Connor Clark & Lunn Investment Management Ltd. Makes New $3.25 Million Investment in Commerce Bancshares, Inc. $CBSH

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the second quarter, HoldingsChannel reports. The firm purchased 56,337 shares of the financial services provider’s stock, valued at approximately $3,253,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CBSH. Bank of Nova Scotia acquired a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $424,000. Commerce Bank purchased a new position in shares of Commerce Bancshares during the 2nd quarter worth approximately $316,010,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Commerce Bancshares in the 2nd quarter valued at approximately $93,000. Evolve Private Wealth LLC acquired a new stake in Commerce Bancshares in the 2nd quarter valued at approximately $689,000. Finally, Madison Wealth Partners Inc purchased a new stake in Commerce Bancshares in the second quarter valued at approximately $253,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $58.04 on Friday. The firm has a market cap of $8.32 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 2.07 and a beta of 0.59. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $58.64 and its two-hundred day moving average is $53.98.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. The company had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same quarter last year, the company posted $1.14 EPS. On average, research analysts expect that Commerce Bancshares, Inc. will post 4.25 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, September 4th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

Insider Transactions at Commerce Bancshares

In related news, SVP Derrick Brooks sold 1,041 shares of Commerce Bancshares stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $59.63, for a total value of $62,074.83. Following the completion of the transaction, the senior vice president directly owned 13,117 shares in the company, valued at approximately $782,166.71. This trade represents a 7.35% 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, VP David L. Orf sold 642 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares of the company’s stock, valued at $1,506,456.70. The trade was a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 32,484 shares of company stock valued at $1,936,055 in the last 90 days. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CBSH shares. TD Cowen restated a “hold” rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Wall Street Zen raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Wells Fargo & Company set a $63.00 price objective on Commerce Bancshares and gave the company an “equal weight” rating in a report on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Finally, Morgan Stanley restated a “positive” rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $63.29.

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.