Legal & General Group Plc Has $15.65 Million Position in Commerce Bancshares, Inc. $CBSH

Legal & General Group Plc boosted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.7% during the second quarter, Holdings Channel.com reports. The fund owned 251,704 shares of the financial services provider’s stock after acquiring an additional 1,648 shares during the period. Legal & General Group Plc’s holdings in Commerce Bancshares were worth $15,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CBSH. Smartleaf Asset Management LLC grew its holdings in shares of Commerce Bancshares by 191.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 296 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares in the last quarter. Mid American Wealth Advisory Group Inc. bought a new stake in Commerce Bancshares during the second quarter worth about $46,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Commerce Bancshares during the first quarter worth about $59,000. Finally, Private Wealth Asset Management LLC grew its stake in Commerce Bancshares by 292.6% during the second quarter. Private Wealth Asset Management LLC now owns 1,425 shares of the financial services provider’s stock worth $89,000 after buying an additional 1,062 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CBSH has been the subject of several analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating for the company in a research report on Friday, October 17th. Morgan Stanley boosted their price objective on shares of Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Wells Fargo & Company decreased their price target on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. Finally, TD Cowen started coverage on Commerce Bancshares in a report on Thursday, September 25th. They set a “hold” rating and a $63.00 price target for the company. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average target price of $65.29.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $53.91 on Friday. The firm’s fifty day moving average price is $55.29 and its two-hundred day moving average price is $59.85. The stock has a market cap of $7.14 billion, a PE ratio of 12.87, a PEG ratio of 4.71 and a beta of 0.62. Commerce Bancshares, Inc. has a fifty-two week low of $51.12 and a fifty-two week high of $70.86.

Commerce Bancshares shares are scheduled to split on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The firm had revenue of $448.85 million for the quarter, compared to analyst estimates of $447.04 million. During the same period last year, the business earned $1.07 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, December 2nd. Commerce Bancshares’s payout ratio is 26.25%.

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.