Financiere des Professionnels Fonds d investissement inc. Buys New Shares in Commerce Bancshares, Inc. $CBSH

Key Points

• Financiere des Professionnels Fonds d investissement inc. has acquired 10,444 shares of Commerce Bancshares, valued at approximately $649,000, indicating growing interest in the financial services provider.
• Several institutional investors, including Deutsche Bank AG and Man Group plc, have significantly increased their stakes in Commerce Bancshares during the fourth quarter, reflecting confidence in the company.
• Analysts have set new target prices for Commerce Bancshares, with Piper Sandler and Bank of America both boosting their price targets, suggesting a favorable outlook for the stock's performance.

Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 10,444 shares of the financial services provider's stock, valued at approximately $649,000.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in Commerce Bancshares during the 1st quarter worth about $1,855,000. HighTower Advisors LLC grew its holdings in shares of Commerce Bancshares by 39.5% in the 1st quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider's stock valued at $1,198,000 after acquiring an additional 5,453 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Commerce Bancshares by 67.6% in the 1st quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider's stock valued at $16,871,000 after acquiring an additional 109,375 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after acquiring an additional 739 shares in the last quarter. Finally, Novem Group grew its holdings in shares of Commerce Bancshares by 35.3% in the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after acquiring an additional 4,344 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America raised their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Morgan Stanley raised their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Zacks Research downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Piper Sandler raised their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Seven research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Price Performance

NASDAQ:CBSH traded down $1.02 during mid-day trading on Friday, reaching $59.23. The stock had a trading volume of 2,672,894 shares, compared to its average volume of 928,480. The stock has a 50-day simple moving average of $61.56 and a two-hundred day simple moving average of $61.71. The stock has a market capitalization of $7.90 billion, a PE ratio of 14.10, a P/E/G ratio of 2.71 and a beta of 0.61. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. The business had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. Equities analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's payout ratio is presently 26.19%.

Commerce Bancshares Profile

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.