LPL Financial LLC Raises Stock Holdings 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 boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 41.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 108,513 shares of the financial services provider's stock after acquiring an additional 31,916 shares during the quarter. LPL Financial LLC owned 0.08% of Commerce Bancshares worth $6,753,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in CBSH. Kapitalo Investimentos Ltda acquired a new stake in Commerce Bancshares in the 4th quarter valued at $26,000. IMA Advisory Services Inc. acquired a new stake in Commerce Bancshares during the 1st quarter worth $29,000. Allworth Financial LP boosted its stake in Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after purchasing an additional 231 shares during the last quarter. Transce3nd LLC acquired a new stake in Commerce Bancshares during the 4th quarter worth $68,000. Finally, GAMMA Investing LLC boosted its stake in Commerce Bancshares by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock worth $117,000 after purchasing an additional 739 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CBSH shares. Morgan Stanley lifted their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Piper Sandler lifted their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Bank of America lifted their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, Commerce Bancshares currently has a consensus rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded down $0.73 during trading on Friday, hitting $61.19. 621,903 shares of the company were exchanged, compared to its average volume of 709,533. Commerce Bancshares, Inc. has a 12-month low of $52.69 and a 12-month high of $72.75. The company has a fifty day moving average price of $62.40 and a 200-day moving average price of $62.51. The firm has a market capitalization of $8.17 billion, a PE ratio of 14.57, a P/E/G ratio of 2.80 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted 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. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. 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 firm earned $1.02 EPS. The company's quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be issued 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 payout ratio is 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.