Meeder Asset Management Inc. Has $1.78 Million Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Meeder Asset Management Inc. increased its stake in Commerce Bancshares, Inc. by 185.1%, purchasing an additional 18,573 shares, bringing its total holding to 28,606 shares worth approximately $1.78 million.
• The company announced a quarterly dividend of $0.275 per share, which will be paid on September 23rd, representing a 1.78% dividend yield.
• Commerce Bancshares reported a strong quarterly earnings result with an EPS of $1.14, surpassing expectations and demonstrating a year-over-year revenue growth of 7.6%.

Meeder Asset Management Inc. raised its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 185.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,606 shares of the financial services provider's stock after acquiring an additional 18,573 shares during the quarter. Meeder Asset Management Inc.'s holdings in Commerce Bancshares were worth $1,780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CBSH. Aristotle Capital Management LLC lifted its stake in shares of Commerce Bancshares by 4.3% during the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock worth $533,777,000 after purchasing an additional 351,406 shares during the period. Geode Capital Management LLC raised its position in Commerce Bancshares by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after purchasing an additional 87,723 shares during the period. Dimensional Fund Advisors LP lifted its position in Commerce Bancshares by 11.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock worth $141,584,000 after acquiring an additional 227,052 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Commerce Bancshares by 1.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,175,133 shares of the financial services provider's stock valued at $135,533,000 after purchasing an additional 38,210 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Commerce Bancshares by 12.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,594,670 shares of the financial services provider's stock worth $99,364,000 after acquiring an additional 182,423 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH traded down $1.03 during mid-day trading on Friday, hitting $60.17. The company had a trading volume of 311,659 shares, compared to its average volume of 650,878. The business's 50-day simple moving average is $62.89 and its 200-day simple moving average is $62.88. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The firm has a market cap of $8.03 billion, a P/E ratio of 14.33, a PEG ratio of 2.82 and a beta of 0.59.

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. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. During the same quarter last year, the business posted $1.02 earnings per share. Commerce Bancshares's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be paid a $0.275 dividend. 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 is 26.19%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods decreased their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 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 shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Morgan Stanley raised their target price on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Piper Sandler increased their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares 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.