Commerce Bancshares, Inc. $CBSH Shares Sold 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. reduced its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 1.4% in the 1st quarter, according to its most recent filing with the SEC. The fund 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 0.78% of Commerce Bancshares worth $64,755,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CBSH. Kapitalo Investimentos Ltda purchased a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $26,000. IMA Advisory Services Inc. acquired a new position in Commerce Bancshares during the 1st quarter worth approximately $29,000. Allworth Financial LP increased its position in 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 purchasing an additional 231 shares during the period. Transce3nd LLC acquired a new position in Commerce Bancshares during the 4th quarter worth approximately $68,000. Finally, GAMMA Investing LLC increased its position in Commerce Bancshares by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock worth $117,000 after purchasing an additional 739 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

NASDAQ:CBSH traded up $0.32 during trading hours on Tuesday, reaching $61.93. 53,580 shares of the company traded hands, compared to its average volume of 644,083. The firm's 50-day moving average is $62.37 and its 200-day moving average is $62.45. The stock has a market cap of $8.26 billion, a P/E ratio of 14.78, a P/E/G ratio of 2.80 and a beta of 0.61. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 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 return on equity of 16.01% and a net margin of 26.37%.Commerce Bancshares's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. As a group, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed 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 is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CBSH. Wells Fargo & Company boosted their target price 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. Bank of America upped their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Morgan Stanley upped their price target on Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Piper Sandler upped their price target on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Six analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target 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.