Cetera Investment Advisers Grows Position in 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 raised its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 29.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 74,660 shares of the financial services provider's stock after buying an additional 17,167 shares during the quarter. Cetera Investment Advisers owned about 0.06% of Commerce Bancshares worth $4,646,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBSH. Canopy Partners LLC grew its position in Commerce Bancshares by 4.9% in the 4th quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock valued at $225,000 after acquiring an additional 168 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Commerce Bancshares by 0.5% during 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 acquiring an additional 175 shares during the last quarter. State of Michigan Retirement System grew its holdings in shares of Commerce Bancshares by 0.7% during 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 buying an additional 200 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after acquiring an additional 231 shares during the period. Finally, Missouri Trust & Investment Co raised its position in shares of Commerce Bancshares by 5.8% in the 1st quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider's stock worth $293,000 after buying an additional 259 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CBSH has been the topic of several recent research reports. Wells Fargo & Company boosted their price target on Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Piper Sandler boosted their price target on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley raised their target price 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. Keefe, Bruyette & Woods lowered their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Finally, Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Price Performance

Shares of CBSH stock traded down $0.53 on Wednesday, reaching $60.27. 587,687 shares of the stock were exchanged, compared to its average volume of 855,518. The stock has a market cap of $8.04 billion, a PE ratio of 14.35, a P/E/G ratio of 2.81 and a beta of 0.61. The stock has a 50 day moving average price of $62.74 and a 200 day moving average price of $62.79. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.12. The business had revenue of $445.76 million during the quarter, compared to analysts' expectations 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 for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS. On average, research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

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 given 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 of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio is presently 26.19%.

About Commerce Bancshares

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.