in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares in the last quarter. Laurel Wealth Advisors LLC bought a new position in shares of Commerce Bancshares during the 4th quarter valued at $34,000. Finally, Rothschild Investment LLC raised its holdings in shares of Commerce Bancshares by 3,820.0% during the 3rd quarter. Rothschild Investment LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 573 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Hovde Group dropped their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. TD Cowen reiterated a “hold” rating and set a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Friday, March 27th. Keefe, Bruyette & Woods lifted their price target on shares of Commerce Bancshares from $56.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, May 13th. Finally, Wells Fargo & Company cut their price target on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, March 30th. One equities research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $59.30.

Insider Buying and Selling

In other Commerce Bancshares news, Director Timothy S. Dunn bought 2,500 shares of Commerce Bancshares stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the acquisition, the director owned 5,403 shares of the company’s stock, valued at $257,777.13. This trade represents a 86.12% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Commerce Bancshares Price Performance

CBSH opened at $53.05 on Friday. The company has a market cap of $7.73 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 3.56 and a beta of 0.60. The firm has a 50 day simple moving average of $51.12 and a 200 day simple moving average of $51.81. Commerce Bancshares, Inc. has a fifty-two week low of $46.99 and a fifty-two week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The firm had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. As a group, analysts expect that Commerce Bancshares, Inc. will post 4.12 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 2.1%. Commerce Bancshares’s dividend payout ratio is presently 26.38%.

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.