Louisiana State Employees Retirement System lowered its stake in Commerce Bancshares Inc. (NASDAQ:CBSH) by 4.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,080 shares of the financial services provider’s stock after selling 1,000 shares during the period. Louisiana State Employees Retirement System’s holdings in Commerce Bancshares were worth $1,058,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new position in Commerce Bancshares during the second quarter valued at approximately $7,771,000. 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 last quarter. Goldman Sachs Group Inc. increased 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 valued at $16,255,000 after buying an additional 151,116 shares during the last quarter. Renaissance Technologies LLC increased 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 valued at $14,267,000 after buying an additional 144,300 shares during the last quarter. Finally, Bessemer Group Inc. purchased a new position in Commerce Bancshares during the first quarter valued at approximately $4,711,000. Institutional investors own 60.86% of the company’s stock.
Commerce Bancshares Inc. (NASDAQ:CBSH) traded up 1.27% during mid-day trading on Friday, hitting $49.26. The stock had a trading volume of 298,868 shares. The firm has a 50-day moving average of $49.35 and a 200-day moving average of $47.55. 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 $4.76 billion, a P/E ratio of 18.87 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Wednesday, July 13th. The financial services provider reported $0.70 EPS for the quarter, beating 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 firm had revenue of $288.40 million for the quarter, compared to analysts’ expectations of $295.65 million. During the same period in the prior year, the firm posted $0.71 earnings per share. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts forecast that Commerce Bancshares Inc. will post $2.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 26th. Investors of record on Friday, September 9th were issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date was Wednesday, September 7th. Commerce Bancshares’s dividend payout ratio is presently 34.50%.
Several research analysts have commented on CBSH shares. Piper Jaffray Cos. initiated coverage on Commerce Bancshares in a report on Monday, July 11th. They set a “neutral” rating and a $43.50 price objective on the stock. Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price target on the stock. in a report on Tuesday, September 20th. Zacks Investment Research downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Monday, September 19th. Finally, Jefferies Group reiterated a “hold” rating on shares of Commerce Bancshares in a report on Thursday, August 18th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $45.25.
In related news, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 1,242,407 shares in the company, valued at $58,666,458.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David W. Kemper sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $48.86, for a total value of $1,954,400.00. Following the completion of the transaction, the chief executive officer now owns 1,316,068 shares in the company, valued at $64,303,082.48. 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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