Bank of Nova Scotia lowered its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 35.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,676 shares of the financial services provider’s stock after selling 4,304 shares during the period. Bank of Nova Scotia’s holdings in Commerce Bancshares were worth $523,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Accurate Wealth Management LLC acquired a new stake in Commerce Bancshares during the fourth quarter valued at $28,000. Asset Dedication LLC lifted its holdings in shares of Commerce Bancshares by 530.0% during the 4th quarter. Asset Dedication LLC now owns 441 shares of the financial services provider’s stock valued at $30,000 after buying an additional 371 shares during the last quarter. Raleigh Capital Management Inc. lifted its holdings in shares of Commerce Bancshares by 205.6% during the 4th quarter. Raleigh Capital Management Inc. now owns 440 shares of the financial services provider’s stock valued at $30,000 after buying an additional 296 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at approximately $30,000. Finally, Bessemer Group Inc. increased its holdings in Commerce Bancshares by 143.2% in the third quarter. Bessemer Group Inc. now owns 484 shares of the financial services provider’s stock worth $32,000 after buying an additional 285 shares during the last quarter. 64.12% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have commented on CBSH. Wells Fargo & Company decreased their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. Keefe, Bruyette & Woods cut their target price on Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $50.00 to $48.00 in a research note on Tuesday, May 16th. Finally, StockNews.com initiated coverage on Commerce Bancshares in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $64.17.
Commerce Bancshares Trading Down 0.7 %
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.95 EPS for the quarter, topping the consensus estimate of $0.92 by $0.03. Commerce Bancshares had a return on equity of 19.18% and a net margin of 29.71%. The company had revenue of $389.20 million for the quarter, compared to the consensus estimate of $389.46 million. During the same period in the previous year, the business posted $0.92 EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. Equities research analysts forecast that Commerce Bancshares, Inc. will post 3.69 earnings per share for the current year.
Commerce Bancshares Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 20th. Investors of record on Monday, June 5th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, June 2nd. Commerce Bancshares’s payout ratio is currently 27.87%.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.
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