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

A number of other institutional investors have also bought and sold shares of CBSH. Kapitalo Investimentos Ltda bought a new stake in Commerce Bancshares during the fourth quarter valued at $26,000. IMA Advisory Services Inc. bought a new stake in Commerce Bancshares during the first quarter valued at $29,000. Allworth Financial LP boosted its position in Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 231 shares during the last quarter. Transce3nd LLC acquired a new position in shares of Commerce Bancshares during the fourth quarter valued at about $68,000. Finally, GAMMA Investing LLC raised its holdings in shares of Commerce Bancshares by 64.9% during the first 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 during the period. Institutional investors own 70.26% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CBSH shares. Piper Sandler upped 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 lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Wells Fargo & Company upped their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Bank of America upped their price objective 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. Finally, Morgan Stanley upped their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Six analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Commerce Bancshares presently has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Stock Performance

NASDAQ:CBSH traded up $1.1980 on Friday, hitting $63.0080. The stock had a trading volume of 834,475 shares, compared to its average volume of 646,073. The stock has a market cap of $8.41 billion, a P/E ratio of 15.02, a price-to-earnings-growth 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 firm's fifty day simple moving average is $62.32 and its two-hundred day simple moving average is $62.41.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 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 firm had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. During the same quarter last year, the business posted $1.02 EPS. The company's revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio is currently 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.