Vanguard Group Inc. Acquires 268,250 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Vanguard Group Inc. boosted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,493,741 shares of the financial services provider’s stock after purchasing an additional 268,250 shares during the period. Vanguard Group Inc. owned about 10.06% of Commerce Bancshares worth $839,716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of CBSH. Kapitalo Investimentos Ltda bought a new stake in shares of Commerce Bancshares during the 4th quarter worth about $26,000. IMA Advisory Services Inc. bought a new stake in Commerce Bancshares during the 1st quarter worth approximately $29,000. Allworth Financial LP grew its holdings in Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 231 shares during the last quarter. Transce3nd LLC bought a new stake in Commerce Bancshares during the 4th quarter worth approximately $68,000. Finally, GAMMA Investing LLC grew its holdings in Commerce Bancshares by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider’s stock worth $117,000 after acquiring an additional 739 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CBSH shares. Wells Fargo & Company boosted their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Morgan Stanley boosted their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 17th. Bank of America boosted their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Tuesday, June 24th. Finally, Piper Sandler upped their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $68.20.

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $60.29 on Tuesday. The company has a market cap of $8.05 billion, a P/E ratio of 14.35, a P/E/G ratio of 2.76 and a beta of 0.61. The firm has a 50-day moving average of $62.53 and a 200-day moving average of $62.62. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.12. The company had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share. As a group, research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.19%.

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.