Raymond James & Associates lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 13.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,496 shares of the financial services provider’s stock after buying an additional 18,816 shares during the period. Raymond James & Associates owned about 0.12% of Commerce Bancshares worth $7,573,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Moneta Group Investment Advisors LLC raised its holdings in Commerce Bancshares by 102,920.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after acquiring an additional 133,660,305 shares in the last quarter. Vanguard Group Inc. raised its holdings in Commerce Bancshares by 1.0% during the third quarter. Vanguard Group Inc. now owns 11,332,270 shares of the financial services provider’s stock worth $749,743,000 after acquiring an additional 117,162 shares in the last quarter. BlackRock Inc. raised its holdings in Commerce Bancshares by 2.0% during the first quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock worth $638,003,000 after acquiring an additional 217,024 shares in the last quarter. Commerce Bank raised its holdings in Commerce Bancshares by 0.8% during the first quarter. Commerce Bank now owns 7,028,683 shares of the financial services provider’s stock worth $410,124,000 after acquiring an additional 58,123 shares in the last quarter. Finally, State Street Corp raised its holdings 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 acquiring an additional 544,292 shares in the last quarter. 69.63% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
CBSH has been the topic of several analyst reports. Jefferies Financial Group upped their target price on Commerce Bancshares from $51.00 to $52.00 in a report on Tuesday, October 10th. Wells Fargo & Company dropped their price objective on Commerce Bancshares from $52.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Friday. StockNews.com assumed coverage on Commerce Bancshares in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Piper Sandler dropped their price objective on Commerce Bancshares from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Morgan Stanley upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $48.00 to $49.00 in a research note on Wednesday, September 27th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.60.
Insider Transactions at Commerce Bancshares
In other news, SVP Paula S. Petersen sold 2,068 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $46.61, for a total transaction of $96,389.48. Following the transaction, the senior vice president now owns 29,984 shares in the company, valued at $1,397,554.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Paula S. Petersen sold 2,068 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $46.61, for a total transaction of $96,389.48. Following the sale, the senior vice president now owns 29,984 shares of the company’s stock, valued at $1,397,554.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Blackford F. Brauer purchased 5,000 shares of Commerce Bancshares stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average cost of $53.00 per share, for a total transaction of $265,000.00. Following the transaction, the director now directly owns 23,172 shares of the company’s stock, valued at $1,228,116. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 15,000 shares of company stock worth $751,200 and have sold 6,957 shares worth $334,258. 3.20% of the stock is owned by corporate insiders.
Commerce Bancshares Price Performance
Shares of NASDAQ CBSH opened at $45.31 on Friday. The firm has a market cap of $5.65 billion, a P/E ratio of 11.41 and a beta of 0.74. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.19. Commerce Bancshares, Inc. has a 1-year low of $45.16 and a 1-year high of $72.60. The business’s 50 day moving average is $48.49 and its 200-day moving average is $50.38.
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last announced its earnings results on Wednesday, October 18th. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.03. The company had revenue of $391.50 million for the quarter, compared to analyst estimates of $391.77 million. Commerce Bancshares had a return on equity of 19.12% and a net margin of 26.71%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 earnings per share. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.77 earnings per share for the current year.
Commerce Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, September 25th. Stockholders of record on Wednesday, September 6th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, September 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.38%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 27.20%.
Commerce Bancshares Company Profile
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.
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