Vanguard Group Inc. Boosts Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Vanguard Group Inc. increased its stake in Commerce Bancshares by 2.0%, acquiring an additional 268,250 shares to hold a total of 13,493,741 shares, valued at approximately $839.72 million.
• Wall Street analysts have revised target prices for Commerce Bancshares, with estimates ranging from $58.00 to $71.00, while the consensus rating remains at a "Hold" with an average price target of $68.20.
• Commerce Bancshares recently declared a quarterly dividend of $0.275 per share, resulting in an annualized dividend of $1.10 and a yield of 1.8%.

Vanguard Group Inc. increased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,493,741 shares of the financial services provider's stock after acquiring an additional 268,250 shares during the quarter. Vanguard Group Inc. owned about 10.06% of Commerce Bancshares worth $839,716,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aristotle Capital Management LLC lifted its position in Commerce Bancshares by 4.3% during the fourth quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock valued at $533,777,000 after purchasing an additional 351,406 shares during the last quarter. Northern Trust Corp lifted its position in Commerce Bancshares by 31.8% during the fourth quarter. Northern Trust Corp now owns 1,286,483 shares of the financial services provider's stock valued at $80,161,000 after purchasing an additional 310,443 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Commerce Bancshares by 11.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after purchasing an additional 227,052 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Commerce Bancshares during the fourth quarter valued at $9,858,000. Finally, Invesco Ltd. lifted its position in Commerce Bancshares by 75.6% during the fourth quarter. Invesco Ltd. now owns 359,482 shares of the financial services provider's stock valued at $22,399,000 after purchasing an additional 154,751 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

CBSH has been the subject of several research reports. Piper Sandler increased their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley increased their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. Bank of America increased their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Wells Fargo & Company increased 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 note on Monday, July 21st. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Stock Down 1.2%

CBSH traded down $0.73 during trading hours on Friday, reaching $61.19. 621,903 shares of the company's stock traded hands, compared to its average volume of 709,533. The firm has a 50-day moving average price of $62.40 and a 200 day moving average price of $62.54. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75. The firm has a market capitalization of $8.17 billion, a PE ratio of 14.57, a PEG ratio of 2.83 and a beta of 0.61.

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

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is 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.