BTIM Corp. lowered its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 12.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 640,559 shares of the financial services provider’s stock after selling 93,828 shares during the period. BTIM Corp. owned about 0.63% of Commerce Bancshares worth $36,403,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI bought a new stake in shares of Commerce Bancshares during the first quarter valued at approximately $119,000. Mosaic Family Wealth LLC raised its stake in shares of Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock valued at $175,000 after buying an additional 89 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Commerce Bancshares by 67.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,173 shares of the financial services provider’s stock valued at $185,000 after buying an additional 1,273 shares in the last quarter. Tudor Investment Corp Et Al bought a new stake in shares of Commerce Bancshares during the fourth quarter valued at approximately $206,000. Finally, WFG Advisors LP raised its position in Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock worth $221,000 after buying an additional 109 shares in the last quarter. Institutional investors and hedge funds own 62.05% of the company’s stock.
Commerce Bancshares, Inc. (CBSH) traded down 0.55% during mid-day trading on Friday, hitting $57.51. The stock had a trading volume of 296,158 shares. The stock has a market cap of $5.84 billion, a PE ratio of 20.84 and a beta of 0.81. The firm’s 50-day moving average price is $57.20 and its 200-day moving average price is $56.41. Commerce Bancshares, Inc. has a 1-year low of $44.27 and a 1-year high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The company had revenue of $305.89 million for the quarter, compared to analysts’ expectations of $309.44 million. During the same quarter in the previous year, the company earned $0.70 EPS. Commerce Bancshares’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities analysts expect that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.56%. Commerce Bancshares’s dividend payout ratio (DPR) is 32.64%.
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A number of equities analysts have commented on the company. BidaskClub lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Jefferies Group LLC reissued a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a research note on Sunday, June 11th. Barclays PLC restated an “equal weight” rating and set a $54.00 target price (down previously from $55.00) on shares of Commerce Bancshares in a research report on Wednesday, July 12th. Wells Fargo & Company reiterated a “market perform” rating and issued a $53.00 price objective (up previously from $51.00) on shares of Commerce Bancshares in a report on Friday, July 14th. Finally, Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Monday, July 17th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $55.00.
In other news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the business’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total value of $2,000,563.90. Following the sale, the insider now directly owns 1,045,605 shares in the company, valued at approximately $56,567,230.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total transaction of $40,594.83. Following the completion of the sale, the insider now owns 40,232 shares in the company, valued at $2,377,308.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,099 shares of company stock worth $2,643,431. 4.30% of the stock is owned by corporate 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, mortgage banking, 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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