Cetera Investment Advisers Purchases 17,167 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Cetera Investment Advisers boosted its stake in Commerce Bancshares by 29.9%, owning a total of 74,660 shares valued at approximately $4.6 million.
• Analysts have revised their price targets for Commerce Bancshares, with Wells Fargo increasing it to $69.00, while Keefe, Bruyette & Woods lowered theirs to $70.00.
• Commerce Bancshares recently declared a quarterly dividend of $0.275 per share, reflecting an annualized dividend yield of 1.8%.

Cetera Investment Advisers boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 29.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,660 shares of the financial services provider's stock after acquiring an additional 17,167 shares during the period. Cetera Investment Advisers owned 0.06% of Commerce Bancshares worth $4,646,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Canopy Partners LLC raised its position in Commerce Bancshares by 4.9% in the fourth quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock worth $225,000 after purchasing an additional 168 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Commerce Bancshares by 0.5% in the first 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 in the last quarter. State of Michigan Retirement System raised its position in 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 worth $1,815,000 after purchasing an additional 200 shares in the last quarter. Allworth Financial LP raised its position in Commerce Bancshares by 55.0% in the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after purchasing an additional 231 shares in the last quarter. Finally, Missouri Trust & Investment Co raised its position in Commerce Bancshares by 5.8% in the first 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. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Stock Up 1.0%

CBSH stock traded up $0.62 during midday trading on Friday, reaching $60.48. The company's stock had a trading volume of 174,438 shares, compared to its average volume of 647,757. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75. The stock has a market cap of $8.07 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.78 and a beta of 0.61. The business's 50-day simple moving average is $62.62 and its 200-day simple moving average is $62.74.

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

Commerce Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods dropped their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Piper Sandler raised their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Finally, Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $68.20.

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.