Janney Montgomery Scott LLC Sells 15,551 Shares of Commerce Bancshares, Inc. $CBSH

Janney Montgomery Scott LLC trimmed its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 7.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,544 shares of the financial services provider’s stock after selling 15,551 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Commerce Bancshares were worth $9,867,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CBSH. Geneos Wealth Management Inc. grew its stake in shares of 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 buying an additional 216 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock valued at $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Commerce Bancshares by 3.0% during the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock valued at $631,000 after acquiring an additional 300 shares in the last quarter. Jump Financial LLC bought a new stake in Commerce Bancshares during the 2nd quarter worth $376,000. Finally, California Public Employees Retirement System grew its position in Commerce Bancshares by 4.8% during the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock worth $12,941,000 after acquiring an additional 9,483 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CBSH shares. TD Cowen reaffirmed a “hold” rating and issued a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a report on Wednesday, June 24th. Morgan Stanley reaffirmed a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday. Wall Street Zen lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Wells Fargo & Company cut their target price on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, March 30th. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.00.

Commerce Bancshares Stock Down 1.2%

Shares of NASDAQ:CBSH opened at $58.03 on Friday. The firm has a market cap of $8.46 billion, a P/E ratio of 13.92, a P/E/G ratio of 3.97 and a beta of 0.58. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The business has a fifty day simple moving average of $53.33 and a 200 day simple moving average of $52.39.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The firm had revenue of $475.69 million for the quarter, compared to analyst estimates of $481.94 million. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 EPS. As a group, equities research analysts expect that Commerce Bancshares, Inc. will post 4.14 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Commerce Bancshares’s payout ratio is currently 26.38%.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.