Commerce Bancshares, Inc. $CBSH Shares Purchased by Laurel Wealth Advisors LLC

Laurel Wealth Advisors LLC increased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6,117.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 38,422 shares of the financial services provider’s stock after buying an additional 37,804 shares during the quarter. Laurel Wealth Advisors LLC’s holdings in Commerce Bancshares were worth $2,389,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake 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 acquiring an additional 296 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares in the last quarter. Mid American Wealth Advisory Group Inc. acquired a new position in Commerce Bancshares in the 2nd quarter worth about $46,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Commerce Bancshares during the first quarter worth approximately $59,000. Finally, Private Wealth Asset Management LLC grew its holdings in Commerce Bancshares by 292.6% in the second quarter. Private Wealth Asset Management LLC now owns 1,425 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 1,062 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Down 0.3%

Shares of CBSH opened at $53.76 on Friday. Commerce Bancshares, Inc. has a 12-month low of $51.12 and a 12-month high of $71.31. The firm has a market capitalization of $7.12 billion, a P/E ratio of 12.83, a P/E/G ratio of 4.71 and a beta of 0.62. The firm has a 50-day moving average price of $55.40 and a 200 day moving average price of $59.97.

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

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results 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). The firm had revenue of $448.85 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%. The business’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 firm earned $1.07 earnings per share. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, December 2nd. Commerce Bancshares’s dividend payout ratio is presently 26.25%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CBSH. TD Cowen assumed coverage on shares of Commerce Bancshares in a research report on Thursday, September 25th. They set a “hold” rating and a $63.00 price objective for the company. Wells Fargo & Company reduced their price target on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods decreased their price target on shares of Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a research note on Friday, October 17th. Hovde Group initiated coverage on Commerce Bancshares in a research note on Monday, October 6th. They set an “outperform” rating and a $70.00 price objective for the company. Finally, 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. One equities 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, the stock currently has an average rating of “Hold” and an average target price of $65.29.

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.