Principal Financial Group Inc. Buys 27,726 Shares of Commerce Bancshares, Inc. $CBSH

Principal Financial Group Inc. grew its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 10.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 305,900 shares of the financial services provider’s stock after purchasing an additional 27,726 shares during the quarter. Principal Financial Group Inc.’s holdings in Commerce Bancshares were worth $15,050,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CBSH. Daytona Street Capital LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at $25,000. Danske Bank A S bought a new position in Commerce Bancshares during the third quarter worth $25,000. Geneos Wealth Management Inc. lifted its holdings in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 216 shares during the period. Root Financial Partners LLC boosted its position in Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 319 shares during the last quarter. Finally, Laurel Wealth Advisors LLC acquired a new stake in Commerce Bancshares during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $58.65 on Friday. The firm’s 50-day moving average price is $55.45 and its 200-day moving average price is $52.99. Commerce Bancshares, Inc. has a 1-year low of $46.99 and a 1-year high of $60.76. The firm has a market capitalization of $8.55 billion, a P/E ratio of 14.20, a P/E/G ratio of 2.10 and a beta of 0.58. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The company had revenue of $498.91 million for the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same quarter in the prior year, the firm earned $1.14 EPS. Equities research analysts anticipate that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Hovde Group dropped their price objective on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 22nd. Morgan Stanley reaffirmed a “positive” rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday. Stephens set a $64.00 price target on Commerce Bancshares and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Piper Sandler restated a “neutral” rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $62.43.

Commerce Bancshares Company Profile

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.