United Services Automobile Association Takes $490,000 Position in Commerce Bancshares, Inc. $CBSH

Key Points

• United Services Automobile Association has purchased a new stake in Commerce Bancshares, Inc. valued at approximately $490,000, acquiring 7,955 shares during the first quarter.
• Commerce Bancshares recently reported $1.14 earnings per share, surpassing analyst expectations of $1.02, with a revenue of $445.76 million for the quarter.
• The company announced a quarterly dividend of $0.275 per share, which is set to be paid on September 23rd, representing an annualized yield of 1.8%.

United Services Automobile Association bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,955 shares of the financial services provider's stock, valued at approximately $490,000.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Commerce Bancshares by 2.0% in 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 purchasing an additional 268,250 shares during the period. American Century Companies Inc. increased its holdings 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 purchasing an additional 161,082 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Commerce Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,321,855 shares of the financial services provider's stock valued at $144,479,000 after purchasing an additional 49,737 shares during the period. Cooke & Bieler LP increased its holdings in shares of Commerce Bancshares by 6.3% in the first quarter. Cooke & Bieler LP now owns 955,548 shares of the financial services provider's stock valued at $59,464,000 after purchasing an additional 56,382 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Commerce Bancshares by 136.0% in the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock valued at $52,799,000 after purchasing an additional 488,960 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $59.92 on Thursday. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 14.27, a price-to-earnings-growth ratio of 2.76 and a beta of 0.61. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The stock's fifty day moving average is $62.36 and its two-hundred day moving average is $61.94.

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, beating the consensus estimate of $1.02 by $0.12. The company 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%.Commerce Bancshares's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 1.8%. Commerce Bancshares's dividend payout ratio is 26.19%.

Wall Street Analysts Forecast Growth

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

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