Voya Investment Management LLC Purchases 94,841 Shares of Commerce Bancshares, Inc. $CBSH

Voya Investment Management LLC grew its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 95.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 194,642 shares of the financial services provider’s stock after buying an additional 94,841 shares during the quarter. Voya Investment Management LLC owned 0.15% of Commerce Bancshares worth $11,632,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Edgestream Partners L.P. grew its stake in Commerce Bancshares by 28.8% in the second quarter. Edgestream Partners L.P. now owns 178,420 shares of the financial services provider’s stock worth $11,092,000 after purchasing an additional 39,873 shares during the period. HighTower Advisors LLC boosted its stake in Commerce Bancshares by 39.5% during the first quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider’s stock worth $1,198,000 after acquiring an additional 5,453 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Commerce Bancshares by 67.6% during the first quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider’s stock valued at $16,871,000 after purchasing an additional 109,375 shares in the last quarter. Advisors Capital Management LLC purchased a new position in Commerce Bancshares during the first quarter valued at $481,000. Finally, Vest Financial LLC boosted its stake in Commerce Bancshares by 23.3% in the 2nd quarter. Vest Financial LLC now owns 33,296 shares of the financial services provider’s stock worth $2,070,000 after purchasing an additional 6,291 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on CBSH. TD Cowen initiated coverage on Commerce Bancshares in a research report on Thursday, September 25th. They set a “hold” rating and a $60.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 15th. Morgan Stanley upped their target price on shares of Commerce Bancshares from $62.86 to $66.67 and gave the stock an “underperform” rating in a research report on Monday, September 29th. Hovde Group began coverage on Commerce Bancshares in a report on Monday, October 6th. They set an “outperform” rating and a $66.67 price objective on the stock. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.18.

Commerce Bancshares Trading Up 0.4%

CBSH stock opened at $53.02 on Tuesday. Commerce Bancshares, Inc. has a 12 month low of $48.69 and a 12 month high of $65.59. The stock has a market cap of $7.02 billion, a PE ratio of 12.65, a P/E/G ratio of 4.62 and a beta of 0.62. The company has a 50-day moving average price of $51.56 and a 200 day moving average price of $56.07.

Commerce Bancshares (NASDAQ:CBSH) last released 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). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business had revenue of $448.85 million for the quarter, compared to the consensus estimate of $447.04 million. During the same period in the prior year, the company posted $1.02 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, December 2nd. Commerce Bancshares’s payout ratio is 26.25%.

Commerce Bancshares 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.