Martingale Asset Management L P Reduces Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• Martingale Asset Management L P sold 18,135 shares of Commerce Bancshares, Inc., reducing its stake by 72.6% in the first quarter and leaving it with 6,828 shares valued at approximately $425,000.
• Commerce Bancshares recently announced a quarterly dividend of $0.275 per share, with an ex-dividend date set for September 5th, 2023, reflecting a 1.8% dividend yield.
• As of now, Commerce Bancshares has an average analyst rating of "Hold" with a consensus price target of $68.20.

Martingale Asset Management L P trimmed its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 72.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,828 shares of the financial services provider's stock after selling 18,135 shares during the quarter. Martingale Asset Management L P's holdings in Commerce Bancshares were worth $425,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CBSH. Guggenheim Capital LLC purchased a new stake in shares of Commerce Bancshares in the fourth quarter worth $241,000. Stifel Financial Corp increased its stake in Commerce Bancshares by 7.9% in the 4th quarter. Stifel Financial Corp now owns 133,210 shares of the financial services provider's stock worth $8,302,000 after buying an additional 9,708 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Commerce Bancshares by 13.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,876 shares of the financial services provider's stock worth $4,729,000 after buying an additional 9,136 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Commerce Bancshares in the 4th quarter worth $9,858,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth about $842,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CBSH has been the subject of several research analyst reports. Bank of America increased their target price on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Zacks Research lowered shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a report on Wednesday. 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. 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, Morgan Stanley raised their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Seven analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Trading Down 0.1%

Shares of CBSH stock traded down $0.05 on Friday, reaching $61.94. The company's stock had a trading volume of 668,412 shares, compared to its average volume of 698,515. The stock's fifty day simple moving average is $62.54 and its 200-day simple moving average is $62.14. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 2.83 and a beta of 0.61.

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 during the quarter, compared to analysts' expectations of $434.11 million. During the same period last year, the company posted $1.02 EPS. The business's revenue was up 7.6% on a year-over-year basis. Equities 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 will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given a $0.275 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is currently 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.