Commerce Bancshares, Inc. $CBSH Stock Position Decreased by Beck Mack & Oliver LLC

Key Points

• Beck Mack & Oliver LLC reduced its stake in Commerce Bancshares, Inc. by 39.1%, now holding 8,700 shares valued at approximately $541,000.
• Commerce Bancshares posted $1.14 earnings per share, exceeding analysts' estimates of $1.02, with a revenue increase of 7.6% year-over-year.
• The company declared a quarterly dividend of $0.275 per share, with an annualized dividend yield of 1.8%, payable on September 23rd.

Beck Mack & Oliver LLC trimmed its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 39.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,700 shares of the financial services provider's stock after selling 5,597 shares during the quarter. Beck Mack & Oliver LLC's holdings in Commerce Bancshares were worth $541,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CBSH. Smartleaf Asset Management LLC lifted its stake in Commerce Bancshares by 191.0% during the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock valued at $28,000 after buying an additional 296 shares in the last quarter. IMA Advisory Services Inc. acquired a new position in Commerce Bancshares in the 1st quarter worth approximately $29,000. Allworth Financial LP boosted 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 purchasing an additional 231 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Commerce Bancshares during the 1st quarter worth approximately $59,000. Finally, GAMMA Investing LLC raised its stake in Commerce Bancshares by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after purchasing an additional 739 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $61.94 on Friday. The firm has a market cap of $8.27 billion, a PE ratio of 14.75, a PEG ratio of 2.83 and a beta of 0.61. Commerce Bancshares, Inc. has a twelve month low of $52.69 and a twelve month high of $72.75. The firm's 50 day moving average price is $62.54 and its 200 day moving average price is $62.17.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released 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 net margin of 26.37% and a return on equity of 16.01%. Commerce Bancshares's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 EPS. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share 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 paid 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 dividend payout ratio is 26.19%.

Analysts Set New Price Targets

Several analysts have recently commented on CBSH shares. Zacks Research cut Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Wells Fargo & Company raised their price objective on Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Morgan Stanley upped their target price on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Bank of America increased their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Seven research analysts have rated the stock with a Hold rating, According to 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.

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