Mackay Shields LLC bought a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 72,844 shares of the financial services provider’s stock, valued at approximately $4,714,000. Mackay Shields LLC owned 0.07% of Commerce Bancshares as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. Alps Advisors Inc. purchased a new stake in shares of Commerce Bancshares during the first quarter worth approximately $471,000. Comerica Bank raised its position in Commerce Bancshares by 0.8% in the first quarter. Comerica Bank now owns 101,848 shares of the financial services provider’s stock worth $6,458,000 after acquiring an additional 811 shares in the last quarter. CIBC Asset Management Inc raised its position in Commerce Bancshares by 39.7% in the first quarter. CIBC Asset Management Inc now owns 9,091 shares of the financial services provider’s stock worth $545,000 after acquiring an additional 2,582 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Commerce Bancshares in the first quarter worth $3,476,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Commerce Bancshares by 24.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,359 shares of the financial services provider’s stock worth $381,000 after acquiring an additional 1,266 shares in the last quarter. 65.35% of the stock is owned by hedge funds and other institutional investors.
In other news, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the firm’s stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $65.30, for a total value of $3,005,759.00. Following the completion of the transaction, the insider now owns 993,378 shares in the company, valued at $64,867,583.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David W. Kemper sold 9,465 shares of the firm’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $68.60, for a total value of $649,299.00. Following the completion of the transaction, the chief executive officer now owns 1,291,012 shares of the company’s stock, valued at approximately $88,563,423.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,188 shares of company stock valued at $4,586,169. Company insiders own 4.00% of the company’s stock.
Several research analysts have issued reports on CBSH shares. Wells Fargo & Co increased their price objective on Commerce Bancshares from $57.00 to $60.00 and gave the stock a “market perform” rating in a research report on Tuesday, June 26th. Raymond James cut Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research report on Tuesday, July 10th. BidaskClub cut Commerce Bancshares from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 22nd. Bank of America cut Commerce Bancshares from a “neutral” rating to an “underperform” rating and set a $64.00 price objective for the company. in a research report on Tuesday, May 15th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $65.22.
Shares of CBSH stock opened at $71.12 on Friday. Commerce Bancshares, Inc. has a fifty-two week low of $51.90 and a fifty-two week high of $71.26. The firm has a market capitalization of $7.40 billion, a PE ratio of 25.68, a PEG ratio of 1.84 and a beta of 0.67.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 12th. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.12. Commerce Bancshares had a return on equity of 14.24% and a net margin of 28.84%. The business had revenue of $335.81 million during the quarter, compared to analysts’ expectations of $319.25 million. During the same quarter last year, the business posted $0.71 earnings per share. sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.87 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 24th. Stockholders of record on Friday, September 7th will be given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Thursday, September 6th. Commerce Bancshares’s dividend payout ratio is currently 33.94%.
Commerce Bancshares Profile
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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