Voya Investment Management LLC Acquires 19,776 Shares of Commerce Bancshares, Inc. $CBSH

Key Points

• Voya Investment Management LLC increased its holdings in Commerce Bancshares, Inc. by 11.0% in Q1, owning approximately 0.15% of the company valued at $12.38 million.
• Analysts have varying opinions on Commerce Bancshares, with Wall Street Zen downgrading the stock to "sell" while Wells Fargo and Piper Sandler raised their price targets to $69.00 and $70.00, respectively.
• The company reported Q2 earnings of $1.14 per share, surpassing estimates, and recently declared a quarterly dividend of $0.275 per share to be paid on September 23rd.

Voya Investment Management LLC raised its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 11.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,901 shares of the financial services provider's stock after acquiring an additional 19,776 shares during the quarter. Voya Investment Management LLC owned approximately 0.15% of Commerce Bancshares worth $12,378,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Commerce Bancshares in the 1st quarter valued at approximately $1,855,000. HighTower Advisors LLC lifted its holdings in shares of Commerce Bancshares by 39.5% during the first quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider's stock worth $1,198,000 after buying an additional 5,453 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Commerce Bancshares by 67.6% during the first quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider's stock worth $16,871,000 after buying an additional 109,375 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Commerce Bancshares by 64.9% during the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock worth $117,000 after buying an additional 739 shares during the last quarter. Finally, Novem Group lifted its holdings in shares of Commerce Bancshares by 35.3% during the first quarter. Novem Group now owns 16,663 shares of the financial services provider's stock worth $1,037,000 after buying an additional 4,344 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

Analyst Ratings Changes

CBSH has been the subject of a number of research analyst reports. Piper Sandler upped their price target on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, July 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. Zacks Research lowered Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Wells Fargo & Company increased their price objective 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. Finally, Morgan Stanley increased their price objective 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. Seven analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded down $1.02 during midday trading on Friday, reaching $59.23. The stock had a trading volume of 2,672,894 shares, compared to its average volume of 928,480. The firm's fifty day simple moving average is $61.56 and its 200-day simple moving average is $61.71. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The stock has a market capitalization of $7.90 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 2.76 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results 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 return on equity of 16.01% and a net margin of 26.37%.The business had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. During the same quarter last year, the firm earned $1.02 EPS. Commerce Bancshares's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

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 given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares's payout ratio 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.