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

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Louisiana State Employees Retirement System raised its stake in shares of Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock valued at $2,128,000 after acquiring an additional 175 shares during the period. State of Michigan Retirement System increased its stake in Commerce Bancshares by 0.7% in the 1st quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock worth $1,815,000 after buying an additional 200 shares during the period. Geneos Wealth Management Inc. increased its stake in Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after buying an additional 216 shares during the period. Modern Wealth Management LLC increased its stake in Commerce Bancshares by 1.3% in the 1st quarter. Modern Wealth Management LLC now owns 17,019 shares of the financial services provider's stock worth $1,059,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP increased its stake in Commerce Bancshares by 55.0% in the 1st 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. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on CBSH shares. Bank of America raised their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. 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 research note on Thursday, July 17th. Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Morgan Stanley boosted their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Seven equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Commerce Bancshares presently has an average rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $59.68 on Friday. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The stock has a market capitalization of $7.96 billion, a P/E ratio of 14.21, a P/E/G ratio of 2.75 and a beta of 0.61. The company's 50-day simple moving average is $62.17 and its 200-day simple moving average is $61.87.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly 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. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. During the same period last year, the business earned $1.02 EPS. The company's revenue was up 7.6% compared to the same quarter last year. On average, research analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors 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 yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

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.

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