HB Wealth Management LLC Increases Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

HB Wealth Management LLC raised its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 17.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,882 shares of the financial services provider’s stock after buying an additional 575 shares during the period. HB Wealth Management LLC’s holdings in Commerce Bancshares were worth $242,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new stake in Commerce Bancshares during the 4th quarter valued at $26,000. IMA Advisory Services Inc. bought a new stake in shares of Commerce Bancshares during the 1st quarter valued at $29,000. Allworth Financial LP grew its position in shares of Commerce Bancshares by 55.0% during the 1st 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. Transce3nd LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter valued at $68,000. Finally, Aster Capital Management DIFC Ltd grew its position in shares of Commerce Bancshares by 1,131.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 1,697 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods cut their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Bank of America boosted their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Tuesday, June 24th. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $68.20.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock opened at $59.92 on Friday. The company has a market capitalization of $8.00 billion, a P/E ratio of 14.27, a P/E/G ratio of 2.76 and a beta of 0.61. The company has a fifty day moving average of $62.83 and a 200 day moving average of $62.84. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share 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%. Commerce Bancshares’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 EPS. Analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed 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 dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares’s dividend payout ratio is 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.