OMERS ADMINISTRATION Corp Acquires New Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• OMERS Administration Corp has acquired a new stake in Commerce Bancshares, purchasing 20,400 shares valued at approximately $1.27 million in the first quarter.
• Commerce Bancshares reported earnings per share of $1.14 for the last quarter, exceeding analysts' expectations, with a year-over-year revenue increase of 7.6%.
• The company declared a quarterly dividend of $0.275, set to be paid on September 23rd, reflecting an annualized yield of 1.8%.

OMERS ADMINISTRATION Corp bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,400 shares of the financial services provider's stock, valued at approximately $1,269,000.

Several other hedge funds also recently added to or reduced their stakes in CBSH. Smartleaf Asset Management LLC increased its stake in Commerce Bancshares by 191.0% in the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 296 shares during the last quarter. IMA Advisory Services Inc. acquired a new position in shares of Commerce Bancshares during the 1st quarter valued at about $29,000. Allworth Financial LP increased its stake in shares of Commerce Bancshares by 55.0% during the 1st 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. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Commerce Bancshares during the 1st quarter worth approximately $59,000. Finally, GAMMA Investing LLC increased its position 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 in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Up 0.5%

NASDAQ CBSH traded up $0.33 during trading on Thursday, reaching $61.65. 1,269,945 shares of the company's stock were exchanged, compared to its average volume of 665,409. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The firm has a market capitalization of $8.23 billion, a PE ratio of 14.68, a P/E/G ratio of 2.83 and a beta of 0.61. The company's fifty day simple moving average is $62.58 and its 200-day simple moving average is $62.11.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced 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. The firm had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $1.02 EPS. Equities analysts forecast 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. Stockholders of record on Friday, September 5th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. Commerce Bancshares's payout ratio is currently 26.19%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CBSH. Bank of America increased their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company lifted their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Morgan Stanley lifted their price objective 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. Finally, Zacks Research cut shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Seven equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $68.20.

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.