Martingale Asset Management L P Purchases 40,098 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Martingale Asset Management L P boosted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 194.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,705 shares of the financial services provider’s stock after acquiring an additional 40,098 shares during the quarter. Martingale Asset Management L P’s holdings in Commerce Bancshares were worth $3,606,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in Commerce Bancshares during the third quarter worth $26,000. Allworth Financial LP raised its stake in Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 192 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Commerce Bancshares during the third quarter worth $39,000. GAMMA Investing LLC raised its stake in Commerce Bancshares by 156.5% during the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 521 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Commerce Bancshares by 48.2% during the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 287 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Stock Down 0.2 %

Shares of CBSH stock opened at $73.75 on Friday. The stock has a 50-day moving average price of $64.43 and a 200 day moving average price of $60.79. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 3.99 and a beta of 0.73. Commerce Bancshares, Inc. has a 12 month low of $47.28 and a 12 month high of $76.39.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. The firm had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. Sell-side analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio (DPR) is currently 28.13%.

Insiders Place Their Bets

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This trade represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,109 shares of company stock worth $2,191,123. Insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CBSH. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.79.

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.