MQS Management LLC Purchases New Stake in Commerce Bancshares, Inc. $CBSH

MQS Management LLC acquired a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,014 shares of the financial services provider’s stock, valued at approximately $493,000.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Commerce Bancshares during the 4th quarter worth approximately $85,282,000. Champlain Investment Partners LLC bought a new position in Commerce Bancshares in the fourth quarter valued at approximately $58,830,000. Vanguard Group Inc. raised its position in Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after purchasing an additional 1,098,142 shares in the last quarter. Victory Capital Management Inc. raised its position in Commerce Bancshares by 1,433.7% during the fourth quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock valued at $59,965,000 after purchasing an additional 1,070,980 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Commerce Bancshares by 37.4% during the fourth quarter. First Trust Advisors LP now owns 2,352,406 shares of the financial services provider’s stock worth $123,125,000 after purchasing an additional 640,928 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $57.75 on Wednesday. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $63.19. The company has a market capitalization of $8.42 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 3.93 and a beta of 0.60. The company has a fifty day moving average of $53.04 and a 200-day moving average of $52.32.

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

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, June 5th. Commerce Bancshares’s payout ratio is 26.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CBSH shares. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Keefe, Bruyette & Woods upped their price objective on Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research note on Wednesday, June 24th. Morgan Stanley reiterated a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research report on Monday. Finally, Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $58.00.

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.