Commerce Bancshares, Inc. $CBSH is Waterfront Wealth Inc.’s 6th Largest Position

Waterfront Wealth Inc. lessened its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,758 shares of the financial services provider’s stock after selling 727 shares during the quarter. Commerce Bancshares makes up approximately 1.9% of Waterfront Wealth Inc.’s holdings, making the stock its 6th largest holding. Waterfront Wealth Inc.’s holdings in Commerce Bancshares were worth $8,440,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its position in Commerce Bancshares by 2.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 44,709 shares of the financial services provider’s stock worth $2,780,000 after purchasing an additional 1,263 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $1,451,000. Envestnet Asset Management Inc. increased its position in Commerce Bancshares by 11.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 273,933 shares of the financial services provider’s stock worth $17,030,000 after purchasing an additional 27,148 shares in the last quarter. MQS Management LLC purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $222,000. Finally, Focus Partners Advisor Solutions LLC increased its position in Commerce Bancshares by 149.7% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 8,228 shares of the financial services provider’s stock worth $512,000 after purchasing an additional 4,933 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

CBSH has been the subject of a number of recent research reports. Piper Sandler dropped their price objective on Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, October 17th. TD Cowen assumed coverage on Commerce Bancshares in a research note on Thursday, September 25th. They issued a “hold” rating and a $63.00 price target on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Commerce Bancshares in a research note on Wednesday, October 8th. Zacks Research lowered Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. Finally, Wells Fargo & Company decreased their price target on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $65.29.

Commerce Bancshares Trading Up 0.1%

Shares of NASDAQ:CBSH opened at $53.12 on Wednesday. The stock’s 50-day moving average price is $58.83 and its two-hundred day moving average price is $61.11. Commerce Bancshares, Inc. has a 12-month low of $52.11 and a 12-month high of $72.75. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 4.79 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). The firm had revenue of $440.97 million during the quarter, compared to analyst estimates of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. As a group, research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

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.