Invesco Ltd. Purchases 488,960 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Invesco Ltd. increased its stake in Commerce Bancshares, Inc. by 136.0% in the first quarter, now owning approximately 0.64% of the company worth $52.8 million.
• The stock experienced a 1.2% decline recently, with a current price of $61.19 and a market capitalization of $8.17 billion.
• Commerce Bancshares announced a quarterly dividend of $0.275 per share, representing an annualized dividend yield of 1.8% and a payout ratio of 26.19%.

Invesco Ltd. lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 136.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 848,442 shares of the financial services provider's stock after acquiring an additional 488,960 shares during the quarter. Invesco Ltd. owned 0.64% of Commerce Bancshares worth $52,799,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its holdings in shares of Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock valued at $2,128,000 after purchasing an additional 175 shares in the last quarter. State of Michigan Retirement System raised its holdings in Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock valued at $1,815,000 after buying an additional 200 shares in the last quarter. Allworth Financial LP grew its position in shares of Commerce Bancshares by 55.0% in 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 last quarter. Missouri Trust & Investment Co raised its stake in Commerce Bancshares by 5.8% during the 1st quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 259 shares during the last quarter. Finally, Smith Shellnut Wilson LLC ADV raised its stake in Commerce Bancshares by 5.0% during the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 295 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CBSH shares. Wells Fargo & Company lifted their target price 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 boosted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. Piper Sandler upped their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Finally, Bank of America boosted their price target 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. Six analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Price Performance

Commerce Bancshares stock traded up $1.5030 during trading hours on Friday, hitting $63.3130. The company had a trading volume of 296,363 shares, compared to its average volume of 642,392. The firm has a market cap of $8.45 billion, a PE ratio of 15.07, a PEG ratio of 2.83 and a beta of 0.61. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75. The firm has a 50-day moving average of $62.32 and a 200 day moving average of $62.41.

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 the consensus estimate of $1.02 by $0.12. The firm had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business's revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS. As a group, research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

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 issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.7%. Commerce Bancshares's dividend payout ratio (DPR) 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.