Panagora Asset Management Inc. Decreases Stake in Commerce Bancshares, Inc. $CBSH

Panagora Asset Management Inc. cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 29.8% during the second quarter, HoldingsChannel.com reports. The firm owned 150,523 shares of the financial services provider’s stock after selling 64,008 shares during the period. Panagora Asset Management Inc.’s holdings in Commerce Bancshares were worth $9,358,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. VestGen Advisors LLC lifted its stake in shares of Commerce Bancshares by 113.9% in the second quarter. VestGen Advisors LLC now owns 17,721 shares of the financial services provider’s stock valued at $1,083,000 after purchasing an additional 9,437 shares during the period. Lido Advisors LLC purchased a new position in Commerce Bancshares in the second quarter valued at about $701,000. Norges Bank acquired a new stake in shares of Commerce Bancshares during the 2nd quarter valued at approximately $89,282,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Commerce Bancshares by 0.8% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 150,232 shares of the financial services provider’s stock worth $9,340,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Employees Retirement System of Texas acquired a new stake in shares of Commerce Bancshares in the 2nd quarter worth approximately $65,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CBSH shares. Keefe, Bruyette & Woods reduced their price objective on Commerce Bancshares from $61.90 to $57.14 and set a “market perform” rating for the company in a report on Friday, October 17th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Hovde Group initiated coverage on shares of Commerce Bancshares in a research report on Monday, October 6th. They issued an “outperform” rating and a $66.67 price objective on the stock. TD Cowen initiated coverage on shares of Commerce Bancshares in a research note on Thursday, September 25th. They issued a “hold” rating and a $60.00 price objective on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and an average target price of $62.18.

Commerce Bancshares Stock Down 2.5%

Shares of NASDAQ:CBSH opened at $50.59 on Wednesday. The company has a market capitalization of $6.70 billion, a P/E ratio of 12.07, a P/E/G ratio of 4.92 and a beta of 0.62. Commerce Bancshares, Inc. has a 52-week low of $48.69 and a 52-week high of $66.65. The stock’s fifty day simple moving average is $52.47 and its 200-day simple moving average is $56.80.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, October 16th. The financial services provider reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.03). The firm had revenue of $448.85 million during the quarter, compared to analyst estimates of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, December 2nd. 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.