Y Intercept Hong Kong Ltd Grows Stock Position in Commerce Bancshares, Inc. $CBSH

Key Points

• Y Intercept Hong Kong Ltd increased its stake in Commerce Bancshares by 61.3% in the first quarter, bringing its holdings to 75,070 shares worth about $3.69 million.
• Commerce Bancshares reported Q1 earnings of $0.96 per share, topping analyst expectations, while revenue rose 11.1% year over year to $475.69 million.
• The company recently paid a quarterly dividend of $0.275 per share and has a current annualized yield of about 1.9%; analysts currently have an overall Hold rating with an average price target of $58.67.

Y Intercept Hong Kong Ltd boosted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 61.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,070 shares of the financial services provider's stock after buying an additional 28,517 shares during the period. Y Intercept Hong Kong Ltd owned approximately 0.05% of Commerce Bancshares worth $3,693,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after purchasing an additional 1,098,142 shares during the period. State Street Corp boosted its position in Commerce Bancshares by 8.4% during the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider's stock worth $383,071,000 after purchasing an additional 566,853 shares in the last quarter. Commerce Bank increased its holdings in Commerce Bancshares by 7.0% during the 4th quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider's stock valued at $296,287,000 after acquiring an additional 369,636 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Commerce Bancshares by 15.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,049,064 shares of the financial services provider's stock worth $159,597,000 after acquiring an additional 406,063 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Commerce Bancshares by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock worth $147,097,000 after acquiring an additional 174,863 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Commerce Bancshares stock traded up $0.42 during midday trading on Tuesday, hitting $59.16. 131,877 shares of the company were exchanged, compared to its average volume of 1,286,947. Commerce Bancshares, Inc. has a fifty-two week low of $46.99 and a fifty-two week high of $63.19. The company has a market cap of $8.62 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 3.92 and a beta of 0.58. The company's fifty day moving average price is $53.63 and its 200-day moving average price is $52.46.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company had revenue of $475.69 million during the quarter, compared to analysts' expectations of $481.94 million. During the same period in the prior year, the company posted $0.98 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. On average, analysts expect that Commerce Bancshares, Inc. will post 4.14 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were paid 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 was Friday, June 5th. Commerce Bancshares's dividend payout ratio (DPR) is 26.38%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CBSH shares. Morgan Stanley reiterated a "positive" rating and issued a $65.00 price target (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Wells Fargo & Company increased their target price on Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a report on Monday. Piper Sandler boosted their price target on Commerce Bancshares from $58.50 to $59.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Finally, Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $56.00 to $57.00 and gave the company a "market perform" rating in a report on Wednesday, May 13th. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $58.67.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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