Commerce Bancshares, Inc. $CBSH Shares Bought by Alliancebernstein L.P.

Key Points

• AllianceBernstein L.P. increased its stake in Commerce Bancshares by 67.6% during the first quarter, now owning 271,115 shares valued at approximately $16.87 million.
• Commerce Bancshares recently announced a quarterly dividend of $0.275 per share, representing an annual yield of 1.8% and a payout ratio of 26.19%.
• Analysts have adjusted price targets for Commerce Bancshares, with a consensus target of $68.20 and a current consensus rating of "Hold".

Alliancebernstein L.P. increased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 67.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 271,115 shares of the financial services provider's stock after purchasing an additional 109,375 shares during the quarter. Alliancebernstein L.P. owned approximately 0.20% of Commerce Bancshares worth $16,871,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Commerce Bancshares by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock worth $839,716,000 after purchasing an additional 268,250 shares during the last quarter. American Century Companies Inc. raised its stake in Commerce Bancshares by 4.4% in the first quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider's stock valued at $238,721,000 after buying an additional 161,082 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,321,855 shares of the financial services provider's stock valued at $144,479,000 after buying an additional 49,737 shares during the last quarter. Cooke & Bieler LP raised its stake in Commerce Bancshares by 6.3% in the first quarter. Cooke & Bieler LP now owns 955,548 shares of the financial services provider's stock valued at $59,464,000 after buying an additional 56,382 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Commerce Bancshares by 136.0% in the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock valued at $52,799,000 after buying an additional 488,960 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Up 1.1%

CBSH traded up $0.64 on Wednesday, reaching $59.25. The stock had a trading volume of 971,752 shares, compared to its average volume of 888,841. Commerce Bancshares, Inc. has a 12-month low of $52.69 and a 12-month high of $72.75. The business's 50-day moving average price is $61.80 and its two-hundred day moving average price is $61.77. The company has a market cap of $7.91 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 2.68 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data 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 company had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same quarter in the previous year, the company earned $1.02 earnings per share. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, 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. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.19%.

Analysts Set New Price Targets

CBSH has been the subject of a number of research analyst reports. Bank of America increased their price target on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Piper Sandler increased their price target on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley increased their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Finally, Zacks Research lowered Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 27th. Seven analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price 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.