Ashton Thomas Private Wealth LLC Purchases Shares of 3,099 Commerce Bancshares, Inc. (NASDAQ:CBSH)

Ashton Thomas Private Wealth LLC acquired a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,099 shares of the financial services provider’s stock, valued at approximately $173,000.

A number of other hedge funds have also recently modified their holdings of CBSH. Norges Bank purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth about $71,835,000. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after buying an additional 558,017 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Commerce Bancshares by 22.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock worth $89,541,000 after buying an additional 302,630 shares during the last quarter. Commerce Bank increased its stake in shares of Commerce Bancshares by 2.8% during the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock valued at $385,771,000 after buying an additional 196,431 shares during the period. Finally, Boston Trust Walden Corp raised its holdings in shares of Commerce Bancshares by 15.4% during the second quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock valued at $70,339,000 after acquiring an additional 168,550 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $60.86 on Friday. Commerce Bancshares, Inc. has a 1 year low of $40.91 and a 1 year high of $65.86. The firm has a market cap of $7.88 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 10.12 and a beta of 0.75. The company has a 50-day moving average of $61.58 and a 200 day moving average of $56.56.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.17. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The business had revenue of $414.90 million during the quarter, compared to the consensus estimate of $406.88 million. During the same quarter last year, the firm earned $0.97 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities analysts anticipate that Commerce Bancshares, Inc. will post 3.96 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Thursday, September 5th. Commerce Bancshares’s payout ratio is 30.08%.

Insiders Place Their Bets

In other news, EVP John K. Handy sold 1,331 shares of Commerce Bancshares stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the completion of the transaction, the executive vice president now owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Patricia R. Kellerhals sold 1,500 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $60.82, for a total transaction of $91,230.00. Following the sale, the senior vice president now owns 25,381 shares in the company, valued at $1,543,672.42. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the sale, the executive vice president now directly owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,612 shares of company stock valued at $3,060,149. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Commerce Bancshares from $58.00 to $66.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group boosted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Commerce Bancshares presently has a consensus rating of “Hold” and an average target price of $60.00.

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.