Verition Fund Management LLC Acquires 179,894 Shares of Commerce Bancshares, Inc. $CBSH

Verition Fund Management LLC raised its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 39.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 631,981 shares of the financial services provider’s stock after purchasing an additional 179,894 shares during the quarter. Verition Fund Management LLC owned approximately 0.48% of Commerce Bancshares worth $33,078,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Apriem Advisors raised its holdings in shares of Commerce Bancshares by 5.0% in the fourth quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock valued at $210,000 after buying an additional 191 shares during the last quarter. Heartland Bank & Trust Co raised its stake in shares of Commerce Bancshares by 4.4% in the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock worth $240,000 after acquiring an additional 192 shares during the last quarter. Profund Advisors LLC lifted its position in shares of Commerce Bancshares by 4.4% during the third quarter. Profund Advisors LLC now owns 4,682 shares of the financial services provider’s stock worth $280,000 after purchasing an additional 197 shares in the last quarter. Outlook Wealth Advisors LLC grew its stake in shares of Commerce Bancshares by 3.7% during the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 214 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of Commerce Bancshares by 2.7% in the third quarter. Crossmark Global Holdings Inc. now owns 8,265 shares of the financial services provider’s stock valued at $494,000 after purchasing an additional 215 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $55.82 on Monday. The company has a 50 day moving average price of $51.70 and a two-hundred day moving average price of $51.97. The company has a market capitalization of $8.14 billion, a PE ratio of 13.39, a PEG ratio of 3.79 and a beta of 0.60. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $63.19.

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

Commerce Bancshares Announces Dividend

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 paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Commerce Bancshares’s dividend payout ratio is presently 26.38%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. Zacks Research raised Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Piper Sandler restated a “neutral” rating and set a $58.50 target price (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. TD Cowen reaffirmed a “hold” rating and set a $54.00 price target (up from $53.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $59.30.

Commerce Bancshares Company 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.