Thurston Springer Miller Herd & Titak Inc. Raises Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• Thurston Springer Miller Herd & Titak Inc. increased its stake in Commerce Bancshares, Inc. by 14.7% during the 2nd quarter, owning a total of 43,755 shares worth $2.72 million as of the latest reporting period.
• Several institutional investors have adjusted their positions in Commerce Bancshares, with hedge funds collectively owning 70.26% of the company's stock.
• Commerce Bancshares reported a quarterly earnings per share of $1.14, surpassing analysts' expectations, and recently announced a dividend of $0.275 payable on September 23.

Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 14.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,755 shares of the financial services provider's stock after buying an additional 5,611 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in Commerce Bancshares were worth $2,720,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBSH. Invesco Ltd. boosted its stake in Commerce Bancshares by 136.0% during the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock valued at $52,799,000 after buying an additional 488,960 shares during the last quarter. Nuveen LLC bought a new position in Commerce Bancshares during the first quarter valued at approximately $21,995,000. Vanguard Group Inc. boosted its stake in Commerce Bancshares by 2.0% during the first quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock valued at $839,716,000 after buying an additional 268,250 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Commerce Bancshares by 104.3% during the first quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider's stock valued at $20,114,000 after buying an additional 165,000 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Commerce Bancshares by 4.4% during the first quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider's stock valued at $238,721,000 after buying an additional 161,082 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Price Performance

Commerce Bancshares stock traded down $0.98 during trading hours on Friday, hitting $59.28. 334,185 shares of the stock traded hands, compared to its average volume of 678,404. The firm's 50 day moving average price is $61.69 and its 200-day moving average price is $61.74. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 2.71 and a beta of 0.61. 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 posted its quarterly earnings results 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. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. During the same quarter in the previous year, the business earned $1.02 EPS. The company's quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. Commerce Bancshares's dividend payout ratio is presently 26.19%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wells Fargo & Company increased 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. Zacks Research lowered Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Morgan Stanley raised their price objective 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 raised their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Bank of America raised their price objective 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 investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target 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.