MTM Investment Management LLC Raises Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

MTM Investment Management LLC lifted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 63,080 shares of the financial services provider’s stock after acquiring an additional 3,216 shares during the quarter. Commerce Bancshares makes up approximately 1.5% of MTM Investment Management LLC’s investment portfolio, making the stock its 14th largest position. MTM Investment Management LLC’s holdings in Commerce Bancshares were worth $3,931,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in shares of Commerce Bancshares in the third quarter worth about $566,000. Procyon Advisors LLC purchased a new position in Commerce Bancshares during the fourth quarter worth approximately $200,000. Centiva Capital LP purchased a new position in Commerce Bancshares during the third quarter worth approximately $581,000. PFW Advisors LLC purchased a new position in Commerce Bancshares during the fourth quarter worth approximately $1,336,000. Finally, Barclays PLC boosted its position in Commerce Bancshares by 19.4% during the third quarter. Barclays PLC now owns 106,934 shares of the financial services provider’s stock worth $6,353,000 after purchasing an additional 17,400 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price target on Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 29th. Piper Sandler raised their target price on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Raymond James cut Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Seven investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $67.83.

Commerce Bancshares Trading Down 1.7 %

CBSH opened at $66.19 on Thursday. The stock’s 50-day moving average price is $65.15 and its 200 day moving average price is $64.24. Commerce Bancshares, Inc. has a 12-month low of $47.09 and a 12-month high of $72.75. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.27 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Commerce Bancshares’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 EPS. On average, research analysts forecast that Commerce Bancshares, Inc. will post 3.9 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be issued a $0.275 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.66%. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio is presently 26.93%.

Insider Activity

In related news, VP David L. Orf sold 1,036 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $1,513,222. This trade represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares in the company, valued at $5,844,028.96. This represents a 13.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,944 shares of company stock worth $5,835,512. 3.20% 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.