Raymond James Financial Inc. Raises Stock Holdings in Commerce Bancshares, Inc. $CBSH

Raymond James Financial Inc. raised its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,673 shares of the financial services provider’s stock after acquiring an additional 971 shares during the period. Raymond James Financial Inc. owned approximately 0.13% of Commerce Bancshares worth $10,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. IMA Advisory Services Inc. bought a new position in shares of Commerce Bancshares during the 1st quarter valued at approximately $29,000. Allworth Financial LP increased 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 valued at $40,000 after purchasing an additional 231 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Commerce Bancshares by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 739 shares during the last quarter. LRI Investments LLC increased its position in shares of Commerce Bancshares by 19.5% during the 4th quarter. LRI Investments LLC now owns 2,004 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 327 shares during the last quarter. Finally, Bayforest Capital Ltd increased its position in shares of Commerce Bancshares by 203.0% during the 1st quarter. Bayforest Capital Ltd now owns 3,381 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 2,265 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Down 0.1%

Shares of Commerce Bancshares stock opened at $61.94 on Friday. The stock’s fifty day moving average is $62.54 and its two-hundred day moving average is $62.17. The company has a market capitalization of $8.27 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 2.83 and a beta of 0.61. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last announced 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. The company had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.Commerce Bancshares’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 EPS. As a group, research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares’s dividend payout ratio is presently 26.19%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CBSH shares. Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Piper Sandler boosted their target price on Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Morgan Stanley boosted their target price on Commerce Bancshares from $58.00 to $61.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 17th. Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Company upped their price objective on Commerce Bancshares from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Seven analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $68.20.

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.