Ameriprise Financial Inc. raised its position in shares of Commerce Bancshares Inc. (NASDAQ:CBSH) by 3.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,221 shares of the financial services provider’s stock after buying an additional 6,783 shares during the period. Ameriprise Financial Inc. owned approximately 0.22% of Commerce Bancshares worth $10,356,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CBSH. Champlain Investment Partners LLC raised its position in Commerce Bancshares by 0.8% in the first quarter. Champlain Investment Partners LLC now owns 1,310,435 shares of the financial services provider’s stock worth $58,904,000 after buying an additional 10,288 shares during the last quarter. Geode Capital Management LLC raised its position in Commerce Bancshares by 0.4% in the first quarter. Geode Capital Management LLC now owns 569,404 shares of the financial services provider’s stock worth $25,594,000 after buying an additional 2,494 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Commerce Bancshares by 71.8% in the first quarter. Goldman Sachs Group Inc. now owns 361,617 shares of the financial services provider’s stock worth $16,255,000 after buying an additional 151,116 shares during the last quarter. BlackRock Group LTD raised 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 worth $14,835,000 after buying an additional 16,296 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Commerce Bancshares by 83.4% in the first quarter. Renaissance Technologies LLC now owns 317,405 shares of the financial services provider’s stock worth $14,267,000 after buying an additional 144,300 shares during the last quarter. 60.86% of the stock is owned by institutional investors and hedge funds.
Commerce Bancshares Inc. (NASDAQ:CBSH) traded up 1.27% during mid-day trading on Friday, hitting $49.26. The company had a trading volume of 298,868 shares. Commerce Bancshares Inc. has a 1-year low of $37.44 and a 1-year high of $51.30. The firm has a market capitalization of $4.76 billion, a PE ratio of 18.87 and a beta of 0.81. The company has a 50 day moving average of $49.35 and a 200 day moving average of $47.55.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, July 13th. The financial services provider reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The company earned $288.40 million during the quarter, compared to analyst estimates 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 was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $0.71 earnings per share. Analysts predict that Commerce Bancshares Inc. will post $2.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 26th. Investors of record on Friday, September 9th were given a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.90 annualized dividend and a yield of 1.83%. Commerce Bancshares’s dividend payout ratio is currently 34.50%.
CBSH has been the subject of a number of recent analyst reports. Zacks Investment Research raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, July 15th. Morgan Stanley lowered Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price target for the company. in a research report on Tuesday, September 20th. Jefferies Group reaffirmed a “hold” rating on shares of Commerce Bancshares in a research report on Thursday, August 18th. Finally, Piper Jaffray Cos. started coverage on Commerce Bancshares in a research report on Monday, July 11th. They issued a “neutral” rating and a $43.50 target price for the company. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $45.25.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $50.07, for a total transaction of $2,503,500.00. Following the completion of the transaction, the insider now owns 1,192,407 shares in the company, valued at $59,703,818.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charles G. Kim sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $48.04, for a total value of $240,200.00. Following the transaction, the insider now owns 82,551 shares of the company’s stock, valued at approximately $3,965,750.04. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.
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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