Cooke & Bieler LP Trims Stock Position in Commerce Bancshares, Inc. $CBSH

Cooke & Bieler LP trimmed its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 930,988 shares of the financial services provider’s stock after selling 24,560 shares during the period. Cooke & Bieler LP’s holdings in Commerce Bancshares were worth $57,880,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. HB Wealth Management LLC lifted its position in Commerce Bancshares by 4.5% during the second quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 174 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Commerce Bancshares by 0.5% during the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider’s stock worth $2,128,000 after purchasing an additional 175 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Commerce Bancshares by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider’s stock worth $2,448,000 after purchasing an additional 190 shares in the last quarter. State of Michigan Retirement System boosted its position in Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider’s stock worth $1,815,000 after acquiring an additional 200 shares during the last quarter. Finally, Nicholson Wealth Management Group LLC boosted its position in Commerce Bancshares by 1.0% during the second quarter. Nicholson Wealth Management Group LLC now owns 20,926 shares of the financial services provider’s stock worth $1,301,000 after acquiring an additional 214 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $52.63 on Friday. The firm’s fifty day moving average price is $58.23 and its 200 day moving average price is $60.98. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 4.71 and a beta of 0.59. Commerce Bancshares, Inc. has a 12 month low of $51.64 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The company had revenue of $440.97 million during the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $1.07 earnings per share. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on CBSH shares. Wall Street Zen lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Piper Sandler decreased their price objective on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, October 17th. Wells Fargo & Company cut their target price on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. Hovde Group started coverage on shares of Commerce Bancshares in a research note on Monday, October 6th. They set an “outperform” rating and a $70.00 target price on the stock. Finally, TD Cowen started coverage on shares of Commerce Bancshares in a research report on Thursday, September 25th. They issued a “hold” rating and a $63.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $65.29.

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.