American Century Companies Inc. Purchases 161,082 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• American Century Companies Inc. increased its stake in Commerce Bancshares by 4.4% in Q1, now holding approximately 2.88% of the company valued at $238.7 million.
• Commerce Bancshares recently reported $1.14 earnings per share, beating estimates, with revenue of $445.76 million, reflecting a 7.6% year-over-year increase.
• The company announced a quarterly dividend of $0.275 per share, with an annualized dividend yield of 1.8%.

American Century Companies Inc. lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 4.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,836,113 shares of the financial services provider's stock after purchasing an additional 161,082 shares during the quarter. American Century Companies Inc. owned 2.88% of Commerce Bancshares worth $238,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CBSH. Kapitalo Investimentos Ltda bought a new stake in shares of Commerce Bancshares in the fourth quarter worth $26,000. IMA Advisory Services Inc. bought a new stake in Commerce Bancshares during the first quarter valued at about $29,000. Allworth Financial LP grew its holdings in Commerce Bancshares by 55.0% during the first 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. Transce3nd LLC bought a new stake in Commerce Bancshares during the fourth quarter valued at about $68,000. Finally, GAMMA Investing LLC grew its holdings in Commerce Bancshares by 64.9% during the first 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 own 70.26% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CBSH shares. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Bank of America boosted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Wells Fargo & Company boosted 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. Morgan Stanley boosted their price target 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, Piper Sandler upped their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Six research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Stock Performance

CBSH stock traded up $0.32 during midday trading on Tuesday, reaching $61.93. 567,531 shares of the company traded hands, compared to its average volume of 647,429. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75. The business has a 50 day moving average of $62.37 and a 200-day moving average of $62.45. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 14.75, a P/E/G ratio of 2.80 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. During the same period in the prior year, the business posted $1.02 earnings per share. The company's quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts anticipate 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. Stockholders of record on Friday, September 5th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio is currently 26.19%.

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.