4,246 Shares in Commerce Bancshares, Inc. $CBSH Bought by Olympiad Research LP

Olympiad Research LP bought a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the 2nd quarter, Holdings Channel reports. The firm bought 4,246 shares of the financial services provider’s stock, valued at approximately $264,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its holdings in Commerce Bancshares by 39.5% during the 1st quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider’s stock valued at $1,198,000 after acquiring an additional 5,453 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Commerce Bancshares by 67.6% during the first quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider’s stock valued at $16,871,000 after purchasing an additional 109,375 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Commerce Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,321,855 shares of the financial services provider’s stock worth $144,479,000 after purchasing an additional 49,737 shares during the last quarter. Advisors Capital Management LLC purchased a new position in Commerce Bancshares in the 1st quarter worth about $481,000. Finally, Vest Financial LLC lifted its holdings in Commerce Bancshares by 23.3% during the 2nd quarter. Vest Financial LLC now owns 33,296 shares of the financial services provider’s stock valued at $2,070,000 after buying an additional 6,291 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CBSH. Piper Sandler dropped their target price on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, October 17th. Morgan Stanley increased their price objective on Commerce Bancshares from $66.00 to $70.00 and gave the stock an “underperform” rating in a research note on Monday, September 29th. Hovde Group initiated coverage on Commerce Bancshares in a report on Monday, October 6th. They set an “outperform” rating and a $70.00 price objective on the stock. Zacks Research cut Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 27th. Finally, Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and a consensus price target of $65.29.

Commerce Bancshares Stock Down 1.3%

Shares of Commerce Bancshares stock opened at $53.62 on Friday. The company has a market cap of $7.15 billion, a P/E ratio of 12.80, a PEG ratio of 4.71 and a beta of 0.62. The firm’s 50 day moving average price is $56.73 and its 200-day moving average price is $60.59. Commerce Bancshares, Inc. has a 52-week low of $51.64 and a 52-week high of $72.75.

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

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data 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 return on equity of 15.73% and a net margin of 26.48%.The business had revenue of $448.85 million during the quarter, compared to analyst estimates of $447.04 million. During the same period in the previous year, the business earned $1.07 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.1%. Commerce Bancshares’s payout ratio is 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.