ExodusPoint Capital Management LP Takes $2.61 Million Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

ExodusPoint Capital Management LP purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 41,901 shares of the financial services provider’s stock, valued at approximately $2,611,000.

Other large investors have also recently bought and sold shares of the company. Atria Wealth Solutions Inc. boosted its stake in shares of Commerce Bancshares by 1.5% during the fourth quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider’s stock worth $689,000 after buying an additional 166 shares during the period. Apriem Advisors lifted its position in Commerce Bancshares by 5.0% during the 4th quarter. Apriem Advisors now owns 3,827 shares of the financial services provider’s stock worth $238,000 after acquiring an additional 182 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in shares of Commerce Bancshares by 4.9% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,908 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 183 shares during the last quarter. Verde Capital Management increased its holdings in shares of Commerce Bancshares by 5.4% in the fourth quarter. Verde Capital Management now owns 3,573 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 183 shares during the period. Finally, Frank Rimerman Advisors LLC raised its stake in shares of Commerce Bancshares by 4.9% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.8 %

CBSH stock opened at $55.85 on Tuesday. Commerce Bancshares, Inc. has a 52 week low of $48.49 and a 52 week high of $72.75. The company has a market cap of $7.49 billion, a P/E ratio of 13.93, a P/E/G ratio of 2.13 and a beta of 0.71. The company’s 50-day moving average price is $63.52 and its 200 day moving average price is $64.33.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business had revenue of $422.10 million for the quarter, compared to analysts’ expectations of $417.48 million. During the same quarter in the prior year, the firm posted $0.84 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.97%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio (DPR) is currently 27.43%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Piper Sandler lifted their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th. StockNews.com cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, April 1st. Finally, Morgan Stanley raised Commerce Bancshares from an “underweight” rating to an “equal weight” rating and cut their target price for the stock from $66.00 to $58.00 in a research note on Monday. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $66.83.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 13,493 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the completion of the transaction, the chief financial officer now directly owns 86,246 shares in the company, valued at approximately $5,844,028.96. This trade represents a 13.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David L. Orf sold 1,036 shares of Commerce Bancshares stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now owns 22,175 shares of the company’s stock, valued at approximately $1,513,222. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,434 shares of company stock valued at $5,248,272 in the last 90 days. 3.10% of the stock is currently owned by insiders.

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.