Janney Montgomery Scott LLC Trims Stake in Commerce Bancshares, Inc. $CBSH

Key Points

• Janney Montgomery Scott LLC reduced its stake in Commerce Bancshares by 33.3% during the 2nd quarter, owning 175,969 shares after selling 87,859 shares.
• Commerce Bancshares reported a quarterly earnings per share (EPS) of $1.14, exceeding expected EPS of $1.02 and achieving revenue of $445.76 million.
• The company declared a quarterly dividend of $0.275 per share, translating to an annualized yield of 1.9% with a payout ratio of 26.19%.

Janney Montgomery Scott LLC lowered its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 33.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 175,969 shares of the financial services provider's stock after selling 87,859 shares during the quarter. Janney Montgomery Scott LLC owned 0.13% of Commerce Bancshares worth $10,940,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Invesco Ltd. boosted its stake in Commerce Bancshares by 136.0% in the 1st quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock worth $52,799,000 after purchasing an additional 488,960 shares in the last quarter. Nuveen LLC purchased a new position in shares of Commerce Bancshares in the first quarter valued at approximately $21,995,000. Vanguard Group Inc. raised its holdings in Commerce Bancshares by 2.0% in the first quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock valued at $839,716,000 after acquiring an additional 268,250 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Commerce Bancshares by 104.3% during the first quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider's stock worth $20,114,000 after purchasing an additional 165,000 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Commerce Bancshares by 4.4% in the 1st quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider's stock valued at $238,721,000 after acquiring an additional 161,082 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Trading Up 0.5%

NASDAQ:CBSH opened at $59.17 on Friday. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The company has a 50 day simple moving average of $60.68 and a two-hundred day simple moving average of $61.58. The company has a market cap of $7.90 billion, a PE ratio of 14.09, a price-to-earnings-growth ratio of 2.70 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.02 by $0.12. The business 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 quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 EPS. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. Commerce Bancshares's dividend payout ratio is presently 26.19%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Bank of America boosted their target price 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. Piper Sandler raised their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. TD Cowen began coverage on Commerce Bancshares in a report on Thursday, September 25th. They set a "hold" rating and a $63.00 price objective on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Commerce Bancshares in a report on Saturday, September 27th. Finally, Wells Fargo & Company dropped their price objective on Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research note on Monday, September 29th. Eight investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $68.17.

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.

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