Stephens Inc. AR grew its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,792 shares of the financial services provider’s stock after acquiring an additional 3,924 shares during the period. Stephens Inc. AR owned 0.06% of Commerce Bancshares worth $3,985,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Gemmer Asset Management LLC lifted its holdings in Commerce Bancshares by 79.4% in the first quarter. Gemmer Asset Management LLC now owns 452 shares of the financial services provider’s stock valued at $26,000 after buying an additional 200 shares during the period. Trustcore Financial Services LLC bought a new stake in Commerce Bancshares during the 2nd quarter valued at about $75,000. Cullen Frost Bankers Inc. bought a new stake in Commerce Bancshares during the 1st quarter valued at about $141,000. ETF Managers Group LLC increased its stake in Commerce Bancshares by 9.0% during the 1st quarter. ETF Managers Group LLC now owns 2,527 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 208 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Commerce Bancshares during the 1st quarter valued at about $203,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.
A number of analysts have weighed in on CBSH shares. Zacks Investment Research upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating and set a $50.00 price objective for the company in a research note on Wednesday, June 12th. DA Davidson raised their price objective on shares of Commerce Bancshares to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Stephens restated a “hold” rating and set a $57.00 price objective on shares of Commerce Bancshares in a research note on Wednesday. BidaskClub lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Finally, Raymond James lowered shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research note on Monday, July 8th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. Commerce Bancshares presently has an average rating of “Hold” and a consensus price target of $58.41.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a net margin of 29.90% and a return on equity of 15.02%. The business had revenue of $338.90 million for the quarter, compared to the consensus estimate of $339.94 million. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, research analysts forecast that Commerce Bancshares, Inc. will post 3.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Friday, September 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.82%. The ex-dividend date is Thursday, September 5th. Commerce Bancshares’s dividend payout ratio is presently 27.51%.
About Commerce Bancshares
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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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