Wesbanco Bank Inc. raised its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,565 shares of the financial services provider’s stock after buying an additional 177 shares during the quarter. Wesbanco Bank Inc.’s holdings in Commerce Bancshares were worth $370,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Essex Savings Bank bought a new stake in shares of Commerce Bancshares during the 4th quarter worth approximately $87,000. Acadian Asset Management LLC lifted its stake in shares of Commerce Bancshares by 224.3% during the 3rd quarter. Acadian Asset Management LLC now owns 1,842 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 1,274 shares during the last quarter. ETF Managers Group LLC lifted its stake in shares of Commerce Bancshares by 23.5% during the 4th quarter. ETF Managers Group LLC now owns 2,319 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 442 shares during the last quarter. Caxton Associates LP bought a new stake in shares of Commerce Bancshares during the 3rd quarter worth approximately $230,000. Finally, Mutual Advisors LLC bought a new stake in shares of Commerce Bancshares during the 3rd quarter worth approximately $237,000. Institutional investors and hedge funds own 62.08% of the company’s stock.
In related news, Director David W. Kemper sold 27,728 shares of the business’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $60.12, for a total transaction of $1,667,007.36. Following the transaction, the director now directly owns 1,291,896 shares in the company, valued at approximately $77,668,787.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David W. Kemper sold 20,000 shares of the business’s stock in a transaction on Friday, February 1st. The stock was sold at an average price of $59.81, for a total value of $1,196,200.00. Following the transaction, the director now owns 1,319,624 shares in the company, valued at $78,926,711.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,291 shares of company stock worth $3,638,888. 4.00% of the stock is owned by company insiders.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, January 17th. The financial services provider reported $0.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.01. Commerce Bancshares had a return on equity of 16.29% and a net margin of 31.18%. The firm had revenue of $345.31 million for the quarter, compared to the consensus estimate of $335.66 million. During the same period in the previous year, the business earned $0.74 EPS. On average, research analysts forecast that Commerce Bancshares, Inc. will post 3.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Friday, March 8th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.70%. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, March 7th. Commerce Bancshares’s payout ratio is 24.87%.
CBSH has been the subject of a number of research analyst reports. Raymond James raised Commerce Bancshares from an “underperform” rating to a “market perform” rating and set a $60.43 price target for the company in a research note on Friday, January 18th. They noted that the move was a valuation call. Morgan Stanley decreased their target price on Commerce Bancshares from $58.00 to $56.00 and set an “underweight” rating for the company in a research report on Tuesday, December 11th. BidaskClub raised Commerce Bancshares from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 30th. Barclays reissued a “hold” rating and issued a $65.00 price target on shares of Commerce Bancshares in a research report on Friday, January 11th. Finally, Stephens reissued a “hold” rating and issued a $65.00 price target on shares of Commerce Bancshares in a research report on Wednesday, December 19th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. Commerce Bancshares currently has a consensus rating of “Hold” and an average target price of $63.49.
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About Commerce Bancshares
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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