Commerce Bancshares, Inc. $CBSH Stake Lowered by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. sold 14,861 shares of Commerce Bancshares, Inc., reducing its holdings by 1.4% to approximately $64.8 million.
• Commerce Bancshares reported a Q2 EPS of $1.14, exceeding estimates of $1.02, with revenues of $445.76 million, up 7.6% year-over-year.
• The company announced a quarterly dividend of $0.275 per share, payable on September 23rd, representing a dividend yield of 1.8%.

Charles Schwab Investment Management Inc. decreased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,040,569 shares of the financial services provider's stock after selling 14,861 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.78% of Commerce Bancshares worth $64,755,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new position in Commerce Bancshares in the fourth quarter worth $26,000. IMA Advisory Services Inc. acquired a new position in Commerce Bancshares in the 1st quarter valued at $29,000. Allworth Financial LP raised its holdings in Commerce Bancshares by 55.0% in the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 231 shares during the last quarter. Transce3nd LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at $68,000. Finally, GAMMA Investing LLC raised its holdings in Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after acquiring an additional 739 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Trading Up 0.5%

Commerce Bancshares stock traded up $0.30 during midday trading on Monday, hitting $61.49. The stock had a trading volume of 182,070 shares, compared to its average volume of 645,362. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The business has a fifty day moving average price of $62.40 and a 200 day moving average price of $62.48. The stock has a market cap of $8.20 billion, a P/E ratio of 14.62, a P/E/G ratio of 2.80 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released 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. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The business had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. During the same quarter in the previous year, the firm posted $1.02 EPS. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. 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 payout ratio is currently 26.19%.

Analyst Ratings Changes

CBSH has been the subject of several analyst reports. Wells Fargo & Company boosted their price target on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Bank of America boosted their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Piper Sandler boosted 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. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Morgan Stanley upped their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $68.20.

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.