Mattern Capital Management LLC Increases Stock Holdings in Commerce Bancshares, Inc. $CBSH

Mattern Capital Management LLC lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,824 shares of the financial services provider’s stock after buying an additional 657 shares during the period. Mattern Capital Management LLC owned about 0.11% of Commerce Bancshares worth $8,817,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position 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 worth $28,000 after purchasing an additional 296 shares during the last quarter. IMA Advisory Services Inc. purchased a new position in Commerce Bancshares in the first quarter worth $29,000. Geneos Wealth Management Inc. boosted its position in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the last quarter. Allworth Financial LP boosted its position in Commerce Bancshares by 55.0% in the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 231 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Commerce Bancshares in the first quarter worth $59,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CBSH. Bank of America boosted their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 24th. TD Cowen started coverage on Commerce Bancshares in a research report on Thursday, September 25th. They issued a “hold” rating and a $63.00 price objective on the stock. Morgan Stanley upped their price target on Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research report on Monday. Wells Fargo & Company cut their price target on Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. Seven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $68.17.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $58.88 on Friday. The stock’s 50-day simple moving average is $60.73 and its 200 day simple moving average is $61.61. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 2.71 and a beta of 0.59. Commerce Bancshares, Inc. has a 52-week low of $52.69 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.12. The business had revenue of $445.76 million for the quarter, compared to analysts’ expectations of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 EPS. On average, research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.9%. Commerce Bancshares’s dividend payout ratio is 26.19%.

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.