Fifth Third Bancorp Grows Stock Holdings in Commerce Bancshares, Inc. $CBSH

Fifth Third Bancorp increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3,862.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,869 shares of the financial services provider’s stock after acquiring an additional 46,661 shares during the period. Fifth Third Bancorp’s holdings in Commerce Bancshares were worth $2,355,000 as of its most recent SEC filing.

Several other 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 valued at $29,000 after acquiring an additional 216 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Commerce Bancshares by 2.0% in the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock valued at $53,780,000 after purchasing an additional 16,610 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in shares of Commerce Bancshares by 3.0% in the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 300 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $376,000. Finally, California Public Employees Retirement System grew its position in shares of Commerce Bancshares by 4.8% in the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock valued at $12,941,000 after purchasing an additional 9,483 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $58.37 on Wednesday. The business’s fifty day moving average price is $55.13 and its 200 day moving average price is $52.90. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $61.68. The stock has a market capitalization of $8.51 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 2.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The company had revenue of $498.91 million for the quarter, compared to analysts’ expectations of $492.22 million. During the same period in the prior year, the company earned $1.14 earnings per share. Equities research analysts forecast that Commerce Bancshares, Inc. will post 4.22 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Commerce Bancshares’s dividend payout ratio is 26.63%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Keefe, Bruyette & Woods increased their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research note on Monday. TD Cowen reiterated a “hold” rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research report on Friday. Piper Sandler reissued a “neutral” rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday. Hovde Group reduced their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company raised their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.43.

About Commerce Bancshares

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.