SG Americas Securities LLC Reduces Stake in Commerce Bancshares, Inc. $CBSH

SG Americas Securities LLC reduced its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 70.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,504 shares of the financial services provider’s stock after selling 53,440 shares during the quarter. SG Americas Securities LLC’s holdings in Commerce Bancshares were worth $1,107,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CBSH. Tudor Investment Corp ET AL boosted its stake in shares of Commerce Bancshares by 5,922.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider’s stock valued at $29,991,000 after purchasing an additional 493,526 shares in the last quarter. Vanguard Group Inc. raised its stake in Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after buying an additional 1,098,142 shares in the last quarter. Verition Fund Management LLC raised its stake in Commerce Bancshares by 39.8% in the fourth quarter. Verition Fund Management LLC now owns 631,981 shares of the financial services provider’s stock worth $33,078,000 after buying an additional 179,894 shares in the last quarter. Mattern Capital Management LLC raised its stake in Commerce Bancshares by 14.4% in the fourth quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider’s stock worth $8,443,000 after buying an additional 20,277 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Commerce Bancshares by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider’s stock worth $147,097,000 after buying an additional 174,863 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. TD Cowen reaffirmed a “hold” rating and set a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Morgan Stanley restated a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Piper Sandler lifted their price target on Commerce Bancshares from $58.50 to $59.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Hovde Group decreased their price objective on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.00.

Commerce Bancshares Price Performance

NASDAQ:CBSH opened at $58.03 on Friday. Commerce Bancshares, Inc. has a one year low of $46.99 and a one year high of $63.19. The company’s 50-day simple moving average is $53.48 and its 200 day simple moving average is $52.43. The firm has a market capitalization of $8.46 billion, a P/E ratio of 13.92, a PEG ratio of 3.92 and a beta of 0.58.

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

Commerce Bancshares Dividend Announcement

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

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.