First Manhattan Co. continued to hold its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,928 shares of the financial services provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Commerce Bancshares were worth $166,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in CBSH. Citizens Financial Group Inc. RI acquired a new stake in Commerce Bancshares during the first quarter worth about $119,000. Mosaic Family Wealth LLC boosted its stake in 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 worth $175,000 after buying an additional 89 shares during the last quarter. WFG Advisors LP boosted its stake 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 during the last quarter. Parametrica Management Ltd acquired a new stake in Commerce Bancshares during the first quarter worth about $233,000. Finally, Moloney Securities Asset Management LLC boosted its stake in Commerce Bancshares by 6.2% in the second quarter. Moloney Securities Asset Management LLC now owns 4,269 shares of the financial services provider’s stock worth $243,000 after buying an additional 250 shares during the last quarter. 62.13% of the stock is owned by institutional investors.
Shares of Commerce Bancshares, Inc. (CBSH) opened at 55.22 on Friday. The company’s 50-day moving average price is $57.34 and its 200 day moving average price is $56.49. The firm has a market capitalization of $5.61 billion, a PE ratio of 20.01 and a beta of 0.81. Commerce Bancshares, Inc. has a 12-month low of $45.37 and a 12-month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 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 business had revenue of $305.89 million for the quarter, compared to the consensus estimate of $309.44 million. During the same quarter in the prior year, the business earned $0.70 earnings per share. Commerce Bancshares’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities analysts forecast that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be paid a $0.225 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 annualized dividend and a yield of 1.63%. Commerce Bancshares’s payout ratio is 32.64%.
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A number of research firms have recently issued reports on CBSH. Jefferies Group LLC reaffirmed a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a research report on Friday. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Commerce Bancshares in a research report on Thursday. UBS AG cut Commerce Bancshares to an “underperform” rating in a research report on Thursday. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “sell” rating and issued a $46.00 price objective on shares of Commerce Bancshares in a research report on Monday, June 12th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $55.00.
In related news, Chairman David W. Kemper sold 10,132 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $57.83, for a total value of $585,933.56. Following the transaction, the chairman now owns 1,270,757 shares in the company, valued at $73,487,877.31. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 1,045,605 shares in the company, valued at approximately $56,567,230.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,099 shares of company stock worth $2,643,431. 4.30% of the stock is owned by company 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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