Steward Partners Investment Advisory LLC Decreases Stock Position in Commerce Bancshares, Inc. $CBSH

Steward Partners Investment Advisory LLC cut its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,194 shares of the financial services provider’s stock after selling 985 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Commerce Bancshares were worth $2,064,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its holdings in Commerce Bancshares by 191.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 296 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the period. Mid American Wealth Advisory Group Inc. purchased a new position in shares of Commerce Bancshares in the second quarter worth about $46,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Commerce Bancshares in the first quarter worth about $59,000. Finally, Private Wealth Asset Management LLC raised its position in shares of Commerce Bancshares by 292.6% in the second quarter. Private Wealth Asset Management LLC now owns 1,425 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 1,062 shares during the period. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $53.91 on Friday. The company has a market capitalization of $7.14 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. Commerce Bancshares, Inc. has a 52-week low of $51.12 and a 52-week high of $70.86. The business’s fifty day moving average is $55.29 and its 200 day moving average is $59.85.

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

Commerce Bancshares (NASDAQ:CBSH) last announced its 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). The business had revenue of $448.85 million during the quarter, compared to the consensus estimate 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 was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 earnings per share. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

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

Analyst Ratings Changes

CBSH has been the subject of several analyst reports. Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Cowen reiterated a “hold” rating on shares of Commerce Bancshares in a research report on Tuesday, October 21st. TD Cowen started coverage on Commerce Bancshares in a research note on Thursday, September 25th. They set a “hold” rating and a $63.00 price objective on the stock. Piper Sandler dropped their price objective on Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Tuesday. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.