HRT Financial LP Acquires 6,371 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by on Jun 2nd, 2023

HRT Financial LP grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 93.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,215 shares of the financial services provider’s stock after acquiring an additional 6,371 shares during the quarter. HRT Financial LP’s holdings in Commerce Bancshares were worth $899,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CBSH. State Street Corp lifted its position in Commerce Bancshares by 8.9% during the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock worth $476,554,000 after purchasing an additional 544,292 shares during the period. Mutual Advisors LLC bought a new stake in Commerce Bancshares during the fourth quarter worth about $26,709,000. Commerce Bank lifted its position in Commerce Bancshares by 3.9% during the fourth quarter. Commerce Bank now owns 6,970,560 shares of the financial services provider’s stock worth $474,486,000 after purchasing an additional 262,329 shares during the period. Eaton Vance Management lifted its position in Commerce Bancshares by 15.0% during the first quarter. Eaton Vance Management now owns 1,385,610 shares of the financial services provider’s stock worth $99,195,000 after purchasing an additional 181,148 shares during the period. Finally, ProShare Advisors LLC lifted its position in Commerce Bancshares by 29.3% during the fourth quarter. ProShare Advisors LLC now owns 519,104 shares of the financial services provider’s stock worth $35,335,000 after purchasing an additional 117,559 shares during the period. Institutional investors own 64.12% of the company’s stock.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $48.66 on Friday. The business has a 50 day moving average of $53.14 and a 200-day moving average of $62.13. Commerce Bancshares, Inc. has a 1 year low of $47.05 and a 1 year high of $72.60. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market capitalization of $6.07 billion, a P/E ratio of 12.56 and a beta of 0.75.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last released its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $389.46 million. During the same quarter in the prior year, the firm posted $0.92 earnings per share. The firm’s revenue was up 14.3% compared to the same quarter last year. On average, equities research analysts predict that Commerce Bancshares, Inc. will post 3.69 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Monday, June 5th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $1.08 annualized dividend and a yield of 2.22%. Commerce Bancshares’s payout ratio is 27.87%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CBSH. Morgan Stanley cut shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $50.00 to $48.00 in a report on Tuesday, May 16th. TheStreet cut shares of Commerce Bancshares from a “b-” rating to a “c+” rating in a report on Wednesday, May 24th. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Wells Fargo & Company dropped 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 report on Wednesday, April 5th. Finally, StockNews.com began coverage on shares of Commerce Bancshares in a report on Thursday, May 18th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $64.17.

About Commerce Bancshares

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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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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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