Franklin Resources Inc. Increases Stock Holdings in Commerce Bancshares, Inc. $CBSH

Franklin Resources Inc. boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 53.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,749 shares of the financial services provider’s stock after acquiring an additional 26,290 shares during the period. Franklin Resources Inc.’s holdings in Commerce Bancshares were worth $4,709,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legal & General Group Plc grew its position in shares of Commerce Bancshares by 0.7% during the 2nd quarter. Legal & General Group Plc now owns 251,704 shares of the financial services provider’s stock valued at $15,648,000 after purchasing an additional 1,648 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Commerce Bancshares during the second quarter valued at $1,948,000. MTM Investment Management LLC boosted its stake in Commerce Bancshares by 3.3% during the second quarter. MTM Investment Management LLC now owns 69,148 shares of the financial services provider’s stock valued at $4,299,000 after buying an additional 2,182 shares during the period. Ontario Teachers Pension Plan Board grew its position in Commerce Bancshares by 13.7% during the second quarter. Ontario Teachers Pension Plan Board now owns 27,469 shares of the financial services provider’s stock worth $1,708,000 after buying an additional 3,310 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Commerce Bancshares by 6.9% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,196 shares of the financial services provider’s stock worth $1,939,000 after acquiring an additional 2,015 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CBSH has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price target on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 21st. Hovde Group assumed coverage on shares of Commerce Bancshares in a research note on Monday, October 6th. They issued an “outperform” rating and a $70.00 target price on the stock. TD Cowen assumed coverage on shares of Commerce Bancshares in a research note on Thursday, September 25th. They issued a “hold” rating and a $63.00 price target for the company. Piper Sandler lowered their price objective on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. Finally, Cowen reaffirmed a “hold” rating on shares of Commerce Bancshares in a report on Tuesday, October 21st. 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $65.29.

Commerce Bancshares Stock Performance

CBSH stock opened at $54.50 on Tuesday. The company has a market capitalization of $7.22 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. Commerce Bancshares, Inc. has a one year low of $51.12 and a one year high of $70.39. The company’s 50 day moving average price is $55.21 and its two-hundred day moving average price is $59.73.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $448.85 million for the quarter, compared to the consensus estimate of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. Commerce Bancshares’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 EPS. On average, research analysts predict 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 Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be issued a $0.275 dividend. The ex-dividend date is Tuesday, December 2nd. This represents a $1.10 annualized dividend and a dividend yield of 2.0%. Commerce Bancshares’s payout ratio is currently 26.25%.

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.