Oppenheimer Asset Management Inc. boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,534 shares of the financial services provider’s stock after acquiring an additional 470 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Commerce Bancshares were worth $538,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Oppenheimer & Co. Inc. lifted its stake in Commerce Bancshares by 4.2% in the fourth quarter. Oppenheimer & Co. Inc. now owns 96,564 shares of the financial services provider’s stock valued at $5,443,000 after buying an additional 3,928 shares during the period. Royal London Asset Management Ltd. lifted its stake in Commerce Bancshares by 16.7% in the fourth quarter. Royal London Asset Management Ltd. now owns 37,696 shares of the financial services provider’s stock valued at $2,097,000 after buying an additional 5,388 shares during the period. Country Club Trust Company n.a. lifted its stake in Commerce Bancshares by 5.2% in the fourth quarter. Country Club Trust Company n.a. now owns 45,333 shares of the financial services provider’s stock valued at $2,556,000 after buying an additional 2,232 shares during the period. Arizona State Retirement System lifted its stake in Commerce Bancshares by 5.7% in the fourth quarter. Arizona State Retirement System now owns 71,249 shares of the financial services provider’s stock valued at $4,016,000 after buying an additional 3,873 shares during the period. Finally, Wealth Alliance Advisory Group LLC lifted its stake in Commerce Bancshares by 5.0% in the fourth quarter. Wealth Alliance Advisory Group LLC now owns 4,972 shares of the financial services provider’s stock valued at $280,000 after buying an additional 236 shares during the period. Institutional investors and hedge funds own 62.08% of the company’s stock.
CBSH has been the topic of a number of research reports. Raymond James raised Commerce Bancshares from an “underperform” rating to a “market perform” rating and set a $60.43 target price on the stock in a research report on Friday, January 18th. They noted that the move was a valuation call. Morgan Stanley lowered their target price on Commerce Bancshares from $58.00 to $56.00 and set an “underweight” rating on the stock in a research report on Tuesday, December 11th. BidaskClub raised Commerce Bancshares from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 30th. Barclays reaffirmed a “hold” rating and set a $65.00 target price on shares of Commerce Bancshares in a research report on Friday, January 11th. Finally, Stephens reaffirmed a “hold” rating and set a $65.00 target price on shares of Commerce Bancshares in a research report on Wednesday, December 19th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $63.49.
Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, January 17th. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Commerce Bancshares had a return on equity of 16.29% and a net margin of 31.18%. The company had revenue of $345.31 million for the quarter, compared to analyst estimates of $335.66 million. During the same period in the prior year, the firm earned $0.74 earnings per share. Research analysts predict that Commerce Bancshares, Inc. will post 3.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Friday, March 8th will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, March 7th. This represents a $1.04 annualized dividend and a yield of 1.72%. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.24. Commerce Bancshares’s dividend payout ratio is 24.87%.
In related news, insider Daniel D. Callahan sold 3,300 shares of the company’s stock in a transaction on Tuesday, January 22nd. The stock was sold at an average price of $61.11, for a total transaction of $201,663.00. Following the completion of the sale, the insider now owns 24,037 shares in the company, valued at $1,468,901.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel D. Callahan sold 1,500 shares of the company’s stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $65.91, for a total value of $98,865.00. Following the sale, the insider now owns 26,036 shares of the company’s stock, valued at approximately $1,716,032.76. The disclosure for this sale can be found here. Insiders have sold 60,291 shares of company stock valued at $3,638,888 in the last quarter. 4.00% of the stock is currently owned by corporate insiders.
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About Commerce Bancshares
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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