Wealth Enhancement Advisory Services LLC Has $1.09 Million Stock Position in Commerce Bancshares, Inc. $CBSH

Wealth Enhancement Advisory Services LLC lowered its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 16,804 shares of the financial services provider’s stock after selling 1,167 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Commerce Bancshares were worth $1,085,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its stake in shares of Commerce Bancshares by 191.0% during 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 last quarter. IMA Advisory Services Inc. bought a new position in shares of Commerce Bancshares during the first quarter valued at $29,000. Geneos Wealth Management Inc. raised its stake in shares of Commerce Bancshares by 85.4% during 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 last quarter. Allworth Financial LP raised its stake in shares of Commerce Bancshares by 55.0% during 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 last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Commerce Bancshares during the first quarter valued at $59,000. Institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CBSH. Morgan Stanley raised their price target on shares of Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research note on Monday. Wells Fargo & Company lowered their target price on shares of Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday. Zacks Research downgraded shares of Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. TD Cowen started coverage on shares of Commerce Bancshares in a research note on Thursday, September 25th. They set a “hold” rating and a $63.00 target price for the company. Finally, Piper Sandler lifted their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Seven equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $68.17.

Commerce Bancshares Trading Down 0.7%

CBSH opened at $59.35 on Thursday. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The company has a market cap of $7.92 billion, a P/E ratio of 14.13, a price-to-earnings-growth ratio of 2.73 and a beta of 0.59. The company has a fifty day moving average price of $60.79 and a two-hundred day moving average price of $61.63.

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

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s payout ratio is presently 26.19%.

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.