Bank of New York Mellon Corp Purchases Shares of 942,747 Commerce Bancshares, Inc. $CBSH

Bank of New York Mellon Corp acquired a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the second quarter, HoldingsChannel reports. The fund acquired 942,747 shares of the financial services provider’s stock, valued at approximately $54,444,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after purchasing an additional 1,098,142 shares during the last quarter. State Street Corp increased its position in Commerce Bancshares by 8.4% during the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock worth $383,071,000 after buying an additional 566,853 shares during the last quarter. Commerce Bank raised its stake in Commerce Bancshares by 7.0% in the fourth quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock valued at $296,287,000 after buying an additional 369,636 shares during the period. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 29.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock valued at $193,999,000 after buying an additional 894,183 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Commerce Bancshares by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider’s stock valued at $147,097,000 after buying an additional 174,863 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $58.50 on Thursday. The firm has a market cap of $8.39 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 2.07 and a beta of 0.59. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The stock’s fifty day moving average price is $58.51 and its two-hundred day moving average price is $53.93. Commerce Bancshares, Inc. has a one year low of $46.99 and a one 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 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The company had revenue of $498.91 million for the quarter, compared to analysts’ expectations of $492.22 million. During the same quarter last year, the business earned $1.14 earnings per share. As a group, research analysts expect that Commerce Bancshares, Inc. will post 4.25 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

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

Insider Activity at Commerce Bancshares

In other news, CEO John W. Kemper sold 5,830 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the completion of the sale, the chief executive officer owned 206,528 shares of the company’s stock, valued at approximately $12,511,466.24. This represents a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP David L. Orf sold 642 shares of Commerce Bancshares stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $60.35, for a total transaction of $38,744.70. Following the completion of the transaction, the vice president directly owned 24,962 shares in the company, valued at $1,506,456.70. This trade represents a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,484 shares of company stock worth $1,936,055 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CBSH. Piper Sandler reissued a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Wells Fargo & Company set a $63.00 price objective on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Monday, August 10th. TD Cowen reiterated a “hold” rating and issued a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Morgan Stanley reissued a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $63.29.

About Commerce Bancshares

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.