Bank of Nova Scotia Invests $1.28 Million in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Bank of Nova Scotia acquired a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 20,600 shares of the financial services provider's stock, valued at approximately $1,282,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CBSH. Louisiana State Employees Retirement System grew its position in Commerce Bancshares by 0.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock worth $2,128,000 after purchasing an additional 175 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Commerce Bancshares by 0.7% in the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock valued at $1,815,000 after buying an additional 200 shares during the period. Allworth Financial LP grew its position in Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after buying an additional 231 shares in the last quarter. Missouri Trust & Investment Co grew its holdings in shares of Commerce Bancshares by 5.8% during the 1st quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider's stock worth $293,000 after purchasing an additional 259 shares in the last quarter. Finally, Smith Shellnut Wilson LLC ADV increased its holdings in Commerce Bancshares by 5.0% in the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider's stock valued at $390,000 after buying an additional 295 shares during the period. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $59.86 on Friday. The company has a fifty day moving average price of $62.62 and a two-hundred day moving average price of $62.74. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75. The stock has a market cap of $7.99 billion, a P/E ratio of 14.25, a P/E/G ratio of 2.78 and a beta of 0.61.

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

Commerce Bancshares Dividend Announcement

The company 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 dividend of $0.275 per share. The ex-dividend date of this dividend 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 (DPR) is currently 26.19%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CBSH shares. Piper Sandler increased their target price on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods lowered their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Finally, Bank of America boosted their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $68.20.

Commerce Bancshares 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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