Rafferty Asset Management LLC Has $8.50 Million Position in Commerce Bancshares, Inc. $CBSH

Rafferty Asset Management LLC grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 46.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 142,145 shares of the financial services provider’s stock after buying an additional 45,267 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.11% of Commerce Bancshares worth $8,495,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. grew its holdings in 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 acquiring an additional 216 shares during the last quarter. Quent Capital LLC acquired a new position in shares of Commerce Bancshares during the third quarter worth approximately $31,000. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares during the second quarter worth approximately $33,000. Rothschild Investment LLC grew its stake in shares of Commerce Bancshares by 3,820.0% during the third quarter. Rothschild Investment LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 573 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of Commerce Bancshares in the third quarter valued at approximately $48,000. 70.26% of the stock is owned by institutional investors.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, SVP Derrick Brooks sold 1,044 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total value of $56,793.60. Following the completion of the sale, the senior vice president owned 14,585 shares of the company’s stock, valued at approximately $793,424. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP David L. Roller sold 2,092 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $53.32, for a total transaction of $111,545.44. Following the completion of the sale, the senior vice president owned 28,933 shares in the company, valued at approximately $1,542,707.56. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 27,667 shares of company stock worth $1,493,323. 3.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Zacks Research lowered Commerce Bancshares from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 8th. TD Cowen lowered their price objective on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, January 7th. Finally, Piper Sandler set a $62.00 price objective on Commerce Bancshares and gave the stock a “neutral” rating in a report on Monday, January 26th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Reduce” and a consensus price target of $61.75.

Commerce Bancshares Stock Down 4.4%

Shares of Commerce Bancshares stock opened at $50.99 on Monday. The business has a fifty day simple moving average of $53.45 and a 200 day simple moving average of $53.99. The stock has a market cap of $7.49 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 2.56 and a beta of 0.61. Commerce Bancshares, Inc. has a 12 month low of $48.69 and a 12 month high of $63.30.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $449.36 million for the quarter, compared to analyst estimates of $442.47 million. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 earnings per share. Analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Friday, March 6th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 2.2%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.25%.

About Commerce Bancshares

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.