ProShare Advisors LLC Increases Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

ProShare Advisors LLC boosted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 14.0% during the second quarter, Holdings Channel reports. The firm owned 600,312 shares of the financial services provider’s stock after purchasing an additional 73,771 shares during the quarter. ProShare Advisors LLC’s holdings in Commerce Bancshares were worth $29,235,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Raymond James & Associates increased its position in Commerce Bancshares by 13.8% during the second quarter. Raymond James & Associates now owns 155,496 shares of the financial services provider’s stock valued at $7,573,000 after acquiring an additional 18,816 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Commerce Bancshares by 25.8% during the second quarter. Bank of Nova Scotia now owns 11,149 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 2,284 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Commerce Bancshares by 7.9% in the first quarter. Russell Investments Group Ltd. now owns 69,052 shares of the financial services provider’s stock worth $4,029,000 after purchasing an additional 5,040 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Commerce Bancshares by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 839,005 shares of the financial services provider’s stock worth $48,956,000 after buying an additional 9,584 shares in the last quarter. Finally, Mattern Capital Management LLC boosted its stake in Commerce Bancshares by 11.3% during the second quarter. Mattern Capital Management LLC now owns 105,803 shares of the financial services provider’s stock valued at $5,153,000 after buying an additional 10,779 shares during the last quarter. Institutional investors own 69.63% of the company’s stock.

Commerce Bancshares Trading Down 1.8 %

CBSH opened at $49.73 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.71 and a current ratio of 0.71. The stock’s 50 day moving average price is $46.99 and its 200-day moving average price is $48.91. Commerce Bancshares, Inc. has a one year low of $42.96 and a one year high of $72.60. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 12.53 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Wednesday, October 18th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.03. Commerce Bancshares had a return on equity of 19.12% and a net margin of 26.71%. The company had revenue of $391.50 million during the quarter, compared to analysts’ expectations of $391.77 million. During the same quarter in the previous year, the business earned $0.97 EPS. Commerce Bancshares’s revenue was up 1.7% compared to the same quarter last year. On average, equities analysts forecast that Commerce Bancshares, Inc. will post 3.79 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 18th. Investors of record on Monday, December 4th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, December 1st. Commerce Bancshares’s dividend payout ratio is presently 27.20%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CBSH shares. Wells Fargo & Company decreased their price objective on Commerce Bancshares from $52.00 to $50.00 and set an “equal weight” rating on the stock in a report on Friday, October 20th. Morgan Stanley raised shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $48.00 to $49.00 in a research note on Wednesday, September 27th. StockNews.com started coverage on shares of Commerce Bancshares in a research report on Thursday, October 5th. They set a “sell” rating on the stock. Piper Sandler lowered their price objective on Commerce Bancshares from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Finally, Jefferies Financial Group boosted their target price on Commerce Bancshares from $51.00 to $52.00 in a research report on Tuesday, October 10th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $52.60.

Insider Buying and Selling at Commerce Bancshares

In related news, Director Blackford F. Brauer bought 5,000 shares of Commerce Bancshares stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average cost of $49.14 per share, with a total value of $245,700.00. Following the completion of the transaction, the director now owns 28,426 shares in the company, valued at approximately $1,396,853.64. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 3,459 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $47.01, for a total transaction of $162,607.59. Following the transaction, the senior vice president now directly owns 25,349 shares in the company, valued at approximately $1,191,656.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Blackford F. Brauer purchased 5,000 shares of Commerce Bancshares stock in a transaction dated Wednesday, August 23rd. The stock was acquired at an average price of $49.14 per share, with a total value of $245,700.00. Following the acquisition, the director now owns 28,426 shares in the company, valued at approximately $1,396,853.64. The disclosure for this purchase can be found here. 3.20% of the stock is owned by corporate insiders.

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.