AlphaQuest LLC Has $332,000 Stock Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• AlphaQuest LLC significantly reduced its holdings in Commerce Bancshares, Inc. by 73.3% in the first quarter, now owning only 5,337 shares after selling 14,633 shares.
• Commerce Bancshares reported $1.14 EPS for the quarter, surpassing analyst estimates of $1.02 EPS, with revenue up 7.6% year-over-year to $445.76 million.
• The company declared a quarterly dividend of $0.275, which represents an annualized yield of 1.8% and will be paid on September 23rd.

AlphaQuest LLC cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 73.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,337 shares of the financial services provider's stock after selling 14,633 shares during the quarter. AlphaQuest LLC's holdings in Commerce Bancshares were worth $332,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CBSH. Compound Planning Inc. bought a new position in Commerce Bancshares during the 1st quarter worth $210,000. CW Advisors LLC lifted its stake in Commerce Bancshares by 37.7% in the first quarter. CW Advisors LLC now owns 12,271 shares of the financial services provider's stock valued at $764,000 after buying an additional 3,361 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Commerce Bancshares during the first quarter valued at $59,000. Hsbc Holdings PLC grew its position in shares of Commerce Bancshares by 358.2% during the first quarter. Hsbc Holdings PLC now owns 21,011 shares of the financial services provider's stock worth $1,303,000 after acquiring an additional 16,425 shares during the last quarter. Finally, Raymond James Financial Inc. increased its holdings in shares of Commerce Bancshares by 0.6% in the 1st quarter. Raymond James Financial Inc. now owns 167,673 shares of the financial services provider's stock worth $10,434,000 after acquiring an additional 971 shares during the period. Institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CBSH shares. Zacks Research downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 27th. Wells Fargo & Company lifted their price target on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Piper Sandler lifted their target price on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Bank of America boosted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Seven analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Trading Up 0.5%

NASDAQ:CBSH traded up $0.30 during mid-day trading on Tuesday, reaching $62.24. 854,985 shares of the stock were exchanged, compared to its average volume of 668,420. The business has a fifty day moving average price of $62.57 and a 200 day moving average price of $62.11. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The firm has a market capitalization of $8.31 billion, a PE ratio of 14.82, a PEG ratio of 2.83 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. The company had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. Commerce Bancshares's revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 EPS. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors 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 yield of 1.8%. The ex-dividend date is Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.19%.

Commerce Bancshares Company 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.