Panagora Asset Management Inc. Sells 218,745 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Panagora Asset Management Inc. reduced its stake in Commerce Bancshares by 50.5%, selling 218,745 shares and holding approximately 0.16% of the company worth $13.35 million as of its latest filing.
• Commerce Bancshares reported a quarterly earnings of $1.14 per share, surpassing analyst estimates, and achieved a 7.6% year-over-year revenue growth to $445.76 million.
• The company declared a quarterly dividend of $0.275 to be paid on September 23rd, reflecting an annualized dividend yield of 1.8%.

Panagora Asset Management Inc. decreased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 50.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 214,531 shares of the financial services provider's stock after selling 218,745 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.16% of Commerce Bancshares worth $13,350,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its stake in shares of Commerce Bancshares by 191.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock worth $28,000 after purchasing an additional 296 shares during the last quarter. IMA Advisory Services Inc. acquired a new position in Commerce Bancshares in the 1st quarter valued at $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 valued at $40,000 after buying an additional 231 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Commerce Bancshares in the 1st quarter valued at $59,000. Finally, 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 valued at $117,000 after buying an additional 739 shares during 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 analysts recently issued reports on CBSH shares. Zacks Research lowered shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Piper Sandler raised their target price 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. Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, Bank of America raised their target price 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. Seven investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Stock Down 1.7%

Commerce Bancshares stock traded down $1.07 during mid-day trading on Friday, reaching $60.58. The company had a trading volume of 1,641,776 shares, compared to its average volume of 738,987. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75. The company has a 50 day moving average of $62.53 and a 200-day moving average of $62.04. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.82 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share 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 firm had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. During the same period in the prior year, the firm earned $1.02 EPS. The business's revenue was up 7.6% on a year-over-year basis. On average, analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal 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. 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 dividend payout ratio (DPR) is presently 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.