Allworth Financial LP Acquires 231 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Allworth Financial LP raised its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 55.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 651 shares of the financial services provider’s stock after buying an additional 231 shares during the period. Allworth Financial LP’s holdings in Commerce Bancshares were worth $40,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in shares of Commerce Bancshares in the fourth quarter worth approximately $10,387,000. HighTower Advisors LLC boosted its position in Commerce Bancshares by 27.6% during the 4th quarter. HighTower Advisors LLC now owns 13,806 shares of the financial services provider’s stock valued at $860,000 after buying an additional 2,990 shares during the period. Commonwealth Equity Services LLC grew its holdings in Commerce Bancshares by 11.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 32,909 shares of the financial services provider’s stock worth $2,051,000 after acquiring an additional 3,387 shares during the last quarter. Natixis Advisors LLC increased its position in shares of Commerce Bancshares by 10.7% in the fourth quarter. Natixis Advisors LLC now owns 18,918 shares of the financial services provider’s stock valued at $1,179,000 after acquiring an additional 1,828 shares during the period. Finally, Corient Private Wealth LLC increased its position in shares of Commerce Bancshares by 8.8% in the fourth quarter. Corient Private Wealth LLC now owns 13,794 shares of the financial services provider’s stock valued at $860,000 after acquiring an additional 1,120 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Morgan Stanley increased their price objective 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 boosted their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a research note on Tuesday, June 24th. Keefe, Bruyette & Woods decreased their target price on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Finally, Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $66.80.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $64.63 on Friday. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The stock’s 50 day simple moving average is $63.37 and its two-hundred day simple moving average is $62.87. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.78 and a beta of 0.59.

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

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Friday, June 6th. Commerce Bancshares’s dividend payout ratio is currently 26.63%.

Insider Activity at Commerce Bancshares

In other news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, the director directly owned 3,175 shares of the company’s stock, valued at $192,786. This represents a 33.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.10% of the company’s stock.

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.