Financial Advocates Investment Management Sells 1,816 Shares of Commerce Bancshares, Inc. $CBSH

Financial Advocates Investment Management reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 11.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,339 shares of the financial services provider’s stock after selling 1,816 shares during the quarter. Financial Advocates Investment Management’s holdings in Commerce Bancshares were worth $891,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. HighTower Advisors LLC increased its holdings in shares of Commerce Bancshares by 39.5% in the first quarter. HighTower Advisors LLC now owns 19,259 shares of the financial services provider’s stock worth $1,198,000 after purchasing an additional 5,453 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Commerce Bancshares by 67.6% during the 1st quarter. Alliancebernstein L.P. now owns 271,115 shares of the financial services provider’s stock valued at $16,871,000 after buying an additional 109,375 shares in the last quarter. Advisors Capital Management LLC purchased a new position in Commerce Bancshares during the 1st quarter valued at approximately $481,000. Dimensional Fund Advisors LP boosted its position in shares of Commerce Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,321,855 shares of the financial services provider’s stock valued at $144,479,000 after acquiring an additional 49,737 shares during the last quarter. Finally, Vest Financial LLC grew its holdings in shares of Commerce Bancshares by 23.3% in the second quarter. Vest Financial LLC now owns 33,296 shares of the financial services provider’s stock valued at $2,070,000 after purchasing an additional 6,291 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Down 0.3%

Shares of Commerce Bancshares stock opened at $53.76 on Thursday. The stock’s fifty day moving average is $55.53 and its two-hundred day moving average is $60.01. Commerce Bancshares, Inc. has a 52 week low of $51.12 and a 52 week high of $71.31. The company has a market capitalization of $7.12 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62.

Commerce Bancshares’s stock is going to split on the morning of Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last issued 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). The company had revenue of $448.85 million during the quarter, compared to the consensus estimate of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.Commerce Bancshares’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. As a group, research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be paid a $0.275 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio is 26.25%.

Wall Street Analysts Forecast Growth

CBSH has been the topic of a number of recent research reports. Keefe, Bruyette & Woods decreased their price target on shares of Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a research note on Friday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Tuesday. Morgan Stanley increased their price target on shares of Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Piper Sandler reduced their price objective on Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, October 17th. Finally, TD Cowen started coverage on Commerce Bancshares in a research report on Thursday, September 25th. They set a “hold” rating and a $63.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and an average target price of $65.29.

About Commerce Bancshares

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.