Principal Financial Group Inc. Has $15.05 Million Stock Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Principal Financial Group boosted its stake in Commerce Bancshares by 10% in the first quarter, buying 27,726 more shares and lifting its holding to 305,900 shares valued at about $15.05 million.
• Several other institutional investors also added to or initiated positions, and hedge funds and institutions now own 70.26% of Commerce Bancshares’ stock.
• The company’s latest quarterly results beat expectations, with EPS of $1.10 versus $1.04 expected and revenue of $498.91 million, while analysts currently rate the stock a Hold with a consensus target price of $62.43.

Principal Financial Group Inc. increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 10.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 305,900 shares of the financial services provider's stock after purchasing an additional 27,726 shares during the period. Principal Financial Group Inc. owned approximately 0.21% of Commerce Bancshares worth $15,050,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Daytona Street Capital LLC acquired a new stake in Commerce Bancshares during the fourth quarter worth about $25,000. Danske Bank A S acquired a new position in shares of Commerce Bancshares in the 3rd quarter valued at approximately $25,000. Geneos Wealth Management Inc. raised its position in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 216 shares in the last quarter. Root Financial Partners LLC raised its position in shares of Commerce Bancshares by 104.9% in the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock valued at $31,000 after buying an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 70.26% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CBSH. Hovde Group reduced their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research report on Monday. Weiss Ratings upgraded Commerce Bancshares from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 8th. TD Cowen reaffirmed a "hold" rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Finally, Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Commerce Bancshares currently has a consensus rating of "Hold" and a consensus target price of $62.43.

Commerce Bancshares Stock Down 0.1%

Shares of NASDAQ CBSH opened at $58.65 on Friday. The company has a 50 day simple moving average of $55.45 and a 200 day simple moving average of $52.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.76. The firm has a market cap of $8.55 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 2.10 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million during the quarter, compared to analysts' expectations of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the prior year, the company posted $1.14 EPS. On average, research analysts forecast that Commerce Bancshares, Inc. will post 4.22 EPS for the current year.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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