Verde Capital Management Takes $201,000 Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Verde Capital Management bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the third quarter, according to its most recent filing with the SEC. The fund bought 3,390 shares of the financial services provider’s stock, valued at approximately $201,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Commerce Bancshares by 2.1% in the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after acquiring an additional 259,127 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Commerce Bancshares in the second quarter worth $1,226,000. Marshall Financial Group LLC bought a new stake in shares of Commerce Bancshares in the second quarter valued at $1,006,000. Sei Investments Co. grew its stake in shares of Commerce Bancshares by 15.7% during the 1st quarter. Sei Investments Co. now owns 621,324 shares of the financial services provider’s stock worth $33,055,000 after acquiring an additional 84,433 shares during the period. Finally, Tidal Investments LLC increased its holdings in Commerce Bancshares by 181.3% in the 1st quarter. Tidal Investments LLC now owns 17,905 shares of the financial services provider’s stock worth $953,000 after acquiring an additional 11,540 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Up 0.3 %

NASDAQ:CBSH opened at $61.28 on Friday. The stock has a market cap of $7.90 billion, a P/E ratio of 15.96, a PEG ratio of 3.07 and a beta of 0.74. The business’s 50-day moving average price is $61.10 and its two-hundred day moving average price is $58.07. Commerce Bancshares, Inc. has a twelve month low of $40.91 and a twelve month high of $65.86.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.17. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $414.90 million for the quarter, compared to analysts’ expectations of $406.88 million. During the same period in the prior year, the business earned $0.97 earnings per share. Commerce Bancshares’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 3.95 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Thursday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 28.13%.

Insider Activity

In related news, Director Jonathan M. Kemper sold 19,626 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $63.66, for a total value of $1,249,391.16. Following the transaction, the director now owns 997,112 shares of the company’s stock, valued at $63,476,149.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Commerce Bancshares news, SVP David L. Roller sold 861 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $64.30, for a total value of $55,362.30. Following the completion of the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at $1,990,020.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan M. Kemper sold 19,626 shares of Commerce Bancshares stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $63.66, for a total transaction of $1,249,391.16. Following the transaction, the director now directly owns 997,112 shares in the company, valued at $63,476,149.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,612 shares of company stock worth $3,184,609. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday. Finally, Jefferies Financial Group lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $61.79.

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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.