SummitTX Capital L.P. Buys Shares of 11,156 Commerce Bancshares, Inc. $CBSH

SummitTX Capital L.P. purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 11,156 shares of the financial services provider’s stock, valued at approximately $549,000.

A number of other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. boosted its position in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares during the last quarter. Invesco Ltd. raised its holdings in Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock valued at $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC lifted its stake in shares of Commerce Bancshares by 3.0% during the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 300 shares during the period. Jump Financial LLC purchased a new position in Commerce Bancshares during the second quarter worth about $376,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Commerce Bancshares by 4.8% during 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 acquiring an additional 9,483 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Stock Down 0.3%

Shares of NASDAQ:CBSH opened at $59.27 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $56.37 and a 200 day simple moving average of $53.23. The firm has a market cap of $8.64 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The firm had revenue of $498.91 million for the quarter, compared to analysts’ expectations of $492.22 million. During the same period in the prior year, the company posted $1.14 earnings per share. On average, equities research analysts anticipate that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

Insider Activity at Commerce Bancshares

In other news, SVP Derrick Brooks sold 1,041 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total value of $62,074.83. Following the completion of the sale, the senior vice president owned 13,117 shares of the company’s stock, valued at approximately $782,166.71. The trade was a 7.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the transaction, the chief financial officer directly owned 119,410 shares in the company, valued at $7,066,683.80. The trade was a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,842 shares of company stock worth $1,897,310 over the last quarter. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

CBSH has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Stephens set a $64.00 price target on Commerce Bancshares and gave the stock an “equal weight” rating in a report on Friday, July 17th. Hovde Group lowered their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. Piper Sandler reiterated a “neutral” rating and set a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Finally, Wells Fargo & Company boosted their target price on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $62.43.

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.