Thurston Springer Miller Herd & Titak Inc. Increases Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 28.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,144 shares of the financial services provider's stock after buying an additional 8,347 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.'s holdings in Commerce Bancshares were worth $2,374,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Principal Financial Group Inc. raised its position in Commerce Bancshares by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 281,040 shares of the financial services provider's stock worth $17,512,000 after acquiring an additional 9,362 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth approximately $842,000. Vanguard Group Inc. raised its stake in Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after purchasing an additional 642,401 shares during the last quarter. Barclays PLC raised its stake in Commerce Bancshares by 19.4% in the 3rd quarter. Barclays PLC now owns 106,934 shares of the financial services provider's stock valued at $6,353,000 after purchasing an additional 17,400 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Commerce Bancshares by 5.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 232,767 shares of the financial services provider's stock valued at $14,504,000 after purchasing an additional 11,227 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Trading Up 1.4%

CBSH stock traded up $0.88 during trading on Friday, reaching $63.45. 396,092 shares of the stock were exchanged, compared to its average volume of 591,864. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 15.82, a P/E/G ratio of 2.13 and a beta of 0.60. The business has a 50 day moving average price of $61.37 and a 200-day moving average price of $63.95. Commerce Bancshares, Inc. has a 1 year low of $49.97 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. On average, research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th will be given a $0.275 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a yield of 1.73%. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Insider Activity

In other news, Director June Mcallister Fowler sold 1,618 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, the director now directly owns 3,175 shares of the company's stock, valued at approximately $192,786. The trade was a 33.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CBSH shares. Piper Sandler upped their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and dropped their price objective for the company from $66.00 to $58.00 in a research note on Monday, April 7th. Keefe, Bruyette & Woods decreased their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Wells Fargo & Company lowered their target price on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Finally, Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $63.20.

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.