Commerce Bancshares, Inc. $CBSH Shares Bought by Boston Trust Walden Corp

Key Points

• Boston Trust Walden Corp increased its stake in Commerce Bancshares by 1.9%, owning approximately 1.11% of the company's stock valued at $92.2 million following a purchase of 27,813 shares.
• Commerce Bancshares reported earnings of $1.14 per share for the last quarter, exceeding estimates of $1.02, with a revenue of $445.76 million compared to the expected $434.11 million.
• The company's latest quarterly dividend was $0.275, reflecting an annualized dividend of $1.10, which corresponds to a dividend yield of 1.9% and a payout ratio of 26.19%.

Boston Trust Walden Corp raised its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,483,309 shares of the financial services provider's stock after purchasing an additional 27,813 shares during the period. Boston Trust Walden Corp owned about 1.11% of Commerce Bancshares worth $92,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. HB Wealth Management LLC raised its position in Commerce Bancshares by 4.5% in the 2nd quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider's stock valued at $252,000 after purchasing an additional 174 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Commerce Bancshares by 0.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock valued at $2,128,000 after purchasing an additional 175 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Commerce Bancshares by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider's stock valued at $2,448,000 after purchasing an additional 190 shares in the last quarter. State of Michigan Retirement System raised its position in Commerce Bancshares by 0.7% in the 1st quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock valued at $1,815,000 after purchasing an additional 200 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 216 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CBSH. TD Cowen started coverage on Commerce Bancshares in a research report on Thursday, September 25th. They issued a "hold" rating and a $63.00 price target on the stock. Bank of America raised their target price on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Wells Fargo & Company cut their target price on Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, September 29th. Piper Sandler raised their target price on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Commerce Bancshares presently has a consensus rating of "Hold" and an average target price of $68.43.

Commerce Bancshares Stock Up 2.2%

NASDAQ:CBSH opened at $57.85 on Tuesday. The stock's 50 day moving average price is $60.35 and its 200 day moving average price is $61.42. The company has a market capitalization of $7.72 billion, a PE ratio of 13.77, a P/E/G ratio of 6.98 and a beta of 0.59. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week 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 (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.12. The firm had revenue of $445.76 million for the quarter, compared to the consensus estimate 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 posted $1.02 EPS. As a group, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. Commerce Bancshares's 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.

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