Bank of New York Mellon Corp Has $49.17 Million Position in Commerce Bancshares, Inc. $CBSH

Bank of New York Mellon Corp boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 999,394 shares of the financial services provider’s stock after purchasing an additional 26,526 shares during the period. Bank of New York Mellon Corp’s holdings in Commerce Bancshares were worth $49,170,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Daytona Street Capital LLC acquired a new position in shares of Commerce Bancshares during the 4th quarter worth $25,000. Danske Bank A S acquired a new position in Commerce Bancshares during the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. grew its holdings in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares during the last quarter. Root Financial Partners LLC grew its stake in Commerce Bancshares by 104.9% in the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after buying an additional 319 shares during the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in Commerce Bancshares in the 4th quarter worth $34,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CBSH. TD Cowen reaffirmed a “hold” rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Weiss Ratings raised Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Morgan Stanley restated a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Hovde Group dropped their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.43.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $59.09 on Friday. The business has a 50 day simple moving average of $55.62 and a 200 day simple moving average of $53.03. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $8.61 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 2.10 and a beta of 0.58. Commerce Bancshares, Inc. has a one year low of $46.99 and a one year high of $60.76.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period in the prior year, the company posted $1.14 earnings per share. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

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.