Wells Fargo & Company MN Has $64.42 Million Stake in Commerce Bancshares, Inc. (CBSH)

Wells Fargo & Company MN grew its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 995,474 shares of the financial services provider’s stock after buying an additional 28,674 shares during the period. Wells Fargo & Company MN’s holdings in Commerce Bancshares were worth $64,418,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $206,000. Kaizen Advisory LLC boosted its holdings in shares of Commerce Bancshares by 299.4% in the 2nd quarter. Kaizen Advisory LLC now owns 18,837 shares of the financial services provider’s stock worth $1,219,000 after purchasing an additional 14,121 shares during the period. Three Peaks Capital Management LLC purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $1,382,000. BTIM Corp. boosted its holdings in shares of Commerce Bancshares by 0.7% in the 2nd quarter. BTIM Corp. now owns 656,673 shares of the financial services provider’s stock worth $42,493,000 after purchasing an additional 4,535 shares during the period. Finally, RFG Advisory Group LLC purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $411,000. 65.35% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Sara E. Foster sold 2,371 shares of the business’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $69.61, for a total transaction of $165,045.31. Following the completion of the transaction, the insider now owns 43,895 shares in the company, valued at approximately $3,055,530.95. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the business’s stock in a transaction on Tuesday, June 12th. The shares were sold at an average price of $65.30, for a total value of $3,005,759.00. Following the transaction, the insider now owns 993,378 shares of the company’s stock, valued at approximately $64,867,583.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,188 shares of company stock valued at $4,586,169. 4.00% of the stock is owned by company insiders.



A number of brokerages have recently commented on CBSH. Bank of America set a $68.00 target price on Commerce Bancshares and gave the stock a “sell” rating in a report on Friday, July 13th. BidaskClub cut Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, June 13th. Raymond James cut Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 10th. Morgan Stanley lifted their target price on Commerce Bancshares from $60.00 to $63.00 and gave the stock an “underweight” rating in a report on Tuesday, July 17th. Finally, Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “strong-buy” rating and set a $78.00 target price for the company in a report on Tuesday, July 17th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $65.22.

CBSH opened at $70.06 on Wednesday. Commerce Bancshares, Inc. has a 52-week low of $51.90 and a 52-week high of $70.85. The firm has a market cap of $7.40 billion, a P/E ratio of 25.29, a price-to-earnings-growth ratio of 1.84 and a beta of 0.67.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 12th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.12. Commerce Bancshares had a return on equity of 14.24% and a net margin of 28.84%. The company had revenue of $335.81 million during the quarter, compared to analysts’ expectations of $319.25 million. During the same quarter in the previous year, the business earned $0.71 EPS. equities analysts expect that Commerce Bancshares, Inc. will post 3.87 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 24th. Investors of record on Friday, September 7th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Thursday, September 6th. Commerce Bancshares’s payout ratio is currently 33.94%.

About Commerce Bancshares

Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.

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Want to see what other hedge funds are holding CBSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commerce Bancshares, Inc. (NASDAQ:CBSH).

Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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