Nuveen LLC Invests $22 Million in Commerce Bancshares, Inc. $CBSH

Key Points

• Nuveen LLC has invested approximately $22 million in Commerce Bancshares, acquiring 353,444 shares during the first quarter of the year, amounting to a 0.26% ownership.
• Analysts have set new price targets for Commerce Bancshares, with Bank of America raising it from $69 to $71, while Wells Fargo lifted theirs from $62 to $69, reflecting an overall average target price of $68.20.
• Commerce Bancshares recently declared a quarterly dividend of $0.275 per share, resulting in an annualized dividend yield of 1.8%, with the ex-dividend date set for September 5th.

Nuveen LLC acquired a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 353,444 shares of the financial services provider's stock, valued at approximately $21,995,000. Nuveen LLC owned approximately 0.26% of Commerce Bancshares at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Kapitalo Investimentos Ltda purchased a new stake in Commerce Bancshares in the fourth quarter worth approximately $26,000. IMA Advisory Services Inc. purchased a new position in shares of Commerce Bancshares during the first quarter worth approximately $29,000. Allworth Financial LP lifted its holdings in shares of Commerce Bancshares by 55.0% in the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after acquiring an additional 231 shares during the last quarter. Transce3nd LLC purchased a new stake in shares of Commerce Bancshares in the 4th quarter valued at $68,000. Finally, GAMMA Investing LLC boosted its stake in shares of Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after purchasing an additional 739 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CBSH shares. 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 report on Thursday, July 17th. Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. 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 research report on Tuesday, June 24th. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research 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 research report on Tuesday, June 17th. Six equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Price Performance

CBSH traded up $1.07 during trading on Friday, hitting $62.88. 1,542,198 shares of the stock traded hands, compared to its average volume of 615,793. The firm has a market capitalization of $8.39 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 2.87 and a beta of 0.61. The firm has a 50-day moving average of $62.37 and a 200 day moving average of $62.34. Commerce Bancshares, Inc. has a 12-month low of $52.69 and a 12-month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced 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 business had revenue of $445.76 million during 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 firm's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given 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 yield of 1.7%. Commerce Bancshares's dividend payout ratio is presently 26.19%.

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.