Pacer Advisors Inc. Sells 12,523 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Pacer Advisors Inc. reduced its stake in Commerce Bancshares by 68.6% in the first quarter, now holding 5,740 shares worth $357,000 after selling 12,523 shares.
• Analysts have mixed ratings for Commerce Bancshares, with target prices ranging from $66.50 to $71.00, and an average rating of "Hold" based on seven reports.
• Commerce Bancshares announced a quarterly dividend of $0.275, payable on September 23rd, resulting in an annualized dividend yield of 1.8% with a payout ratio of 26.19%.

Pacer Advisors Inc. trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 68.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,740 shares of the financial services provider's stock after selling 12,523 shares during the quarter. Pacer Advisors Inc.'s holdings in Commerce Bancshares were worth $357,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Aristotle Capital Management LLC grew its stake in Commerce Bancshares by 4.3% during the fourth quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock worth $533,777,000 after buying an additional 351,406 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Commerce Bancshares by 3.7% during 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 last quarter. Dimensional Fund Advisors LP grew its stake in shares of Commerce Bancshares by 11.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after purchasing an additional 227,052 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Commerce Bancshares by 1.8% during 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 last quarter. Finally, Northern Trust Corp grew its stake in shares of Commerce Bancshares by 31.8% during the fourth quarter. Northern Trust Corp now owns 1,286,483 shares of the financial services provider's stock valued at $80,161,000 after purchasing an additional 310,443 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CBSH shares. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Morgan Stanley increased their price objective on shares of 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 objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Finally, Piper Sandler increased their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, Commerce Bancshares has a consensus rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Price Performance

CBSH traded down $0.38 during mid-day trading on Wednesday, hitting $60.42. The stock had a trading volume of 228,679 shares, compared to its average volume of 649,258. The stock's fifty day simple moving average is $62.74 and its 200-day simple moving average is $62.79. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 2.81 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 issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping 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 period last year, the business posted $1.02 earnings per share. The firm's quarterly revenue was up 7.6% on a year-over-year basis. As a group, research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) is 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.