7,955 Shares in Commerce Bancshares, Inc. $CBSH Bought by United Services Automobile Association

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 position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,955 shares of the financial services provider's stock, valued at approximately $490,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CBSH. Smartleaf Asset Management LLC increased its stake in shares of Commerce Bancshares by 191.0% in the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock valued at $28,000 after buying an additional 296 shares during the period. IMA Advisory Services Inc. acquired a new stake in shares of Commerce Bancshares in the first quarter valued at about $29,000. Allworth Financial LP increased its stake in shares of Commerce Bancshares by 55.0% in the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after buying an additional 231 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Commerce Bancshares in the first quarter valued at about $59,000. Finally, GAMMA Investing LLC increased its stake in shares of Commerce Bancshares by 64.9% in the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after buying an additional 739 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Trading Down 1.4%

NASDAQ CBSH traded down $0.81 on Tuesday, hitting $58.21. The company's stock had a trading volume of 148,997 shares, compared to its average volume of 674,761. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75. The company's 50-day simple moving average is $62.05 and its 200 day simple moving average is $61.81. The firm has a market cap of $7.77 billion, a P/E ratio of 13.86, a PEG ratio of 2.73 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The company had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same quarter last year, the business posted $1.02 EPS. The firm's revenue for the quarter 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 fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several recent analyst reports. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company raised their target price on Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Piper Sandler raised their target price on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley raised their target price on Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Zacks Research cut Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Seven equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares 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.