Advisors Capital Management LLC Buys Shares of 7,731 Commerce Bancshares, Inc. $CBSH

Advisors Capital Management LLC bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,731 shares of the financial services provider’s stock, valued at approximately $481,000.

Other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in Commerce Bancshares by 191.0% in the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 296 shares during the period. IMA Advisory Services Inc. bought a new position in Commerce Bancshares in the first quarter valued at about $29,000. Geneos Wealth Management Inc. lifted its holdings in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 216 shares during the period. Allworth Financial LP lifted its holdings in Commerce Bancshares by 55.0% in the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 231 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in Commerce Bancshares in the first quarter valued at about $59,000. Institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. Piper Sandler raised their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Morgan Stanley raised their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 17th. Bank of America raised their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 24th. Finally, Wells Fargo & Company raised their price objective on Commerce Bancshares from $62.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Seven equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $68.20.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $59.68 on Friday. The stock has a market capitalization 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 business has a 50 day simple moving average of $62.17 and a two-hundred day simple moving average of $61.87. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.12. The business 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 firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 EPS. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

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

About Commerce Bancshares

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.