Amundi Has $558,000 Stake in Commerce Bancshares, Inc. $CBSH

Key Points

• Amundi cut its Commerce Bancshares stake by 87% in the first quarter, selling 76,178 shares and retaining 11,340 shares valued at approximately $558,000. Institutional investors and hedge funds collectively own 70.26% of CBSH.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $63.29. Recent quarterly results exceeded expectations, with earnings of $1.10 per share and revenue of $498.91 million.
• Commerce Bancshares announced a quarterly dividend of $0.275 per share, equivalent to $1.10 annually and a 1.9% yield. The company’s shares recently opened at $58.65, near their 52-week high of $60.92.

Amundi decreased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 87.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,340 shares of the financial services provider's stock after selling 76,178 shares during the period. Amundi's holdings in Commerce Bancshares were worth $558,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CBSH. Danske Bank A S bought a new position in Commerce Bancshares in the 3rd quarter valued at about $25,000. Geneos Wealth Management Inc. raised its stake in shares of Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after purchasing an additional 216 shares during the last quarter. Root Financial Partners LLC lifted its holdings in shares of Commerce Bancshares by 104.9% in the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 319 shares in the last quarter. Laurel Wealth Advisors LLC bought a new position in shares of Commerce Bancshares in the fourth quarter valued at approximately $34,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of Commerce Bancshares during the fourth quarter valued at approximately $40,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CBSH has been the subject of a number of analyst reports. Piper Sandler reissued a "neutral" rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods upped their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. TD Cowen restated a "hold" rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Weiss Ratings raised shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $63.29.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $58.65 on Tuesday. The firm has a market cap of $8.41 billion, a price-to-earnings ratio of 14.20, a P/E/G ratio of 2.11 and a beta of 0.59. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $60.92. The firm's 50-day simple moving average is $57.24 and its two-hundred day simple moving average is $53.45.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The firm had revenue of $498.91 million for the quarter, compared to analysts' expectations of $492.22 million. During the same period in the previous year, the company earned $1.14 earnings per share. As a group, equities analysts forecast that Commerce Bancshares, Inc. will post 4.24 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 22nd. Shareholders of record on Friday, September 4th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Commerce Bancshares's dividend payout ratio is 26.63%.

Insider Transactions at Commerce Bancshares

In related news, SVP Derrick Brooks sold 1,041 shares of Commerce Bancshares stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $59.63, for a total value of $62,074.83. Following the completion of the sale, the senior vice president owned 13,117 shares of the company's stock, valued at approximately $782,166.71. This trade represents a 7.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John W. Kemper sold 5,830 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total value of $353,181.40. Following the completion of the sale, the chief executive officer owned 206,528 shares in the company, valued at $12,511,466.24. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 31,842 shares of company stock valued at $1,897,310. Corporate insiders own 1.80% of the company's stock.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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