Amundi Decreases Stock Holdings in Commerce Bancshares, Inc. $CBSH

Amundi reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 55.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,892 shares of the financial services provider’s stock after selling 33,748 shares during the quarter. Amundi’s holdings in Commerce Bancshares were worth $1,550,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its holdings in shares of Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider’s stock valued at $2,128,000 after purchasing an additional 175 shares during the period. State of Michigan Retirement System grew its holdings in Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider’s stock worth $1,815,000 after acquiring an additional 200 shares during the period. Allworth Financial LP grew its holdings in 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 acquiring an additional 231 shares during the period. Missouri Trust & Investment Co grew its holdings in Commerce Bancshares by 5.8% during the first quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider’s stock worth $293,000 after acquiring an additional 259 shares during the period. Finally, Smith Shellnut Wilson LLC ADV grew its holdings in Commerce Bancshares by 5.0% during the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 295 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $59.68 on Friday. Commerce Bancshares, Inc. has a one year low of $52.69 and a one year high of $72.75. The stock has a market cap of $7.96 billion, a PE ratio of 14.21, a P/E/G ratio of 2.75 and a beta of 0.61. The stock has a 50 day moving average price of $62.17 and a 200 day moving average price of $61.88.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results 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 firm had revenue of $445.76 million during the quarter, compared to analysts’ expectations of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 earnings per share. As a group, analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 1.8%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.19%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CBSH. Morgan Stanley raised their target price on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th. Wall Street Zen lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Piper Sandler raised their target price on Commerce Bancshares from $66.50 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Wells Fargo & Company increased their price target on Commerce Bancshares from $62.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Finally, Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th. Seven research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.