HighTower Advisors LLC Grows Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• HighTower Advisors LLC increased its stake in Commerce Bancshares by 39.5% during the first quarter, owning 19,259 shares valued at approximately $1,198,000.
• Several major investors, including the Louisiana State Employees Retirement System and Allworth Financial LP, also adjusted their holdings in Commerce Bancshares during the same period.
• Commerce Bancshares recently announced a quarterly dividend of $0.275 per share, representing a 1.8% dividend yield with an annualized payout of $1.10.

HighTower Advisors LLC lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 39.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,259 shares of the financial services provider's stock after acquiring an additional 5,453 shares during the period. HighTower Advisors LLC's holdings in Commerce Bancshares were worth $1,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth about $26,000. IMA Advisory Services Inc. acquired a new stake in Commerce Bancshares during the first quarter worth approximately $29,000. Allworth Financial LP grew its stake in Commerce Bancshares by 55.0% in 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. GAMMA Investing LLC grew its stake 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 worth $117,000 after acquiring an additional 739 shares during the period. Finally, LRI Investments LLC raised its holdings in Commerce Bancshares by 19.5% in the 4th quarter. LRI Investments LLC now owns 2,004 shares of the financial services provider's stock valued at $125,000 after acquiring an additional 327 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Morgan Stanley lifted their price objective 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. Bank of America raised their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Zacks Research downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Piper Sandler increased their price objective on shares of 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 downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Seven investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Price Performance

NASDAQ CBSH traded down $0.05 during mid-day trading on Monday, hitting $61.94. The company's stock had a trading volume of 668,412 shares, compared to its average volume of 698,515. The firm has a market capitalization of $8.27 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 2.83 and a beta of 0.61. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75. The stock's fifty day simple moving average is $62.56 and its two-hundred day simple moving average is $62.11.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued 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. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. During the same quarter last 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 forecast 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. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

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.