Chicago Partners Investment Group LLC Invests $312,000 in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Chicago Partners Investment Group LLC acquired a new stake in Commerce Bancshares, purchasing 5,014 shares valued at approximately $312,000 during the 1st quarter.
• Commerce Bancshares recently reported quarterly earnings of $1.14 per share, exceeding expectations, with revenue of $445.76 million reflecting a year-over-year growth of 7.6%.
• The company announced a quarterly dividend of $0.275 per share, representing an annual yield of 1.8%, to be paid on September 23rd to shareholders of record as of September 5th.

Chicago Partners Investment Group LLC bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,014 shares of the financial services provider's stock, valued at approximately $312,000.

A number of other large investors have also modified their holdings of the company. Envestnet Asset Management Inc. grew its position in Commerce Bancshares by 1.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 271,032 shares of the financial services provider's stock valued at $16,888,000 after acquiring an additional 2,923 shares during the period. Invesco Ltd. grew its position in Commerce Bancshares by 75.6% in the fourth quarter. Invesco Ltd. now owns 359,482 shares of the financial services provider's stock valued at $22,399,000 after acquiring an additional 154,751 shares during the period. Treasurer of the State of North Carolina grew its position in Commerce Bancshares by 4.2% in the fourth quarter. Treasurer of the State of North Carolina now owns 54,234 shares of the financial services provider's stock valued at $3,379,000 after acquiring an additional 2,177 shares during the period. Sterling Capital Management LLC grew its position in Commerce Bancshares by 61.3% in the fourth quarter. Sterling Capital Management LLC now owns 7,327 shares of the financial services provider's stock valued at $457,000 after acquiring an additional 2,785 shares during the period. Finally, Townsquare Capital LLC grew its position in Commerce Bancshares by 3.4% in the fourth quarter. Townsquare Capital LLC now owns 11,749 shares of the financial services provider's stock valued at $732,000 after acquiring an additional 391 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Trading Down 1.2%

Commerce Bancshares stock traded down $0.73 during mid-day trading on Friday, hitting $61.19. The stock had a trading volume of 621,903 shares, compared to its average volume of 709,533. The stock has a 50-day simple moving average of $62.40 and a two-hundred day simple moving average of $62.54. The stock has a market capitalization of $8.17 billion, a PE ratio of 14.57, a P/E/G ratio of 2.83 and a beta of 0.61. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75.

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

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders 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 dividend on an annualized basis and a yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley upped their price target on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. Piper Sandler upped their price target on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Wells Fargo & Company upped their price target on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Bank of America increased their target price on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report 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. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target 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.