AlphaQuest LLC Increases Stock Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• AlphaQuest LLC increased its stock holdings in Commerce Bancshares, Inc. by 1,261.0% in the second quarter, owning 72,635 shares valued at approximately $4.5 million.
• Several hedge funds, including GAMMA Investing LLC and Wealth Enhancement Advisory Services, have also increased their positions in Commerce Bancshares during the first quarter.
• Commerce Bancshares reported quarterly earnings of $1.06 per share, missing estimates, with a revenue of approximately $441 million, up 4.7% from the previous year.

AlphaQuest LLC grew its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 1,261.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,635 shares of the financial services provider's stock after buying an additional 67,298 shares during the period. Commerce Bancshares accounts for approximately 0.4% of AlphaQuest LLC's holdings, making the stock its 6th biggest position. AlphaQuest LLC owned 0.05% of Commerce Bancshares worth $4,516,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CBSH. GAMMA Investing LLC boosted its holdings in shares of Commerce Bancshares by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after buying an additional 739 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Commerce Bancshares by 19.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,971 shares of the financial services provider's stock worth $1,118,000 after buying an additional 2,955 shares during the last quarter. State of Alaska Department of Revenue raised its position in Commerce Bancshares by 2.4% in the 1st quarter. State of Alaska Department of Revenue now owns 14,299 shares of the financial services provider's stock worth $889,000 after buying an additional 330 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Commerce Bancshares in the 1st quarter worth about $1,855,000. Finally, Stonebridge Financial Group LLC raised its position in Commerce Bancshares by 2.7% in the 1st quarter. Stonebridge Financial Group LLC now owns 71,211 shares of the financial services provider's stock worth $4,431,000 after buying an additional 1,900 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Trading Up 0.4%

Commerce Bancshares stock opened at $53.70 on Friday. Commerce Bancshares, Inc. has a 12-month low of $52.11 and a 12-month high of $72.75. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 4.83 and a beta of 0.59. The firm has a 50 day moving average of $59.33 and a 200 day moving average of $61.13.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The business had revenue of $440.97 million during the quarter, compared to the consensus estimate of $447.04 million. During the same quarter in the previous year, the company earned $1.07 earnings per share. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. On average, analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CBSH shares. Morgan Stanley boosted their target price on Commerce Bancshares from $66.00 to $70.00 and gave the stock an "underperform" rating in a research report on Monday, September 29th. Weiss Ratings reissued a "hold (c+)" rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. TD Cowen assumed coverage on shares of Commerce Bancshares in a research report on Thursday, September 25th. They set a "hold" rating and a $63.00 price target for the company. Hovde Group assumed coverage on shares of Commerce Bancshares in a research report on Monday, October 6th. They set an "outperform" rating and a $70.00 price target for the company. Finally, Piper Sandler reduced their price target on shares of Commerce Bancshares from $70.00 to $63.00 and set a "neutral" rating for the company in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and an average target price of $65.29.

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.

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