Steward Partners Investment Advisory LLC Lowers Stock Holdings in Commerce Bancshares, Inc. $CBSH

Steward Partners Investment Advisory LLC reduced its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,194 shares of the financial services provider’s stock after selling 985 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Commerce Bancshares were worth $2,064,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised 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 valued at $28,000 after buying an additional 296 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 216 shares during the last quarter. Mid American Wealth Advisory Group Inc. purchased a new position in shares of Commerce Bancshares during the second quarter worth approximately $46,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Commerce Bancshares in the 1st quarter worth approximately $59,000. Finally, Private Wealth Asset Management LLC lifted its holdings in shares of Commerce Bancshares by 292.6% in the 2nd quarter. Private Wealth Asset Management LLC now owns 1,425 shares of the financial services provider’s stock worth $89,000 after acquiring an additional 1,062 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Trading Up 0.3%

Commerce Bancshares stock opened at $53.91 on Friday. The firm has a market cap of $7.14 billion, a P/E ratio of 12.87, a P/E/G ratio of 4.71 and a beta of 0.62. Commerce Bancshares, Inc. has a 1-year low of $51.12 and a 1-year high of $70.86. The firm has a 50-day moving average of $55.29 and a 200-day moving average of $59.85.

Commerce Bancshares’s stock is going to split before the market opens on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly created shares will be distributed to shareholders after the closing bell 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 return on equity of 15.73% and a net margin of 26.48%.The business had revenue of $448.85 million during the quarter, compared to analysts’ expectations of $447.04 million. During the same quarter last year, the business posted $1.07 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts forecast 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 Monday, December 15th. Investors of record on Tuesday, December 2nd will be paid a $0.275 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.25%.

Analyst Upgrades and Downgrades

CBSH has been the topic of several recent research reports. Wells Fargo & Company reduced their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research note on Tuesday. TD Cowen initiated coverage on Commerce Bancshares in a research note on Thursday, September 25th. They issued a “hold” rating and a $63.00 target price for the company. Morgan Stanley increased their target price on Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Finally, Keefe, Bruyette & Woods dropped their target price on Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating for the company in a report on Friday, October 17th. One research 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, the stock currently has an average rating of “Hold” and an average target price of $65.29.

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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.