Quarry LP Has $151,000 Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Quarry LP lifted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 582.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,546 shares of the financial services provider’s stock after acquiring an additional 2,173 shares during the quarter. Quarry LP’s holdings in Commerce Bancshares were worth $151,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CBSH. Cetera Investment Advisers increased its position in shares of Commerce Bancshares by 138.3% in the first quarter. Cetera Investment Advisers now owns 31,872 shares of the financial services provider’s stock valued at $1,696,000 after acquiring an additional 18,496 shares during the last quarter. Cetera Advisors LLC increased its position in shares of Commerce Bancshares by 22.1% in the first quarter. Cetera Advisors LLC now owns 6,373 shares of the financial services provider’s stock valued at $339,000 after acquiring an additional 1,155 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 521 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $1,226,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $436,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.0 %

Commerce Bancshares stock opened at $68.75 on Friday. Commerce Bancshares, Inc. has a 12 month low of $47.09 and a 12 month high of $72.75. The stock’s 50 day moving average is $65.59 and its 200-day moving average is $61.36. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 3.73 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million for the quarter, compared to the consensus estimate of $412.85 million. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 3.98 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio (DPR) is currently 28.13%.

Insider Activity at Commerce Bancshares

In related news, SVP David L. Roller sold 890 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $2,236,684.23. The trade was a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,816 shares of company stock worth $2,108,821. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CBSH. Wells Fargo & Company lifted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research report on Tuesday. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $65.07.

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.