IFG Advisory LLC Raises Stock Holdings in Commerce Bancshares, Inc. $CBSH

IFG Advisory LLC grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 105,262 shares of the financial services provider’s stock after buying an additional 2,013 shares during the period. IFG Advisory LLC owned approximately 0.08% of Commerce Bancshares worth $6,544,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. GAMMA Investing LLC lifted its holdings in shares of Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 739 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Commerce Bancshares during the first quarter valued at approximately $1,855,000. New York State Teachers Retirement System purchased a new stake in Commerce Bancshares in the 1st quarter worth about $8,928,000. Novem Group boosted its holdings in Commerce Bancshares by 35.3% during the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider’s stock valued at $1,037,000 after acquiring an additional 4,344 shares during the period. Finally, Eukles Asset Management boosted its holdings in Commerce Bancshares by 12.9% during the 1st quarter. Eukles Asset Management now owns 10,673 shares of the financial services provider’s stock valued at $664,000 after acquiring an additional 1,217 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $52.31 on Friday. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 4.71 and a beta of 0.59. Commerce Bancshares, Inc. has a 1-year low of $52.08 and a 1-year high of $72.75. The business has a fifty day moving average price of $58.44 and a 200-day moving average price of $61.02.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business had revenue of $440.97 million during the quarter, compared to analysts’ expectations of $447.04 million. During the same quarter last year, the business posted $1.07 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on CBSH shares. Hovde Group assumed coverage on Commerce Bancshares in a research report on Monday, October 6th. They set an “outperform” rating and a $70.00 target price for the company. Morgan Stanley upped their price target on shares of Commerce Bancshares from $66.00 to $70.00 and gave the stock an “underperform” rating in a research report on Monday, September 29th. Cowen reissued a “hold” rating on shares of Commerce Bancshares in a research note on Tuesday, October 21st. Keefe, Bruyette & Woods cut their price target on Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a report on Friday, October 17th. Finally, Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 27th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $65.29.

About Commerce Bancshares

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.