LPL Financial LLC Increases Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• LPL Financial LLC increased its holdings in Commerce Bancshares by 41.7% during the first quarter, acquiring an additional 31,916 shares to reach a total of 108,513 shares, valued at approximately $6.75 million.
• Wall Street analysts have recently adjusted their ratings on Commerce Bancshares, with one downgrade to a "sell" rating and a mix of upgraded price targets, reflecting varied sentiments on the stock's performance.
• Commerce Bancshares announced a $0.275 quarterly dividend to be paid on September 23rd, providing a yield of 1.8% and indicating a dividend payout ratio of 26.19%.

LPL Financial LLC lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 41.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,513 shares of the financial services provider's stock after buying an additional 31,916 shares during the period. LPL Financial LLC owned about 0.08% of Commerce Bancshares worth $6,753,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. HB Wealth Management LLC increased its holdings in shares of Commerce Bancshares by 17.4% in the 1st quarter. HB Wealth Management LLC now owns 3,882 shares of the financial services provider's stock worth $242,000 after buying an additional 575 shares during the last quarter. Cetera Investment Advisers grew its holdings in Commerce Bancshares by 29.9% during the 1st quarter. Cetera Investment Advisers now owns 74,660 shares of the financial services provider's stock valued at $4,646,000 after purchasing an additional 17,167 shares during the last quarter. Kovack Advisors Inc. grew its holdings in Commerce Bancshares by 8.4% during the 1st quarter. Kovack Advisors Inc. now owns 6,945 shares of the financial services provider's stock valued at $432,000 after purchasing an additional 539 shares during the last quarter. AE Wealth Management LLC grew its holdings in Commerce Bancshares by 13.3% during the 1st quarter. AE Wealth Management LLC now owns 6,212 shares of the financial services provider's stock valued at $387,000 after purchasing an additional 730 shares during the last quarter. Finally, IMA Advisory Services Inc. bought a new position in Commerce Bancshares during the 1st quarter valued at about $29,000. 70.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CBSH shares. Bank of America upped 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. Piper Sandler upped their price target 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. Keefe, Bruyette & Woods cut their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Morgan Stanley upped their price target 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. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded down $0.43 during trading hours on Friday, hitting $61.49. The company had a trading volume of 232,197 shares, compared to its average volume of 645,870. The firm has a market cap of $8.21 billion, a P/E ratio of 14.64, a P/E/G ratio of 2.83 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. The company has a 50-day moving average price of $62.45 and a two-hundred day moving average price of $62.58.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The company had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same period in the previous year, the company earned $1.02 EPS. The firm's quarterly revenue was up 7.6% on a year-over-year basis. As a group, equities research analysts anticipate 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. Stockholders of record on Friday, September 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio is presently 26.19%.

Commerce Bancshares Company 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.