Commerce Bank Trims Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Commerce Bank has reduced its stake in Commerce Bancshares, Inc. (CBSH) by 0.3%, now holding approximately 4.63 million shares, which account for 1.8% of its portfolio.
• Commerce Bancshares reported a quarterly earnings per share (EPS) of $1.14, beating estimates by 12 cents, and its revenue increased by 7.6% year-over-year.
• The company declared a quarterly dividend of $0.275 per share, with a dividend yield of 1.8%, reflecting a 26.19% payout ratio.

Commerce Bank lowered its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 0.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,629,792 shares of the financial services provider's stock after selling 15,014 shares during the period. Commerce Bancshares accounts for 1.8% of Commerce Bank's portfolio, making the stock its 7th largest holding. Commerce Bank owned 3.45% of Commerce Bancshares worth $288,112,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CBSH. Allspring Global Investments Holdings LLC acquired a new stake in shares of Commerce Bancshares in the first quarter valued at $1,855,000. Integrated Wealth Concepts LLC bought a new position in Commerce Bancshares in the fourth quarter valued at about $842,000. GAMMA Investing LLC boosted its holdings 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 acquiring an additional 739 shares during the last quarter. Novem Group boosted its holdings in Commerce Bancshares by 35.3% in the first quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after acquiring an additional 4,344 shares during the last quarter. Finally, Advisor Resource Council bought a new position in Commerce Bancshares in the first quarter valued at about $316,000. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded down $0.24 during midday trading on Tuesday, hitting $60.57. The company's stock had a trading volume of 283,112 shares, compared to its average volume of 650,303. The firm's fifty day moving average price is $62.80 and its 200-day moving average price is $62.81. The firm has a market cap of $8.08 billion, a P/E ratio of 14.44, a P/E/G ratio of 2.76 and a beta of 0.61. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75.

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 (EPS) 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 for the quarter, compared to analyst estimates of $434.11 million. During the same quarter in the previous year, the business earned $1.02 earnings per share. The firm's revenue was up 7.6% compared to the same quarter last year. As a group, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend 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%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Wells Fargo & Company upped their target price on Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Piper Sandler raised their target price on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley raised their price objective 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, Bank of America lifted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, Commerce Bancshares presently has a consensus 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.