ProShare Advisors LLC Grows Stock Position in Commerce Bancshares, Inc. $CBSH

ProShare Advisors LLC boosted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 17.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 548,013 shares of the financial services provider’s stock after acquiring an additional 81,716 shares during the period. ProShare Advisors LLC owned 0.41% of Commerce Bancshares worth $34,070,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBSH. Smartleaf Asset Management LLC increased its position in Commerce Bancshares by 191.0% during the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock worth $28,000 after buying an additional 296 shares in the last quarter. IMA Advisory Services Inc. purchased a new stake in shares of Commerce Bancshares in the first quarter valued at $29,000. Geneos Wealth Management Inc. boosted 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 increased its position in Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 231 shares in the last quarter. Finally, Mid American Wealth Advisory Group Inc. acquired a new position in Commerce Bancshares in the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CBSH shares. Hovde Group assumed coverage on shares of Commerce Bancshares in a research report on Monday, October 6th. They issued an “outperform” rating and a $70.00 price objective for the company. Cowen reiterated a “hold” rating on shares of Commerce Bancshares in a report on Tuesday, October 21st. Wells Fargo & Company reduced their price target on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. Finally, Morgan Stanley upped their target price on Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $65.29.

Commerce Bancshares Trading Up 0.5%

CBSH stock opened at $54.32 on Wednesday. The company has a market cap of $7.25 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. The stock has a 50-day moving average price of $57.04 and a two-hundred day moving average price of $60.68. Commerce Bancshares, Inc. has a 12-month low of $51.64 and a 12-month high of $72.75.

Commerce Bancshares shares are going to split before the market opens on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business had revenue of $440.97 million for the quarter, compared to analyst estimates of $447.04 million. During the same period last year, the firm earned $1.07 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

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

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.