AlphaQuest LLC Has $332,000 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 reduced its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 73.3% during the first quarter, according to the company in its most recent filing with the SEC. 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 filing with the SEC.

Other institutional investors have also modified their holdings of the company. Kapitalo Investimentos Ltda bought a new position in Commerce Bancshares in the fourth quarter worth about $26,000. IMA Advisory Services Inc. bought a new stake in shares of Commerce Bancshares in the 1st quarter worth approximately $29,000. Allworth Financial LP boosted its position in Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 231 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Commerce Bancshares in the first quarter worth $59,000. Finally, GAMMA Investing LLC lifted its stake in Commerce Bancshares by 64.9% in the first 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 own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Commerce Bancshares stock traded down $0.05 during midday trading on Monday, reaching $61.94. The stock had a trading volume of 668,412 shares, compared to its average volume of 698,515. The firm's fifty day simple moving average is $62.54 and its two-hundred day simple moving average is $62.14. Commerce Bancshares, Inc. has a twelve month low of $52.69 and a twelve month high of $72.75. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 14.75, 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 business 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%.Commerce Bancshares's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 earnings per share. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. Commerce Bancshares's payout ratio is currently 26.19%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. Bank of America raised their price target 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. Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research 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, Zacks Research lowered Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research 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 price target 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.