Louisiana State Employees Retirement System raised its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 22,800 shares of the financial services provider’s stock after buying an additional 700 shares during the period. Louisiana State Employees Retirement System’s holdings in Commerce Bancshares were worth $1,296,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. Citizens Financial Group Inc. RI purchased a new stake in shares of Commerce Bancshares during the first quarter worth $119,000. Mosaic Family Wealth LLC boosted 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 worth $175,000 after buying an additional 89 shares during the last quarter. Envestnet Asset Management Inc. boosted 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 worth $185,000 after buying an additional 1,273 shares during the last quarter. Tudor Investment Corp Et Al purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth $206,000. Finally, WFG Advisors LP boosted its stake in shares of 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. 61.42% of the stock is owned by institutional investors.
Commerce Bancshares, Inc. (NASDAQ:CBSH) traded down 0.20% during trading on Friday, reaching $54.35. The company had a trading volume of 669,675 shares. Commerce Bancshares, Inc. has a 12-month low of $45.37 and a 12-month high of $60.61. The stock has a market cap of $5.52 billion, a P/E ratio of 19.69 and a beta of 0.81. The firm has a 50-day moving average price of $57.32 and a 200 day moving average price of $56.46.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.05. The business had revenue of $305.89 million for the quarter, compared to analysts’ expectations of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Equities research analysts predict that Commerce Bancshares, Inc. will post $2.94 EPS for the current fiscal year.
The firm 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 $0.225 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.66%. Commerce Bancshares’s payout ratio is currently 32.64%.
Several research firms recently commented on CBSH. Keefe, Bruyette & Woods reissued a “sell” rating and set a $46.00 target price on shares of Commerce Bancshares in a research note on Monday, June 12th. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Commerce Bancshares in a report on Thursday, August 10th. Morgan Stanley boosted their target price on Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a report on Tuesday, June 6th. Finally, Barclays PLC reiterated 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. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Commerce Bancshares has a consensus rating of “Hold” and a consensus target price of $55.00.
In other Commerce Bancshares 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 transaction, the insider now directly owns 1,045,605 shares in the company, valued at $56,567,230.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s 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 completion of the transaction, 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 three months, insiders sold 48,099 shares of company stock worth $2,643,431. 4.30% of the stock is currently owned by 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, 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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