Cooke & Bieler LP Has $57.88 Million Stock Holdings in Commerce Bancshares, Inc. $CBSH

Cooke & Bieler LP cut its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 owned approximately 0.70% of Commerce Bancshares worth $57,880,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CBSH. GAMMA Investing LLC increased its stake in shares of Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 739 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Commerce Bancshares in the 1st quarter valued at about $1,855,000. New York State Teachers Retirement System acquired a new position in shares of Commerce Bancshares in the 1st quarter valued at about $8,928,000. Novem Group raised its stake in Commerce Bancshares by 35.3% during the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider’s stock worth $1,037,000 after buying an additional 4,344 shares during the period. Finally, Eukles Asset Management raised its stake in shares of Commerce Bancshares by 12.9% in the first quarter. Eukles Asset Management now owns 10,673 shares of the financial services provider’s stock worth $664,000 after purchasing an additional 1,217 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.6%

CBSH stock opened at $52.63 on Friday. The stock has a market capitalization of $7.02 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 4.71 and a beta of 0.59. The stock’s 50 day simple moving average is $58.23 and its 200 day simple moving average is $60.98. 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 quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The company had revenue of $440.97 million during the quarter, compared to analysts’ expectations of $447.04 million. During the same quarter last year, the company earned $1.07 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company reduced their target price on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Keefe, Bruyette & Woods reduced their target price on Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating for the company in a report on Friday, October 17th. Hovde Group initiated coverage on Commerce Bancshares in a report on Monday, October 6th. They set an “outperform” rating and a $70.00 price objective for the company. Wall Street Zen lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $65.29.

Commerce Bancshares Company Profile

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.