BTIM Corp. reduced its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 12.8% during the second quarter, according to its most recent Form 13F 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 approximately 0.63% of Commerce Bancshares worth $36,403,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the stock. Comerica Bank boosted its stake in shares of Commerce Bancshares by 3.3% in the first quarter. Comerica Bank now owns 93,208 shares of the financial services provider’s stock worth $5,224,000 after buying an additional 3,017 shares during the period. Norges Bank bought a new stake in Commerce Bancshares during the fourth quarter valued at approximately $44,629,000. Wesbanco Bank Inc. increased its stake in Commerce Bancshares by 11.2% in the first quarter. Wesbanco Bank Inc. now owns 9,300 shares of the financial services provider’s stock valued at $522,000 after buying an additional 940 shares during the last quarter. Elkfork Partners LLC increased its stake in shares of Commerce Bancshares by 18.2% in the first quarter. Elkfork Partners LLC now owns 7,282 shares of the financial services provider’s stock valued at $409,000 after buying an additional 1,122 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Commerce Bancshares during the first quarter valued at about $64,025,000. 62.13% of the stock is owned by institutional investors.
Commerce Bancshares, Inc. (NASDAQ:CBSH) opened at 58.20 on Monday. Commerce Bancshares, Inc. has a 12 month low of $45.37 and a 12 month high of $60.61. The stock’s 50 day moving average price is $57.27 and its 200-day moving average price is $56.40. The stock has a market cap of $5.91 billion, a PE ratio of 21.09 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The firm had revenue of $305.89 million for the quarter, compared to the consensus estimate of $309.44 million. During the same period in the prior year, the firm earned $0.70 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. Analysts anticipate that Commerce Bancshares, Inc. will post $2.94 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio is currently 32.64%.
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Several research analysts have weighed in on the company. Barclays PLC increased their price objective on Commerce Bancshares from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Commerce Bancshares in a research note on Friday, July 14th. Stephens reissued an “equal weight” rating and set a $56.00 price target (up from $52.00) on shares of Commerce Bancshares in a research note on Monday, July 17th. Finally, BidaskClub lowered Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $55.00.
In other news, insider Jeffery D. Aberdeen sold 687 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $59.09, for a total transaction of $40,594.83. Following the sale, the insider now directly owns 40,232 shares of the company’s stock, valued at approximately $2,377,308.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman David W. Kemper sold 10,132 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $57.83, for a total transaction of $585,933.56. Following the completion of the transaction, the chairman now directly owns 1,270,757 shares in the company, valued at $73,487,877.31. The disclosure for this sale can be found here. Insiders have sold a total of 48,099 shares of company stock worth $2,643,431 over the last ninety days. 4.30% of the stock is owned by 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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