Vident Advisory LLC Acquires New Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• Vident Advisory LLC acquired 4,185 shares of Commerce Bancshares, Inc. valued at around $260,000 during Q1, highlighting increased institutional interest in the company.
• Commerce Bancshares reported earnings of $1.14 per share for the most recent quarter, exceeding analyst expectations and reflecting a 7.6% revenue increase year-over-year.
• The company announced a quarterly dividend of $0.275 payable on September 23, 2023, representing an annual yield of 1.8% with a payout ratio of 26.19%.

Vident Advisory LLC purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,185 shares of the financial services provider's stock, valued at approximately $260,000.

Other hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its stake in Commerce Bancshares by 191.0% in the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock worth $28,000 after purchasing an additional 296 shares during the last quarter. IMA Advisory Services Inc. bought a new stake in Commerce Bancshares in the first quarter worth $29,000. Allworth Financial LP lifted its stake in Commerce Bancshares by 55.0% in the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after purchasing an additional 231 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Commerce Bancshares in the first quarter worth $59,000. Finally, GAMMA Investing LLC raised its stake in shares of Commerce Bancshares by 64.9% during the first 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 during the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH traded down $0.66 during trading on Monday, reaching $59.02. 801,512 shares of the stock traded hands, compared to its average volume of 866,753. The stock has a 50-day moving average of $62.05 and a two-hundred day moving average of $61.81. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75. The stock has a market cap of $7.88 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 2.73 and a beta of 0.61.

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

Commerce Bancshares Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on CBSH shares. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Piper Sandler upped their price objective 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. Morgan Stanley upped their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Finally, Bank of America increased their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Seven investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Company 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.