Mutual Advisors LLC Has $29.06 Million Stock Holdings in Commerce Bancshares, Inc. $CBSH

Mutual Advisors LLC reduced its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 468,471 shares of the financial services provider’s stock after selling 2,879 shares during the quarter. Commerce Bancshares makes up 0.7% of Mutual Advisors LLC’s portfolio, making the stock its 17th biggest position. Mutual Advisors LLC’s holdings in Commerce Bancshares were worth $29,059,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CBSH. Smartleaf Asset Management LLC increased its position in Commerce Bancshares by 191.0% in 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. IMA Advisory Services Inc. acquired a new stake in Commerce Bancshares in the first quarter valued at approximately $29,000. Geneos Wealth Management Inc. increased its holdings in shares of 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 in the last quarter. Allworth Financial LP raised its position in shares of Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 231 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Commerce Bancshares in the 1st quarter worth $59,000. Institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CBSH shares. TD Cowen started coverage on shares of Commerce Bancshares in a research note on Thursday, September 25th. They set a “hold” rating and a $63.00 price target for the company. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Bank of America upped their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a report on Tuesday, June 24th. Wells Fargo & Company cut their price target on Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, September 29th. Finally, Morgan Stanley boosted their price objective on Commerce Bancshares from $66.00 to $70.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $68.43.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $58.88 on Wednesday. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The firm’s 50-day simple moving average is $60.31 and its 200 day simple moving average is $61.41. The stock has a market cap of $7.86 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 7.13 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 EPS 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 firm had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. During the same quarter last year, the business posted $1.02 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

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