Freestone Grove Partners LP Invests $4.46 Million in Commerce Bancshares, Inc. $CBSH

Freestone Grove Partners LP acquired a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 77,146 shares of the financial services provider’s stock, valued at approximately $4,455,000.

Several other institutional investors have also added to or reduced their stakes in CBSH. Geneos Wealth Management Inc. grew its position in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 216 shares during the last quarter. Invesco Ltd. boosted its stake in shares of 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 purchasing an additional 16,610 shares in the last quarter. Cresset Asset Management LLC grew its holdings 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 valued at $631,000 after purchasing an additional 300 shares during the last quarter. Jump Financial LLC acquired a new position in Commerce Bancshares during the 2nd quarter worth approximately $376,000. Finally, California Public Employees Retirement System lifted its stake in Commerce Bancshares by 4.8% in the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock valued at $12,941,000 after purchasing an additional 9,483 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 19,771 shares of Commerce Bancshares stock in a transaction on Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the sale, the chief financial officer directly owned 119,410 shares of the company’s stock, valued at approximately $7,066,683.80. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John W. Kemper sold 5,830 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the transaction, the chief executive officer owned 206,528 shares in the company, valued at $12,511,466.24. This represents a 2.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,484 shares of company stock worth $1,936,055 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CBSH has been the topic of a number of research reports. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Wells Fargo & Company set a $63.00 price objective on Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Wall Street Zen upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 28th. TD Cowen restated a “hold” rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $63.29.

Commerce Bancshares Stock Down 0.0%

Shares of NASDAQ:CBSH opened at $58.04 on Friday. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 14.05, a P/E/G ratio of 2.07 and a beta of 0.59. The business’s 50-day moving average is $58.64 and its 200-day moving average is $53.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last issued 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. The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period in the previous year, the firm earned $1.14 earnings per share. Equities research analysts predict that Commerce Bancshares, Inc. will post 4.25 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Friday, September 4th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, September 4th. Commerce Bancshares’s payout ratio is presently 26.63%.

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.