CIBC Asset Management Inc Has $356,000 Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

CIBC Asset Management Inc raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 7.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,715 shares of the financial services provider’s stock after acquiring an additional 420 shares during the period. CIBC Asset Management Inc’s holdings in Commerce Bancshares were worth $356,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Allworth Financial LP increased its position in shares of Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP bought a new stake in Commerce Bancshares in the 3rd quarter valued at $39,000. True Wealth Design LLC acquired a new position in shares of Commerce Bancshares in the 3rd quarter valued at $47,000. V Square Quantitative Management LLC lifted its holdings in shares of Commerce Bancshares by 84.0% during the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 361 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in shares of Commerce Bancshares by 48.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 287 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $64.00 on Monday. Commerce Bancshares, Inc. has a 52 week low of $47.89 and a 52 week high of $72.75. The firm has a market cap of $8.21 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.13 and a beta of 0.80. The business’s fifty day moving average is $64.79 and its two-hundred day moving average is $64.42.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. During the same quarter last year, the firm earned $0.84 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.72%. Commerce Bancshares’s dividend payout ratio is 26.93%.

Insider Buying and Selling

In other Commerce Bancshares news, VP David L. Orf sold 1,036 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $70,696.64. Following the sale, the vice president now directly owns 22,175 shares in the company, valued at approximately $1,513,222. This trade represents a 4.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John W. Kemper sold 26,042 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $67.28, for a total transaction of $1,752,105.76. Following the completion of the sale, the chief executive officer now directly owns 211,929 shares in the company, valued at $14,258,583.12. This represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,054 shares of company stock valued at $5,771,192 in the last 90 days. 3.20% of the stock is owned by insiders.

Analyst Ratings Changes

CBSH has been the subject of several recent research reports. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Wells Fargo & Company increased their target price on Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th. Piper Sandler boosted their price target on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $67.83.

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.