KLP Kapitalforvaltning AS Grows Position in Commerce Bancshares, Inc. $CBSH

KLP Kapitalforvaltning AS increased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 7.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,715 shares of the financial services provider’s stock after buying an additional 1,900 shares during the period. KLP Kapitalforvaltning AS’s holdings in Commerce Bancshares were worth $1,661,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its stake in Commerce Bancshares by 191.0% in the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 296 shares during the last quarter. IMA Advisory Services Inc. purchased a new stake in shares of Commerce Bancshares during the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its position in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the last quarter. Allworth Financial LP lifted its position in shares of Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock worth $40,000 after buying an additional 231 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Commerce Bancshares during the 1st quarter worth approximately $59,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Down 3.3%

CBSH stock opened at $56.63 on Monday. The company has a market capitalization of $7.56 billion, a P/E ratio of 13.48, a PEG ratio of 6.98 and a beta of 0.59. Commerce Bancshares, Inc. has a twelve month low of $52.69 and a twelve month high of $72.75. The business has a 50 day simple moving average of $60.41 and a 200-day simple moving average of $61.45.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. During the same period in the prior year, the company earned $1.02 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year. Research analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.19%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, September 29th. Hovde Group assumed coverage on shares of Commerce Bancshares in a research report on Monday, October 6th. They set an “outperform” rating and a $70.00 price objective for the company. Zacks Research downgraded shares of Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th. Piper Sandler increased their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Finally, Bank of America increased their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and a consensus price target of $68.43.

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.