Arbejdsmarkedets Tillaegspension Has $25.73 Million Stock Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• Arbejdsmarkedets Tillaegspension increased its stake in Commerce Bancshares by 17.1% in the first quarter, ending with 523,051 shares valued at about $25.7 million.
• Commerce Bancshares reported Q1 earnings of $0.96 per share, topping estimates, while revenue rose 11.1% year over year to $475.69 million.
• Analysts remain mostly cautious: the stock has a Hold consensus rating, with an average price target of $58.67, though some firms recently nudged their targets higher.

Arbejdsmarkedets Tillaegspension raised its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 17.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 523,051 shares of the financial services provider's stock after buying an additional 76,450 shares during the quarter. Arbejdsmarkedets Tillaegspension owned 0.36% of Commerce Bancshares worth $25,734,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after acquiring an additional 1,098,142 shares in the last quarter. State Street Corp raised its stake in shares of Commerce Bancshares by 8.4% in the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider's stock valued at $383,071,000 after acquiring an additional 566,853 shares during the last quarter. Commerce Bank boosted its holdings in shares of Commerce Bancshares by 7.0% in the 4th quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider's stock worth $296,287,000 after acquiring an additional 369,636 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Commerce Bancshares by 15.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,049,064 shares of the financial services provider's stock worth $159,597,000 after acquiring an additional 406,063 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Commerce Bancshares by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock worth $147,097,000 after acquiring an additional 174,863 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $58.37 on Monday. The business's 50-day simple moving average is $54.19 and its 200 day simple moving average is $52.61. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 2.99 and a beta of 0.58. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.15.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The business had revenue of $475.69 million during the quarter, compared to the consensus estimate of $481.94 million. During the same period in the previous year, the firm posted $0.98 earnings per share. Commerce Bancshares's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Commerce Bancshares, Inc. will post 4.15 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were given a dividend of $0.275 per share. The ex-dividend date was Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares's payout ratio is presently 26.38%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price target on Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Hovde Group reduced their price objective on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 22nd. TD Cowen restated a "hold" rating and issued a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Morgan Stanley reaffirmed a "positive" rating and issued a $65.00 price target (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Finally, Wall Street Zen upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Sunday. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $58.67.

About Commerce Bancshares

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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