Concurrent Investment Advisors LLC Sells 2,120 Shares of Commerce Bancshares, Inc. $CBSH

Concurrent Investment Advisors LLC lessened its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,199 shares of the financial services provider’s stock after selling 2,120 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Commerce Bancshares were worth $2,872,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Smartleaf Asset Management LLC lifted its position 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 buying an additional 296 shares during the period. IMA Advisory Services Inc. bought a new position in shares of Commerce Bancshares during the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its position in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the period. Allworth Financial LP lifted its position in shares of 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 buying an additional 231 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Commerce Bancshares during the 1st quarter worth approximately $59,000. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 2.2%

Commerce Bancshares stock opened at $57.85 on Tuesday. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75. The company has a market cap of $7.72 billion, a PE ratio of 13.77, a PEG ratio of 6.98 and a beta of 0.59. The company’s 50-day moving average is $60.35 and its two-hundred day moving average is $61.42.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data 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. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. During the same period in the prior year, the business posted $1.02 earnings per share. Commerce Bancshares’s revenue was up 7.6% compared to the same quarter last year. Research analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. Commerce Bancshares’s payout ratio is 26.19%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Hovde Group initiated coverage on Commerce Bancshares in a research report on Monday, October 6th. They issued an “outperform” rating and a $70.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. TD Cowen initiated coverage on Commerce Bancshares in a research report on Thursday, September 25th. They issued a “hold” rating and a $63.00 price objective for the company. Finally, Bank of America increased their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a research note on Tuesday, June 24th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.43.

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.