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TD Asset Management Inc. Makes New $804,000 Investment in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Defense World · Aug 31, 2022 04:51

TD Asset Management Inc. bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) during the 1st quarter, HoldingsChannel.com reports. The fund bought 11,237 shares of the financial services provider's stock, valued at approximately $804,000.

Several other hedge funds also recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV increased its position in Commerce Bancshares by 4.8% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 7,650 shares of the financial services provider's stock worth $548,000 after purchasing an additional 352 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Commerce Bancshares by 15.9% during the 1st quarter. Van ECK Associates Corp now owns 2,639 shares of the financial services provider's stock worth $189,000 after acquiring an additional 363 shares in the last quarter. Buckingham Strategic Wealth LLC bought a new stake in shares of Commerce Bancshares during the 1st quarter worth about $346,000. Oak Thistle LLC bought a new stake in shares of Commerce Bancshares during the 1st quarter worth about $294,000. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Commerce Bancshares by 0.4% during the 1st quarter. Treasurer of the State of North Carolina now owns 40,666 shares of the financial services provider's stock worth $2,911,000 after acquiring an additional 170 shares in the last quarter. 68.76% of the stock is owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Commerce Bancshares news, EVP Robert S. Holmes sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $70.45, for a total value of $140,900.00. Following the completion of the sale, the executive vice president now owns 43,058 shares in the company, valued at approximately $3,033,436.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO John W. Kemper sold 4,285 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $72.41, for a total value of $310,276.85. Following the completion of the transaction, the chief executive officer now directly owns 184,303 shares of the company's stock, valued at approximately $13,345,380.23. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert S. Holmes sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $70.45, for a total value of $140,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,058 shares of the company's stock, valued at $3,033,436.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,474 shares of company stock worth $464,244. 3.20% of the stock is currently owned by company insiders.

Commerce Bancshares Stock Down 0.4 %

Shares of NASDAQ:CBSH opened at $69.17 on Wednesday. The business has a 50 day moving average price of $68.93 and a 200 day moving average price of $69.32. Commerce Bancshares, Inc. has a twelve month low of $61.81 and a twelve month high of $74.72. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 17.87 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last announced its earnings results on Thursday, July 21st. The financial services provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Commerce Bancshares had a return on equity of 14.98% and a net margin of 32.88%. The firm had revenue of $371.80 million during the quarter, compared to the consensus estimate of $362.50 million. During the same quarter in the prior year, the company earned $1.38 EPS. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts anticipate that Commerce Bancshares, Inc. will post 4.04 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Wednesday, September 7th will be given a $0.265 dividend. The ex-dividend date is Tuesday, September 6th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.53%. Commerce Bancshares's dividend payout ratio is currently 27.39%.

Analyst Upgrades and Downgrades

CBSH has been the subject of several recent analyst reports. DA Davidson upped their price target on Commerce Bancshares to $71.00 in a research note on Monday, July 25th. Jefferies Financial Group decreased their price target on Commerce Bancshares from $75.00 to $71.00 in a research note on Monday, July 11th. Finally, StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Monday, July 18th.

Commerce Bancshares Profile

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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.