Advisors Asset Management Inc. decreased its position in shares of Commerce Bancshares Inc. (NASDAQ:CBSH) by 4.5% during the second quarter, Holdings Channel reports. The firm owned 2,127 shares of the financial services provider’s stock after selling 100 shares during the period. Advisors Asset Management Inc.’s holdings in Commerce Bancshares were worth $102,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in CBSH. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Commerce Bancshares by 28.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,547 shares of the financial services provider’s stock worth $122,000 after buying an additional 566 shares during the period. LS Investment Advisors LLC raised its stake in shares of Commerce Bancshares by 72.0% in the second quarter. LS Investment Advisors LLC now owns 4,978 shares of the financial services provider’s stock worth $238,000 after buying an additional 2,084 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Commerce Bancshares by 5.9% in the second quarter. State of Alaska Department of Revenue now owns 5,022 shares of the financial services provider’s stock worth $240,000 after buying an additional 278 shares during the period. BlueMountain Capital Management LLC purchased a new position in Commerce Bancshares during the first quarter worth about $248,000. Finally, Suntrust Banks Inc. increased its position in Commerce Bancshares by 13.3% in the second quarter. Suntrust Banks Inc. now owns 6,232 shares of the financial services provider’s stock worth $298,000 after buying an additional 731 shares in the last quarter. Institutional investors and hedge funds own 60.86% of the company’s stock.
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) traded up 1.24% during trading on Monday, hitting $50.71. 31,917 shares of the company were exchanged. The company has a 50 day moving average of $49.47 and a 200-day moving average of $47.72. The stock has a market capitalization of $4.90 billion, a PE ratio of 19.43 and a beta of 0.74. Commerce Bancshares Inc. has a 1-year low of $37.44 and a 1-year high of $51.30.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, July 13th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Commerce Bancshares had a return on equity of 11.58% and a net margin of 23.03%. The company earned $288.40 million during the quarter, compared to analyst estimates of $295.65 million. During the same quarter last year, the firm posted $0.71 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. On average, analysts forecast that Commerce Bancshares Inc. will post $2.77 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 26th. Shareholders of record on Friday, September 9th were issued a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.80%. Commerce Bancshares’s dividend payout ratio (DPR) is 34.50%.
A number of research firms have issued reports on CBSH. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, September 26th. Morgan Stanley downgraded shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective on the stock. in a report on Tuesday, September 20th. Jefferies Group reaffirmed a “hold” rating on shares of Commerce Bancshares in a report on Thursday, August 18th. Finally, Piper Jaffray Cos. began coverage on shares of Commerce Bancshares in a report on Monday, July 11th. They set 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 issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $45.25.
In other Commerce Bancshares news, insider V Raymond Stranghoener sold 4,964 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $48.49, for a total value of $240,704.36. Following the completion of the transaction, the insider now owns 80,869 shares in the company, valued at $3,921,337.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $47.22, for a total value of $2,361,000.00. Following the completion of the transaction, the insider now owns 1,242,407 shares of the company’s stock, valued at approximately $58,666,458.54. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
Commerce Bancshares Company Profile
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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