Bank of America Corp DE Sells 30,480 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by Defense World Staff on Jun 6th, 2023

Bank of America Corp DE cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 3.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 945,038 shares of the financial services provider’s stock after selling 30,480 shares during the quarter. Bank of America Corp DE owned 0.75% of Commerce Bancshares worth $64,329,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Accurate Wealth Management LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter valued at approximately $28,000. Belpointe Asset Management LLC bought a new stake in Commerce Bancshares during the 4th quarter worth approximately $30,000. Raleigh Capital Management Inc. grew its holdings in Commerce Bancshares by 205.6% during the 4th quarter. Raleigh Capital Management Inc. now owns 440 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 296 shares during the last quarter. Asset Dedication LLC grew its holdings in Commerce Bancshares by 530.0% during the 4th quarter. Asset Dedication LLC now owns 441 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 371 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in Commerce Bancshares by 143.2% during the 3rd quarter. Bessemer Group Inc. now owns 484 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 285 shares during the last quarter. 64.12% of the stock is owned by institutional investors.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $48.35 on Tuesday. The firm has a market capitalization of $6.03 billion, a PE ratio of 12.48 and a beta of 0.75. The firm has a fifty day simple moving average of $52.80 and a two-hundred day simple moving average of $61.67. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.56. Commerce Bancshares, Inc. has a 12 month low of $47.05 and a 12 month high of $72.60.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last announced its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.03. The business had revenue of $389.20 million during the quarter, compared to analyst estimates of $389.46 million. Commerce Bancshares had a net margin of 29.71% and a return on equity of 19.18%. Commerce Bancshares’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. Analysts forecast that Commerce Bancshares, Inc. will post 3.69 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Monday, June 5th will be paid a $0.27 dividend. The ex-dividend date is Friday, June 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.23%. Commerce Bancshares’s payout ratio is 27.87%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CBSH. Keefe, Bruyette & Woods dropped their price target on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. Morgan Stanley downgraded shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $50.00 to $48.00 in a research report on Tuesday, May 16th. StockNews.com began coverage on shares of Commerce Bancshares in a research report on Thursday, May 18th. They set a “sell” rating on the stock. TheStreet downgraded shares of Commerce Bancshares from a “b-” rating to a “c+” rating in a research report on Wednesday, May 24th. Finally, Wells Fargo & Company dropped their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 5th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $64.17.

Commerce Bancshares Company Profile

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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.