Envestnet Asset Management Inc. Increases Position in Commerce Bancshares, Inc. $CBSH

Envestnet Asset Management Inc. lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 11.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 273,933 shares of the financial services provider’s stock after buying an additional 27,148 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.21% of Commerce Bancshares worth $17,030,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CBSH. MQS Management LLC purchased a new stake in Commerce Bancshares during the 2nd quarter worth approximately $222,000. Focus Partners Advisor Solutions LLC increased its position in shares of Commerce Bancshares by 149.7% during the second quarter. Focus Partners Advisor Solutions LLC now owns 8,228 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 4,933 shares during the period. AlphaQuest LLC increased its holdings in Commerce Bancshares by 1,261.0% during the 2nd quarter. AlphaQuest LLC now owns 72,635 shares of the financial services provider’s stock worth $4,516,000 after purchasing an additional 67,298 shares during the period. Moloney Securities Asset Management LLC increased its holdings in Commerce Bancshares by 9.0% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 3,561 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 294 shares during the period. Finally, First Citizens Bank & Trust Co. purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $226,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.4%

Shares of CBSH opened at $53.73 on Thursday. Commerce Bancshares, Inc. has a twelve month low of $51.64 and a twelve month high of $72.75. The firm has a market capitalization of $7.17 billion, a PE ratio of 12.82, a P/E/G ratio of 4.71 and a beta of 0.59. The stock’s 50 day moving average is $57.67 and its two-hundred day moving average is $60.85.

Shares of Commerce Bancshares are set to split on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The company had revenue of $440.97 million for the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.Commerce Bancshares’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $1.10 annualized dividend and a dividend yield of 2.0%. Commerce Bancshares’s payout ratio is 26.25%.

Analysts Set New Price Targets

Several equities analysts recently commented on CBSH shares. Wells Fargo & Company dropped their target price on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 21st. Cowen reiterated a “hold” rating on shares of Commerce Bancshares in a research note on Tuesday, October 21st. TD Cowen began coverage on shares of Commerce Bancshares in a research note on Thursday, September 25th. They issued a “hold” rating and a $63.00 price target on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a research report on Friday, October 17th. Finally, Morgan Stanley increased their target price on shares of Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $65.29.

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.