Ontario Teachers Pension Plan Board Buys 17,663 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• The Ontario Teachers Pension Plan Board significantly increased its holdings in Commerce Bancshares, acquiring a total of 24,159 shares after boosting its position by 271.9% in the first quarter.
• Analyst ratings for Commerce Bancshares vary, with reports indicating a consensus rating of "Hold" and an average target price of $68.20.
• Commerce Bancshares recently announced a quarterly dividend of $0.275, yielding 1.8%, with payment scheduled for September 23rd.

Ontario Teachers Pension Plan Board boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 271.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,159 shares of the financial services provider's stock after buying an additional 17,663 shares during the period. Ontario Teachers Pension Plan Board's holdings in Commerce Bancshares were worth $1,503,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CBSH. Allspring Global Investments Holdings LLC purchased a new stake in shares of Commerce Bancshares during the 1st quarter valued at $1,855,000. Integrated Wealth Concepts LLC purchased a new position in Commerce Bancshares in the fourth quarter worth $842,000. GAMMA Investing LLC lifted its stake in Commerce Bancshares by 64.9% during the first 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. Novem Group lifted its stake in Commerce Bancshares by 35.3% during the first quarter. Novem Group now owns 16,663 shares of the financial services provider's stock worth $1,037,000 after purchasing an additional 4,344 shares during the last quarter. Finally, Advisor Resource Council bought a new stake in Commerce Bancshares during the first quarter worth about $316,000. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Commerce Bancshares stock traded up $0.43 during trading hours on Tuesday, reaching $60.72. The stock had a trading volume of 130,687 shares, compared to its average volume of 644,478. The stock has a market cap of $8.10 billion, a PE ratio of 14.48, a PEG ratio of 2.76 and a beta of 0.61. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75. The company has a fifty day simple moving average of $62.53 and a 200-day simple moving average of $62.62.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The business's revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 EPS. Research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 1.8%. Commerce Bancshares's dividend payout ratio is 26.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wells Fargo & Company lifted their price target on Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Morgan Stanley lifted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Bank of America lifted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Piper Sandler upped their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $68.20.

About Commerce Bancshares

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.