Royal Bank of Canada Lowers Holdings in Commerce Bancshares, Inc. $CBSH

Royal Bank of Canada lowered its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 5.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 428,394 shares of the financial services provider's stock after selling 22,717 shares during the period. Royal Bank of Canada owned about 0.32% of Commerce Bancshares worth $26,659,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CBSH. Smartleaf Asset Management LLC raised its stake in shares of Commerce Bancshares by 191.0% during the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 296 shares during the last quarter. IMA Advisory Services Inc. acquired a new stake in shares of Commerce Bancshares during the first quarter worth $29,000. Allworth Financial LP increased its position in shares of Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after buying an additional 231 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Commerce Bancshares during the first quarter worth $59,000. Finally, GAMMA Investing LLC increased its position 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 worth $117,000 after buying an additional 739 shares during the period. Institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CBSH shares. Wells Fargo & Company increased their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Morgan Stanley increased their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. Zacks Research cut shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 27th. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Piper Sandler raised their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Seven research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Stock Down 0.6%

Commerce Bancshares stock traded down $0.35 during midday trading on Friday, hitting $59.76. 78,798 shares of the stock were exchanged, compared to its average volume of 672,743. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 2.74 and a beta of 0.61. The business's 50-day moving average price is $62.27 and its 200-day moving average price is $61.91.

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 for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. The firm had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 earnings per share. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

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

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.