Parkside Financial Bank & Trust held its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,058 shares of the financial services provider’s stock at the end of the second quarter. Parkside Financial Bank & Trust’s holdings in Commerce Bancshares were worth $458,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in Commerce Bancshares by 13.7% in the second quarter. Janney Montgomery Scott LLC now owns 5,471 shares of the financial services provider’s stock valued at $311,000 after buying an additional 660 shares during the period. Public Employees Retirement Association of Colorado increased its position in shares of Commerce Bancshares by 0.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,520 shares of the financial services provider’s stock valued at $712,000 after buying an additional 42 shares during the last quarter. Kwmg LLC acquired a new position in shares of Commerce Bancshares during the second quarter valued at approximately $345,000. ING Groep NV acquired a new position in shares of Commerce Bancshares during the second quarter valued at approximately $604,000. Finally, Moloney Securities Asset Management LLC increased its position in shares of 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 valued at $243,000 after buying an additional 250 shares during the last quarter. Institutional investors own 61.42% of the company’s stock.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) opened at 54.35 on Friday. Commerce Bancshares, Inc. has a 52-week low of $45.37 and a 52-week high of $60.61. The company has a 50 day moving average price of $57.23 and a 200-day moving average price of $56.45. The stock has a market capitalization of $5.52 billion, a P/E ratio of 19.69 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 for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.05. The business had revenue of $305.89 million for the quarter, compared to analyst estimates of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. On average, analysts predict that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be issued a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.66%. Commerce Bancshares’s dividend payout ratio is currently 32.64%.
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Several brokerages have recently commented on CBSH. Zacks Investment Research downgraded Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday. Jefferies Group LLC restated a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a research report on Friday, August 11th. Raymond James Financial, Inc. restated an “underperform” rating on shares of Commerce Bancshares in a research report on Thursday, August 10th. UBS AG downgraded Commerce Bancshares to an “underperform” rating in a research report on Thursday, August 10th. Finally, BidaskClub downgraded Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Five investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $55.00.
In other news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the firm’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 transaction of $2,000,563.90. Following the completion of the sale, the insider now owns 1,045,605 shares in the company, valued at approximately $56,567,230.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman David W. Kemper sold 10,132 shares of the firm’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 transaction of $585,933.56. Following the sale, the chairman now owns 1,270,757 shares of the company’s stock, valued at approximately $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 valued at $2,643,431 in the last 90 days. Insiders own 4.30% of the company’s stock.
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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