Integrated Wealth Concepts LLC Raises Stock Position in Commerce Bancshares, Inc. $CBSH

Integrated Wealth Concepts LLC increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 19.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,162 shares of the financial services provider’s stock after purchasing an additional 2,649 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Commerce Bancshares were worth $1,006,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System boosted its holdings in Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider’s stock worth $2,128,000 after purchasing an additional 175 shares during the last quarter. State of Michigan Retirement System increased its holdings in Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider’s stock valued at $1,815,000 after buying an additional 200 shares during the last quarter. Allworth Financial LP increased its holdings in Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock valued at $40,000 after buying an additional 231 shares during the last quarter. Missouri Trust & Investment Co boosted its stake in shares of Commerce Bancshares by 5.8% during the 1st quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider’s stock worth $293,000 after acquiring an additional 259 shares during the last quarter. Finally, Smith Shellnut Wilson LLC ADV boosted its stake in shares of Commerce Bancshares by 5.0% during the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 295 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $60.11 on Friday. The company’s fifty day moving average price is $62.27 and its 200-day moving average price is $61.91. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75. The company has a market capitalization of $8.02 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 2.74 and a beta of 0.61.

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

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 5th. Commerce Bancshares’s payout ratio is currently 26.19%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Zacks Research cut shares of Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. Morgan Stanley lifted their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 17th. Piper Sandler lifted their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Bank of America lifted their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 24th. Finally, Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Seven equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $68.20.

Commerce Bancshares 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.