53,476 Shares in Commerce Bancshares, Inc. $CBSH Bought by Ascent Group LLC

Key Points

• Ascent Group LLC has acquired 53,476 shares of Commerce Bancshares, Inc., valued at approximately $3.3 million, during the first quarter of 2023.
• Commerce Bancshares recently reported earnings of $1.14 per share for the last quarter, exceeding analysts' expectations by $0.12, alongside revenue growth of 7.6% year-over-year.
• The company announced a quarterly dividend of $0.275, with an annualized yield of 1.8%, set to be paid on September 23rd to shareholders of record on September 5th.

Ascent Group LLC bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 53,476 shares of the financial services provider's stock, valued at approximately $3,328,000.

A number of other hedge funds also recently added to or reduced their stakes in CBSH. Algert Global LLC bought a new stake in Commerce Bancshares in the 4th quarter valued at about $731,000. Ameriprise Financial Inc. grew its position in Commerce Bancshares by 5.7% in the 4th quarter. Ameriprise Financial Inc. now owns 620,590 shares of the financial services provider's stock worth $38,662,000 after purchasing an additional 33,679 shares during the last quarter. Baird Financial Group Inc. increased its stake in shares of Commerce Bancshares by 7.7% in the fourth quarter. Baird Financial Group Inc. now owns 33,018 shares of the financial services provider's stock valued at $2,057,000 after purchasing an additional 2,368 shares during the period. Captrust Financial Advisors raised its holdings in shares of Commerce Bancshares by 31.5% during the fourth quarter. Captrust Financial Advisors now owns 27,894 shares of the financial services provider's stock valued at $1,738,000 after buying an additional 6,675 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in shares of Commerce Bancshares during the fourth quarter valued at approximately $264,000. 70.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Morgan Stanley increased their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company increased their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Finally, Zacks Research downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 27th. Seven equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Trading Down 0.7%

NASDAQ:CBSH traded down $0.43 during trading hours on Friday, hitting $59.68. 832,044 shares of the stock traded hands, compared to its average volume of 677,251. The firm has a 50 day moving average price of $62.27 and a 200 day moving average price of $61.91. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 2.74 and a beta of 0.61. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. The business had revenue of $445.76 million for 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%.Commerce Bancshares's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 earnings per share. Research analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders 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.