Summit Global Investments lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.6% during the 1st quarter, HoldingsChannel reports. The firm owned 71,981 shares of the financial services provider’s stock after buying an additional 3,175 shares during the period. Summit Global Investments’ holdings in Commerce Bancshares were worth $4,179,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc grew its holdings in shares of Commerce Bancshares by 3.1% during the 3rd quarter. Vanguard Group Inc now owns 9,851,300 shares of the financial services provider’s stock worth $650,384,000 after purchasing an additional 300,762 shares in the last quarter. BlackRock Inc. boosted its stake in Commerce Bancshares by 1.2% in the first quarter. BlackRock Inc. now owns 9,449,871 shares of the financial services provider’s stock valued at $548,659,000 after buying an additional 109,409 shares in the last quarter. Commerce Bank boosted its stake in Commerce Bancshares by 2.5% in the first quarter. Commerce Bank now owns 7,240,002 shares of the financial services provider’s stock valued at $420,355,000 after buying an additional 176,566 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Commerce Bancshares by 4.9% in the first quarter. Lazard Asset Management LLC now owns 3,903,818 shares of the financial services provider’s stock valued at $226,653,000 after buying an additional 183,177 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in Commerce Bancshares by 5,818.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,190,482 shares of the financial services provider’s stock valued at $39,000 after buying an additional 2,153,473 shares in the last quarter. 63.08% of the stock is currently owned by institutional investors.
In other news, insider John K. Handy sold 3,541 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $61.79, for a total transaction of $218,798.39. Following the completion of the transaction, the insider now directly owns 35,251 shares in the company, valued at $2,178,159.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.60% of the stock is owned by company insiders.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, April 11th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.06). Commerce Bancshares had a return on equity of 15.65% and a net margin of 30.39%. The company had revenue of $324.73 million for the quarter, compared to the consensus estimate of $333.99 million. As a group, analysts forecast that Commerce Bancshares, Inc. will post 3.67 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.77%. Commerce Bancshares’s dividend payout ratio (DPR) is 27.51%.
Several analysts recently weighed in on the company. Zacks Investment Research lowered Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Thursday, April 4th. BidaskClub raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. Stephens reaffirmed a “hold” rating and issued a $62.00 price objective on shares of Commerce Bancshares in a research note on Thursday, April 11th. Finally, DA Davidson reduced their price objective on Commerce Bancshares to $60.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Commerce Bancshares has an average rating of “Hold” and a consensus price target of $60.18.
Commerce Bancshares Company Profile
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. 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 banking services.
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