Citizens Financial Group Inc RI increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 61.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,184 shares of the financial services provider’s stock after buying an additional 1,209 shares during the quarter. Citizens Financial Group Inc RI’s holdings in Commerce Bancshares were worth $160,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. State Street Corp lifted its position in shares of Commerce Bancshares by 1.3% during the 4th quarter. State Street Corp now owns 5,700,496 shares of the financial services provider’s stock worth $387,292,000 after buying an additional 70,426 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Commerce Bancshares by 8.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,353,154 shares of the financial services provider’s stock worth $91,934,000 after buying an additional 108,938 shares during the last quarter. Champlain Investment Partners LLC lifted its position in shares of Commerce Bancshares by 0.5% during the 4th quarter. Champlain Investment Partners LLC now owns 1,336,386 shares of the financial services provider’s stock worth $90,794,000 after buying an additional 6,852 shares during the last quarter. Geode Capital Management LLC raised its position in Commerce Bancshares by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 1,318,010 shares of the financial services provider’s stock valued at $89,545,000 after purchasing an additional 89,772 shares during the last quarter. Finally, Findlay Park Partners LLP raised its position in Commerce Bancshares by 5.0% in the fourth quarter. Findlay Park Partners LLP now owns 1,110,876 shares of the financial services provider’s stock valued at $75,473,000 after purchasing an additional 52,898 shares during the last quarter. Institutional investors and hedge funds own 67.40% of the company’s stock.
Several equities analysts have commented on CBSH shares. Piper Sandler increased their target price on Commerce Bancshares from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Raymond James upgraded Commerce Bancshares from an “underperform” rating to a “market perform” rating in a research report on Monday, April 6th. Wells Fargo & Co dropped their target price on Commerce Bancshares from $53.00 to $35.00 and set an “underweight” rating for the company in a research report on Monday, March 30th. Morgan Stanley dropped their target price on Commerce Bancshares from $51.00 to $50.00 and set an “underweight” rating for the company in a research report on Tuesday, April 7th. Finally, BidaskClub downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, May 14th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $53.83.
Shares of CBSH stock opened at $60.05 on Friday. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of 18.66 and a beta of 1.03. The stock has a 50-day moving average of $56.29 and a 200-day moving average of $62.70. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. Commerce Bancshares, Inc. has a 1-year low of $45.51 and a 1-year high of $71.92.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.11). The company had revenue of $324.70 million during the quarter, compared to analyst estimates of $328.18 million. Commerce Bancshares had a net margin of 26.01% and a return on equity of 12.44%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. Sell-side analysts forecast that Commerce Bancshares, Inc. will post 2.42 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be paid a $0.27 dividend. The ex-dividend date is Thursday, June 4th. This represents a $1.08 annualized dividend and a dividend yield of 1.80%. Commerce Bancshares’s payout ratio is 30.17%.
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. 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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