Rafferty Asset Management LLC Sells 45,169 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Rafferty Asset Management LLC has reduced its stake in Commerce Bancshares by 34.9% in the first quarter, selling 45,169 shares.
• Commerce Bancshares announced a quarterly dividend of $0.275, representing a 1.8% dividend yield, to be paid on September 23rd.
• The company's recent quarterly earnings report exceeded expectations, with $1.14 earnings per share compared to the estimated $1.02.

Rafferty Asset Management LLC trimmed its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 34.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,394 shares of the financial services provider's stock after selling 45,169 shares during the period. Rafferty Asset Management LLC owned 0.06% of Commerce Bancshares worth $5,252,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Commerce Bancshares during the 1st quarter worth approximately $1,855,000. HighTower Advisors LLC raised its holdings in Commerce Bancshares by 39.5% in the 1st quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider's stock valued at $1,198,000 after acquiring an additional 5,453 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Commerce Bancshares in the 4th quarter valued at $842,000. GAMMA Investing LLC raised its holdings in 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 acquiring an additional 739 shares in the last quarter. Finally, Novem Group raised its holdings in Commerce Bancshares by 35.3% in the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after acquiring an additional 4,344 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock traded down $1.21 on Wednesday, hitting $61.03. The company had a trading volume of 178,552 shares, compared to its average volume of 656,834. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of 14.53, a P/E/G ratio of 2.83 and a beta of 0.61. The stock has a 50 day moving average of $62.57 and a 200-day moving average of $62.11. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.12. The company 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%.Commerce Bancshares's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 earnings per share. Equities analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently announced 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 is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio is currently 26.19%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Morgan Stanley lifted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Piper Sandler lifted their price target on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company lifted their price target on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, Bank of America lifted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Seven equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus 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.