Olympiad Research LP Makes New $264,000 Investment in Commerce Bancshares, Inc. $CBSH

Olympiad Research LP bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,246 shares of the financial services provider’s stock, valued at approximately $264,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. lifted its position in Commerce Bancshares by 136.0% during the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider’s stock valued at $52,799,000 after buying an additional 488,960 shares during the period. Nuveen LLC bought a new stake in shares of Commerce Bancshares in the 1st quarter worth approximately $21,995,000. Vanguard Group Inc. grew its stake in shares of Commerce Bancshares by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider’s stock worth $839,716,000 after buying an additional 268,250 shares during the last quarter. Midwest Trust Co purchased a new position in Commerce Bancshares during the second quarter valued at $10,667,000. Finally, Adage Capital Partners GP L.L.C. raised its stake in Commerce Bancshares by 104.3% during the first quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider’s stock valued at $20,114,000 after buying an additional 165,000 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Down 1.3%

Shares of NASDAQ:CBSH opened at $53.62 on Friday. Commerce Bancshares, Inc. has a 12-month low of $51.64 and a 12-month high of $72.75. The company has a market cap of $7.15 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. The stock has a 50 day moving average of $56.73 and a 200 day moving average of $60.59.

Shares of Commerce Bancshares are going to split on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly created shares will be issued to shareholders after the closing bell on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $448.85 million during the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. Commerce Bancshares’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.07 earnings per share. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, December 2nd. Commerce Bancshares’s payout ratio is currently 26.25%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Cowen restated a “hold” rating on shares of Commerce Bancshares in a research note on Tuesday, October 21st. Morgan Stanley increased their target price on Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research note on Monday, September 29th. Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. TD Cowen began coverage on Commerce Bancshares in a research report on Thursday, September 25th. They issued a “hold” rating and a $63.00 target price for the company. Finally, Piper Sandler dropped their price target on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, October 17th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Commerce Bancshares has a consensus 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.