Jag Capital Management LLC Grows Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Jag Capital Management LLC raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,320 shares of the financial services provider’s stock after acquiring an additional 527 shares during the quarter. Jag Capital Management LLC’s holdings in Commerce Bancshares were worth $643,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC boosted its stake in shares of Commerce Bancshares by 7,407.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Boston Trust Walden Corp boosted its stake in shares of Commerce Bancshares by 17.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider’s stock valued at $91,524,000 after purchasing an additional 219,826 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Commerce Bancshares by 7.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after purchasing an additional 163,782 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Commerce Bancshares by 3,635.0% during the 4th quarter. Fisher Asset Management LLC now owns 153,171 shares of the financial services provider’s stock valued at $9,544,000 after purchasing an additional 149,070 shares in the last quarter. Finally, NFJ Investment Group LLC boosted its stake in shares of Commerce Bancshares by 17.7% during the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider’s stock valued at $42,006,000 after purchasing an additional 106,316 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted 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. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 29th. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Finally, Piper Sandler boosted their price objective on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $67.83.

Insider Activity

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 500 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the completion of the sale, the senior vice president now directly owns 22,265 shares of the company’s stock, valued at approximately $1,526,265.75. This represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David L. Orf sold 1,036 shares of the company’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 of the company’s stock, valued at approximately $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 86,016 shares of company stock valued at $5,768,576 over the last three months. Insiders own 3.20% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $64.82 on Tuesday. The firm’s 50 day moving average price is $64.78 and its 200-day moving average price is $64.59. The company has a market cap of $8.68 billion, a PE ratio of 16.16, a P/E/G ratio of 2.13 and a beta of 0.80. Commerce Bancshares, Inc. has a 52-week low of $47.89 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share 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 firm had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. During the same period in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.70%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, March 7th. Commerce Bancshares’s payout ratio is presently 27.43%.

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.