Commerce Bancshares, Inc. $CBSH Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,247 shares of the financial services provider’s stock after selling 908 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Commerce Bancshares were worth $2,129,000 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 company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Commerce Bancshares in the first quarter valued at about $1,855,000. HighTower Advisors LLC boosted its holdings in Commerce Bancshares by 39.5% in the first quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider’s stock valued at $1,198,000 after purchasing an additional 5,453 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Commerce Bancshares by 67.6% in the first quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider’s stock valued at $16,871,000 after purchasing an additional 109,375 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Commerce Bancshares by 64.9% in the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 739 shares during the last quarter. Finally, Novem Group boosted its holdings in Commerce Bancshares by 35.3% in the first quarter. Novem Group now owns 16,663 shares of the financial services provider’s stock valued at $1,037,000 after purchasing an additional 4,344 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CBSH. Piper Sandler increased their price target on Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 27th. Morgan Stanley increased their target price on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th. Bank of America increased their target price on Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a report on Tuesday, June 24th. Finally, Wells Fargo & Company increased their target price on Commerce Bancshares from $62.00 to $69.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Seven analysts have rated the stock with a Hold rating, According to MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $68.20.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $59.23 on Monday. The stock has a market cap of $7.90 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 2.71 and a beta of 0.61. The business’s fifty day moving average is $61.56 and its 200-day moving average is $61.70. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75.

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

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders 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 1.9%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.19%.

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.