Commerce Bancshares, Inc. $CBSH Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS increased its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 7.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,715 shares of the financial services provider’s stock after purchasing an additional 1,900 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Commerce Bancshares were worth $1,661,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in Commerce Bancshares in the first quarter valued at $1,855,000. HighTower Advisors LLC lifted its holdings in Commerce Bancshares by 39.5% in the first quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider’s stock valued at $1,198,000 after acquiring an additional 5,453 shares during the period. Alliancebernstein L.P. lifted its holdings in Commerce Bancshares by 67.6% in the first quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider’s stock valued at $16,871,000 after acquiring an additional 109,375 shares during the period. GAMMA Investing LLC lifted its holdings in Commerce Bancshares by 64.9% in the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 739 shares during the period. Finally, Novem Group lifted its holdings in Commerce Bancshares by 35.3% in the first quarter. Novem Group now owns 16,663 shares of the financial services provider’s stock valued at $1,037,000 after acquiring an additional 4,344 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CBSH shares. Piper Sandler raised their target price on Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Bank of America raised their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a report on Tuesday, June 24th. Morgan Stanley raised their target price on Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Zacks Research cut Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th. Finally, Wells Fargo & Company dropped their price target on Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, September 29th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.43.

Commerce Bancshares Stock Down 3.3%

Shares of CBSH stock opened at $56.63 on Monday. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The stock has a market cap of $7.56 billion, a P/E ratio of 13.48, a P/E/G ratio of 6.98 and a beta of 0.59. The business has a fifty day simple moving average of $60.41 and a 200-day simple moving average of $61.45.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.12. The business had revenue of $445.76 million during the quarter, compared to analysts’ expectations of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the business posted $1.02 earnings per share. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.19%.

Commerce Bancshares 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.