First Trust Advisors LP Buys 257,817 Shares of Commerce Bancshares, Inc. $CBSH

First Trust Advisors LP lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 11.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,610,223 shares of the financial services provider’s stock after buying an additional 257,817 shares during the quarter. First Trust Advisors LP owned about 1.79% of Commerce Bancshares worth $128,423,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Danske Bank A S bought a new position in Commerce Bancshares in the 3rd quarter valued at about $25,000. Geneos Wealth Management Inc. lifted its position 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 worth $29,000 after acquiring an additional 216 shares during the last quarter. Daytona Street Capital LLC bought a new stake in shares of Commerce Bancshares during the fourth quarter worth approximately $25,000. Root Financial Partners LLC boosted its holdings in shares of Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 319 shares during the period. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of Commerce Bancshares in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Down 0.1%

Shares of NASDAQ:CBSH opened at $58.65 on Friday. The business’s 50 day simple moving average is $55.45 and its 200 day simple moving average is $52.99. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.76. 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 $8.55 billion, a P/E ratio of 14.20, a P/E/G ratio of 2.10 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million during the quarter, compared to analysts’ expectations 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 previous year, the firm earned $1.14 EPS. On average, research analysts anticipate that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CBSH has been the subject of several research reports. Wells Fargo & Company lifted their price target on Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Piper Sandler reaffirmed a “neutral” rating and issued a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Weiss Ratings upgraded Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday. Finally, Morgan Stanley reissued a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $62.43.

Commerce Bancshares 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.