Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Acquired by Great Lakes Advisors LLC

Posted by Defense World Staff on Aug 21st, 2023

Great Lakes Advisors LLC increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,163 shares of the financial services provider’s stock after acquiring an additional 954 shares during the period. Great Lakes Advisors LLC’s holdings in Commerce Bancshares were worth $1,877,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CBSH. Allworth Financial LP lifted its position in Commerce Bancshares by 621.3% during the first quarter. Allworth Financial LP now owns 440 shares of the financial services provider’s stock valued at $26,000 after buying an additional 379 shares in the last quarter. Raleigh Capital Management Inc. lifted its position in Commerce Bancshares by 205.6% during the fourth 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 in the last quarter. Belpointe Asset Management LLC acquired a new position in Commerce Bancshares during the fourth quarter valued at approximately $30,000. Lindbrook Capital LLC lifted its position in Commerce Bancshares by 49.6% during the first quarter. Lindbrook Capital LLC now owns 570 shares of the financial services provider’s stock valued at $33,000 after buying an additional 189 shares in the last quarter. Finally, Carderock Capital Management Inc. acquired a new position in Commerce Bancshares during the first quarter valued at approximately $37,000. 67.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CBSH shares. TheStreet cut shares of Commerce Bancshares from a “b-” rating to a “c+” rating in a research report on Wednesday, May 24th. Morgan Stanley cut shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $50.00 to $48.00 in a research report on Tuesday, May 16th. Finally, StockNews.com started coverage on shares of Commerce Bancshares in a research note on Thursday. They set a “sell” rating on the stock. 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 has a consensus rating of “Hold” and a consensus price target of $60.75.

Read Our Latest Stock Analysis on CBSH

Insider Buying and Selling

In other Commerce Bancshares news, Director Blackford F. Brauer purchased 5,000 shares of the business’s stock in a transaction on Friday, July 28th. The stock was bought at an average cost of $53.00 per share, with a total value of $265,000.00. Following the acquisition, the director now owns 23,172 shares of the company’s stock, valued at $1,228,116. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Blackford F. Brauer purchased 5,000 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was acquired at an average price of $53.00 per share, with a total value of $265,000.00. Following the purchase, the director now owns 23,172 shares in the company, valued at approximately $1,228,116. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derrick Brooks sold 1,430 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $52.63, for a total value of $75,260.90. Following the sale, the senior vice president now directly owns 8,526 shares of the company’s stock, valued at approximately $448,723.38. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Commerce Bancshares Trading Down 0.6 %

CBSH opened at $50.26 on Monday. The firm has a market capitalization of $6.27 billion, a P/E ratio of 12.62 and a beta of 0.75. The firm’s 50 day moving average is $50.55 and its 200-day moving average is $54.92. Commerce Bancshares, Inc. has a 52-week low of $45.55 and a 52-week high of $72.60. 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 issued its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.08. The business had revenue of $397.10 million during the quarter, compared to analyst estimates of $391.15 million. Commerce Bancshares had a net margin of 28.39% and a return on equity of 19.64%. The business’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Analysts expect that Commerce Bancshares, Inc. will post 3.72 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Wednesday, September 6th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Tuesday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is 27.13%.

Commerce Bancshares Profile

(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.