Adage Capital Partners GP L.L.C. Purchases 165,000 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Commerce Bancshares by 104.3%, holding a total of 323,215 shares worth approximately $20.11 million as of the latest SEC filing.
• Commerce Bancshares declared a quarterly dividend of $0.275 per share, with a record date of September 5th, representing a 1.8% dividend yield.
• The financial services company reported earnings of $1.14 per share for the last quarter, surpassing analyst expectations of $1.02 and showing a year-over-year revenue growth of 7.6%.

Adage Capital Partners GP L.L.C. increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 104.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 323,215 shares of the financial services provider's stock after buying an additional 165,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.24% of Commerce Bancshares worth $20,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CBSH. Louisiana State Employees Retirement System raised its holdings in shares of Commerce Bancshares by 0.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock worth $2,128,000 after buying an additional 175 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of Commerce Bancshares by 0.7% in the 1st quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock worth $1,815,000 after buying an additional 200 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Commerce Bancshares by 55.0% in the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after buying an additional 231 shares in the last quarter. Missouri Trust & Investment Co grew its position in Commerce Bancshares by 5.8% during the 1st quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider's stock worth $293,000 after acquiring an additional 259 shares during the last quarter. Finally, Smith Shellnut Wilson LLC ADV increased its holdings in Commerce Bancshares by 5.0% during the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 295 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

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

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded up $0.20 during midday trading on Monday, reaching $60.78. 1,026,776 shares of the company's stock were exchanged, compared to its average volume of 673,277. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 2.77 and a beta of 0.61. The stock's 50-day simple moving average is $62.53 and its 200 day simple moving average is $61.99.

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, topping analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same quarter last year, the company posted $1.02 earnings per share. Commerce Bancshares's quarterly revenue was up 7.6% on a year-over-year basis. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date 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.