UMB Bank n.a. Decreases Stock Position in Commerce Bancshares, Inc. $CBSH

Key Points

• UMB Bank n.a. reduced its stake in Commerce Bancshares by 2.1%, holding 226,383 shares valued at approximately $14.07 million.
• Analysts have a consensus rating of "Hold" on Commerce Bancshares, with the average target price set at $68.20.
• The company declared a quarterly dividend of $0.275 per share, which will be paid to shareholders on September 23rd, reflecting a 1.9% yield.

UMB Bank n.a. cut its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 226,383 shares of the financial services provider's stock after selling 4,905 shares during the quarter. UMB Bank n.a. owned approximately 0.17% of Commerce Bancshares worth $14,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Louisiana State Employees Retirement System lifted its holdings in shares of Commerce Bancshares by 0.5% during 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 purchasing an additional 175 shares during the last quarter. State of Michigan Retirement System lifted its holdings in shares of Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock valued at $1,815,000 after purchasing an additional 200 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 216 shares during the last quarter. Modern Wealth Management LLC lifted its holdings in shares of Commerce Bancshares by 1.3% during the first quarter. Modern Wealth Management LLC now owns 17,019 shares of the financial services provider's stock valued at $1,059,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings 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 valued at $40,000 after purchasing an additional 231 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Zacks Research lowered shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 27th. Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Bank of America lifted their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Finally, Piper Sandler lifted their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Stock Performance

Shares of CBSH stock traded down $1.02 during mid-day trading on Friday, reaching $59.23. 2,672,894 shares of the company's stock traded hands, compared to its average volume of 985,015. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The firm has a 50 day moving average price of $61.56 and a two-hundred day moving average price of $61.70. The firm has a market capitalization of $7.90 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 2.71 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) 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 firm had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. During the same quarter in the previous year, the firm posted $1.02 EPS. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders 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 annualized dividend and a yield of 1.9%. Commerce Bancshares's 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.