Commerce Bancshares, Inc. $CBSH Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3,862.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,869 shares of the financial services provider’s stock after buying an additional 46,661 shares during the quarter. Fifth Third Bancorp’s holdings in Commerce Bancshares were worth $2,355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CBSH. Vanguard Group Inc. boosted its position in shares of Commerce Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after acquiring an additional 1,098,142 shares during the last quarter. Verition Fund Management LLC increased its position in Commerce Bancshares by 39.8% during the fourth quarter. Verition Fund Management LLC now owns 631,981 shares of the financial services provider’s stock worth $33,078,000 after purchasing an additional 179,894 shares during the last quarter. Geode Capital Management LLC increased its position in Commerce Bancshares by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider’s stock worth $147,097,000 after purchasing an additional 174,863 shares during the last quarter. Mattern Capital Management LLC raised its stake in Commerce Bancshares by 14.4% during the fourth quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider’s stock worth $8,443,000 after purchasing an additional 20,277 shares during the period. Finally, Mosaic Family Wealth Partners LLC purchased a new position in Commerce Bancshares during the first quarter worth about $3,390,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Down 0.7%

NASDAQ CBSH opened at $58.37 on Wednesday. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $61.68. The firm has a 50 day moving average of $55.13 and a two-hundred day moving average of $52.90. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $8.51 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 2.11 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same quarter in the prior year, the company posted $1.14 earnings per share. As a group, research analysts expect that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Commerce Bancshares’s payout ratio is presently 26.63%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Monday. Stephens set a $64.00 target price on Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Friday. TD Cowen restated a “hold” rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday. Piper Sandler reaffirmed a “neutral” rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research note on Friday. Finally, Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $62.43.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.