Commerce Bancshares, Inc. $CBSH Shares Sold by AlphaQuest LLC

AlphaQuest LLC trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 58.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,319 shares of the financial services provider’s stock after selling 42,316 shares during the quarter. AlphaQuest LLC’s holdings in Commerce Bancshares were worth $1,812,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CBSH. Geneos Wealth Management Inc. increased its holdings in 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 purchasing an additional 216 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Commerce Bancshares by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider’s stock worth $2,448,000 after buying an additional 190 shares in the last quarter. Signaturefd LLC increased its stake in shares of Commerce Bancshares by 13.8% in the second quarter. Signaturefd LLC now owns 2,036 shares of the financial services provider’s stock worth $127,000 after buying an additional 247 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Commerce Bancshares by 4.5% in the second quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider’s stock worth $252,000 after buying an additional 174 shares during the last quarter. Finally, Mattern Capital Management LLC raised its holdings in Commerce Bancshares by 0.5% in the second quarter. Mattern Capital Management LLC now owns 141,824 shares of the financial services provider’s stock valued at $8,817,000 after acquiring an additional 657 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Down 0.4%

NASDAQ:CBSH opened at $52.64 on Friday. The stock has a 50 day moving average of $52.93 and a 200-day moving average of $54.80. The firm has a market capitalization of $6.97 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 2.63 and a beta of 0.62. Commerce Bancshares, Inc. has a 52 week low of $48.69 and a 52 week high of $65.59.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.51% and a net margin of 26.51%.The business had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. During the same quarter last year, the business posted $1.01 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CBSH shares. Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Monday. Hovde Group initiated coverage on Commerce Bancshares in a research note on Monday, October 6th. They issued an “outperform” rating and a $66.67 price target for the company. TD Cowen cut their price objective on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, January 7th. Zacks Research downgraded Commerce Bancshares from a “hold” rating to a “strong sell” rating in a report on Thursday, January 8th. Finally, Keefe, Bruyette & Woods lowered their price target on Commerce Bancshares from $61.90 to $57.14 and set a “market perform” rating for the company in a report on Friday, October 17th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $61.75.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.