Commerce Bancshares, Inc. $CBSH Shares Acquired by Mattern Capital Management LLC

Mattern Capital Management LLC lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 14.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 161,306 shares of the financial services provider’s stock after purchasing an additional 20,277 shares during the quarter. Mattern Capital Management LLC’s holdings in Commerce Bancshares were worth $8,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CBSH. Geneos Wealth Management Inc. grew its stake 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 worth $29,000 after purchasing an additional 216 shares during the period. Invesco Ltd. boosted its position in shares of Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock worth $53,780,000 after buying an additional 16,610 shares in the last quarter. Cresset Asset Management LLC boosted its position in shares of Commerce Bancshares by 3.0% in the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after buying an additional 300 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Commerce Bancshares in the 2nd quarter worth about $376,000. Finally, California Public Employees Retirement System boosted its position in shares of Commerce Bancshares by 4.8% in the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock worth $12,941,000 after buying an additional 9,483 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Commerce Bancshares

In other news, CEO John W. Kemper sold 23,397 shares of the stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the transaction, the chief executive officer directly owned 206,528 shares in the company, valued at $11,150,446.72. This represents a 10.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy S. Dunn acquired 2,500 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were bought 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 in the company, valued at approximately $257,777.13. This trade represents a 86.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 29,477 shares of company stock worth $1,586,655. 1.80% of the stock is currently owned by insiders.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $50.56 on Friday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The stock has a market capitalization of $7.43 billion, a P/E ratio of 12.12, a P/E/G ratio of 3.73 and a beta of 0.60. The firm’s 50-day moving average is $50.33 and its two-hundred day moving average is $51.82.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.02. The company had revenue of $475.69 million for 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 firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.98 EPS. As a group, analysts forecast that Commerce Bancshares, Inc. will post 4.05 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Stockholders of record on Friday, March 6th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, March 6th. Commerce Bancshares’s dividend payout ratio is presently 26.38%.

Analyst Ratings Changes

CBSH has been the topic of several recent research reports. Morgan Stanley decreased their price objective on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. TD Cowen reiterated a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Friday, March 27th. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $54.00 to $56.00 and gave the stock a “market perform” rating in a research report on Thursday. Finally, Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $59.16.

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.