Commerce Bancshares, Inc. $CBSH Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC reduced its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 11.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 636,126 shares of the financial services provider's stock after selling 82,435 shares during the period. AQR Capital Management LLC owned 0.48% of Commerce Bancshares worth $39,058,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in shares of Commerce Bancshares by 191.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 296 shares during the last quarter. IMA Advisory Services Inc. purchased a new stake in Commerce Bancshares during the 1st quarter valued at approximately $29,000. Allworth Financial LP raised its stake in Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 231 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Commerce Bancshares during the 1st quarter valued at approximately $59,000. Finally, GAMMA Investing LLC raised its stake in 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 acquiring an additional 739 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. 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 note 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 note on Thursday, July 17th. Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Zacks Research downgraded Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Finally, 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 note on Tuesday, June 17th. Seven analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Price Performance

Shares of CBSH stock traded up $0.03 during trading hours on Thursday, reaching $59.95. 426,514 shares of the company's stock were exchanged, compared to its average volume of 673,960. The company has a market cap of $8.00 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 2.76 and a beta of 0.61. The company's 50 day moving average is $62.36 and its two-hundred day moving average is $61.94. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75.

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

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be issued a $0.275 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio is currently 26.19%.

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.