ProShare Advisors LLC Grows Holdings in Commerce Bancshares, Inc. $CBSH

ProShare Advisors LLC raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 17.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 548,013 shares of the financial services provider’s stock after buying an additional 81,716 shares during the period. ProShare Advisors LLC’s holdings in Commerce Bancshares were worth $34,070,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CBSH. Midwest Trust Co bought a new stake in shares of Commerce Bancshares in the second quarter worth $10,667,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of Commerce Bancshares in the 2nd quarter worth about $3,944,000. Fox Run Management L.L.C. acquired a new stake in shares of Commerce Bancshares in the 2nd quarter valued at about $506,000. Savant Capital LLC bought a new position in shares of Commerce Bancshares during the second quarter worth about $250,000. Finally, Convergence Financial LLC acquired a new position in Commerce Bancshares in the second quarter worth about $203,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CBSH has been the topic of a number of research analyst reports. TD Cowen assumed coverage on Commerce Bancshares in a report on Thursday, September 25th. They set a “hold” rating and a $63.00 target price on the stock. Morgan Stanley raised their price objective on Commerce Bancshares from $66.00 to $70.00 and gave the stock an “underperform” rating in a research note on Monday, September 29th. Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a report on Friday, October 17th. Finally, Piper Sandler decreased their price target on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, October 17th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $65.29.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $54.32 on Wednesday. Commerce Bancshares, Inc. has a one year low of $51.64 and a one year high of $72.75. The company has a 50-day simple moving average of $57.04 and a 200-day simple moving average of $60.68. The firm has a market capitalization of $7.25 billion, a P/E ratio of 12.96, a P/E/G ratio of 4.71 and a beta of 0.62.

Shares of Commerce Bancshares are set to split on the morning of Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly issued shares will be issued to shareholders after the closing bell on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The firm had revenue of $440.97 million during the quarter, compared to analyst estimates of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. Commerce Bancshares’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 EPS. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders 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 annualized dividend and a dividend yield of 2.0%. Commerce Bancshares’s dividend payout ratio is presently 26.25%.

Commerce Bancshares 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.