Amalgamated Bank Sells 9,412 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by Defense World Staff on Jul 28th, 2023

Amalgamated Bank lessened its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 10.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,196 shares of the financial services provider’s stock after selling 9,412 shares during the quarter. Amalgamated Bank owned 0.06% of Commerce Bancshares worth $4,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP grew its stake in shares of Commerce Bancshares by 621.3% during the 1st quarter. Allworth Financial LP now owns 440 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 379 shares during the period. Asset Dedication LLC grew its stake 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 worth $30,000 after acquiring an additional 371 shares during the period. Raleigh Capital Management Inc. lifted 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 purchasing an additional 296 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in Commerce Bancshares during the 4th quarter worth about $30,000. Finally, Lindbrook Capital LLC lifted its holdings in Commerce Bancshares by 49.6% during the 1st quarter. Lindbrook Capital LLC now owns 570 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 189 shares in the last quarter. Institutional investors own 67.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CBSH. TheStreet cut Commerce Bancshares from a “b-” rating to a “c+” rating in a report on Wednesday, May 24th. Wells Fargo & Company dropped their price objective on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. StockNews.com began coverage on Commerce Bancshares in a report on Thursday, May 18th. They set a “sell” rating on the stock. Keefe, Bruyette & Woods dropped their price objective 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. Finally, Morgan Stanley cut Commerce Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $50.00 to $48.00 in a report on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.75.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $52.14 on Friday. The business’s 50-day moving average price is $49.32 and its two-hundred day moving average price is $56.89. Commerce Bancshares, Inc. has a twelve month low of $45.55 and a twelve month high of $72.60. The stock has a market cap of $6.50 billion, a P/E ratio of 13.10 and a beta of 0.74. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.37.

Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last released its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.08. The firm had revenue of $397.10 million for the quarter, compared to analysts’ expectations of $391.15 million. Commerce Bancshares had a return on equity of 19.64% and a net margin of 28.39%. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 EPS. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 3.71 EPS for the current fiscal year.

About Commerce Bancshares

(Free Report)

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.