Advisors Capital Management LLC Acquires Shares of 7,731 Commerce Bancshares, Inc. $CBSH

Key Points

• Advisors Capital Management LLC purchased a new stake in Commerce Bancshares, Inc., buying 7,731 shares valued at approximately $481,000 in the first quarter.
• Commerce Bancshares received a downgrade from Zacks Research from a "strong-buy" to a "hold" rating, while other analysts have raised their price objectives for the stock.
• The company announced a quarterly dividend of $0.275 per share, reflecting a 1.8% annual yield, with the payment scheduled for September 23rd.

Advisors Capital Management LLC purchased a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,731 shares of the financial services provider's stock, valued at approximately $481,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CBSH. Deutsche Bank AG raised its holdings in Commerce Bancshares by 16.3% during the 4th quarter. Deutsche Bank AG now owns 9,921 shares of the financial services provider's stock valued at $618,000 after buying an additional 1,387 shares during the period. Focus Partners Wealth raised its holdings in Commerce Bancshares by 14.5% during the 4th quarter. Focus Partners Wealth now owns 21,107 shares of the financial services provider's stock valued at $1,315,000 after buying an additional 2,676 shares during the period. Janus Henderson Group PLC raised its holdings in Commerce Bancshares by 2.0% during the 4th quarter. Janus Henderson Group PLC now owns 60,131 shares of the financial services provider's stock valued at $3,749,000 after buying an additional 1,163 shares during the period. Nomura Holdings Inc. purchased a new stake in Commerce Bancshares during the 4th quarter valued at $1,013,000. Finally, Man Group plc raised its holdings in Commerce Bancshares by 248.0% during the 4th quarter. Man Group plc now owns 18,203 shares of the financial services provider's stock valued at $1,134,000 after buying an additional 12,972 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CBSH. Morgan Stanley upped 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. Wells Fargo & Company upped their price objective on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Bank of America upped 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. Piper Sandler upped their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Seven investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Stock Up 1.7%

Shares of NASDAQ CBSH traded up $1.00 during mid-day trading on Thursday, reaching $60.25. 732,614 shares of the company were exchanged, compared to its average volume of 916,411. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 2.71 and a beta of 0.61. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75. The firm has a 50-day moving average of $61.69 and a 200 day moving average of $61.74.

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

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) 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.