Savant Capital LLC Buys New Stake in Commerce Bancshares, Inc. $CBSH

Savant Capital LLC purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,017 shares of the financial services provider’s stock, valued at approximately $250,000.

A number of other institutional investors have also modified their holdings of CBSH. Convergence Financial LLC purchased a new stake in shares of Commerce Bancshares in the second quarter worth about $203,000. Speece Thorson Capital Group Inc. raised its position in Commerce Bancshares by 2.1% during the second quarter. Speece Thorson Capital Group Inc. now owns 235,996 shares of the financial services provider’s stock valued at $14,672,000 after acquiring an additional 4,764 shares in the last quarter. IFG Advisory LLC lifted its holdings in Commerce Bancshares by 1.9% in the second quarter. IFG Advisory LLC now owns 105,262 shares of the financial services provider’s stock valued at $6,544,000 after acquiring an additional 2,013 shares during the period. Teacher Retirement System of Texas boosted its position in Commerce Bancshares by 2.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 44,709 shares of the financial services provider’s stock worth $2,780,000 after purchasing an additional 1,263 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth approximately $1,451,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 21st. Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Morgan Stanley increased their target price on shares of Commerce Bancshares from $66.00 to $70.00 and gave the stock an “underperform” rating in a research note on Monday, September 29th. Piper Sandler cut their price target on Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, October 17th. Finally, Keefe, Bruyette & Woods reduced their price target on Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating for the company in a report on Friday, October 17th. One 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 stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $65.29.

Commerce Bancshares Stock Up 0.8%

CBSH opened at $52.53 on Thursday. The company has a market cap of $6.96 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. Commerce Bancshares, Inc. has a twelve month low of $51.12 and a twelve month high of $72.75. The company has a 50-day moving average price of $56.09 and a 200 day moving average price of $60.33.

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

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The business had revenue of $448.85 million for the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.Commerce Bancshares’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.07 EPS. As a group, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

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