Speece Thorson Capital Group Inc. increased its stake in shares of Commerce Bancshares Inc. (NASDAQ:CBSH) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 279,621 shares of the financial services provider’s stock after buying an additional 3,816 shares during the period. Commerce Bancshares accounts for about 2.9% of Speece Thorson Capital Group Inc.’s holdings, making the stock its 13th largest position. Speece Thorson Capital Group Inc.’s holdings in Commerce Bancshares were worth $13,394,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Prudential Financial Inc. increased its position in Commerce Bancshares by 3.0% in the first quarter. Prudential Financial Inc. now owns 74,699 shares of the financial services provider’s stock valued at $3,358,000 after buying an additional 2,200 shares during the period. JPMorgan Chase & Co. increased its position in Commerce Bancshares by 198.9% in the first quarter. JPMorgan Chase & Co. now owns 228,753 shares of the financial services provider’s stock valued at $10,282,000 after buying an additional 152,209 shares during the period. Aviva PLC increased its position in Commerce Bancshares by 0.9% in the first quarter. Aviva PLC now owns 49,192 shares of the financial services provider’s stock valued at $2,211,000 after buying an additional 457 shares during the period. UBS Group AG increased its position in Commerce Bancshares by 5.4% in the first quarter. UBS Group AG now owns 119,166 shares of the financial services provider’s stock valued at $5,356,000 after buying an additional 6,115 shares during the period. Finally, BlackRock Group LTD increased its position in Commerce Bancshares by 5.2% in the first quarter. BlackRock Group LTD now owns 330,011 shares of the financial services provider’s stock valued at $14,835,000 after buying an additional 16,296 shares during the period. Institutional investors own 60.86% of the company’s stock.
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) traded down 1.99% during midday trading on Monday, hitting $48.37. The stock had a trading volume of 298,483 shares. The firm has a 50 day moving average price of $49.30 and a 200-day moving average price of $47.39. Commerce Bancshares Inc. has a 52-week low of $37.44 and a 52-week high of $51.30. The stock has a market cap of $4.67 billion, a PE ratio of 18.53 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.02. The company had revenue of $288.40 million for the quarter, compared to the consensus estimate of $295.65 million. Commerce Bancshares had a return on equity of 11.58% and a net margin of 23.03%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the firm earned $0.71 EPS. Equities analysts predict that Commerce Bancshares Inc. will post $2.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 26th. Shareholders of record on Friday, September 9th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.86%. The ex-dividend date is Wednesday, September 7th. Commerce Bancshares’s dividend payout ratio is currently 34.50%.
CBSH has been the topic of several analyst reports. Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a research report on Tuesday, September 20th. Jefferies Group restated a “hold” rating and issued a $48.00 price objective on shares of Commerce Bancshares in a research report on Thursday, July 7th. Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Finally, Piper Jaffray Cos. initiated coverage on Commerce Bancshares in a research report on Monday, July 11th. They issued a “neutral” rating and a $43.50 price objective on the stock. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company has an average rating of “Hold” and a consensus target price of $45.25.
In other news, insider Charles G. Kim sold 5,000 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $48.04, for a total transaction of $240,200.00. Following the sale, the insider now directly owns 82,551 shares of the company’s stock, valued at approximately $3,965,750.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David W. Kemper sold 40,000 shares of the stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $48.86, for a total transaction of $1,954,400.00. Following the sale, the chief executive officer now directly owns 1,316,068 shares in the company, valued at $64,303,082.48. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
About Commerce Bancshares
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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