UMB Bank n.a. Sells 4,905 Shares of 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 second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,383 shares of the financial services provider's stock after selling 4,905 shares during the quarter. UMB Bank n.a. owned 0.17% of Commerce Bancshares worth $14,074,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CBSH. Invesco Ltd. lifted its position in shares of Commerce Bancshares by 136.0% during the 1st quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock valued at $52,799,000 after acquiring an additional 488,960 shares during the period. Nuveen LLC acquired a new position in Commerce Bancshares during the first quarter worth $21,995,000. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock worth $839,716,000 after purchasing an additional 268,250 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Commerce Bancshares by 104.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider's stock worth $20,114,000 after acquiring an additional 165,000 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Commerce Bancshares by 4.4% in 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. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Trading Down 0.6%

Commerce Bancshares stock traded down $0.35 during mid-day trading on Tuesday, hitting $58.46. The stock had a trading volume of 281,486 shares, compared to its average volume of 688,945. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The stock has a market capitalization of $7.80 billion, a PE ratio of 13.92, a P/E/G ratio of 2.71 and a beta of 0.61. The stock has a 50-day simple moving average of $61.41 and a two-hundred day simple moving average of $61.68.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.12. The firm had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The company's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. Sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed 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 dividend payout ratio is currently 26.19%.

Analysts Set New Price Targets

Several brokerages have weighed in on CBSH. Morgan Stanley boosted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Bank of America upped their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Wells Fargo & Company upped their price objective on shares of 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 downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Finally, Piper Sandler upped their price target 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 equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price 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.