First Trust Advisors LP boosted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 231,474 shares of the financial services provider’s stock after purchasing an additional 13,428 shares during the quarter. First Trust Advisors LP’s holdings in Commerce Bancshares were worth $14,979,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Cooke & Bieler LP boosted its position in Commerce Bancshares by 5.0% in the second quarter. Cooke & Bieler LP now owns 580,754 shares of the financial services provider’s stock valued at $37,581,000 after buying an additional 27,701 shares during the last quarter. Wells Fargo & Company MN boosted its position in Commerce Bancshares by 3.0% in the second quarter. Wells Fargo & Company MN now owns 995,474 shares of the financial services provider’s stock valued at $64,418,000 after buying an additional 28,674 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Commerce Bancshares in the second quarter valued at approximately $206,000. Kaizen Advisory LLC boosted its position in Commerce Bancshares by 299.4% in the second quarter. Kaizen Advisory LLC now owns 18,837 shares of the financial services provider’s stock valued at $1,219,000 after buying an additional 14,121 shares during the last quarter. Finally, Three Peaks Capital Management LLC purchased a new stake in Commerce Bancshares in the second quarter valued at approximately $1,382,000. Institutional investors and hedge funds own 65.35% of the company’s stock.
Commerce Bancshares stock opened at $71.12 on Monday. Commerce Bancshares, Inc. has a 12 month low of $51.90 and a 12 month high of $71.26. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 25.68, a P/E/G ratio of 1.84 and a beta of 0.67.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 12th. The financial services provider reported $1.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analyst estimates of $319.25 million. During the same quarter in the prior year, the firm posted $0.71 EPS. sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.87 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 24th. Shareholders of record on Friday, September 7th will be given a $0.235 dividend. The ex-dividend date is Thursday, September 6th. This represents a $0.94 annualized dividend and a yield of 1.32%. Commerce Bancshares’s dividend payout ratio is presently 33.94%.
CBSH has been the topic of a number of recent research reports. Wells Fargo & Co upped their target price on Commerce Bancshares from $57.00 to $60.00 and gave the company a “market perform” rating in a research report on Tuesday, June 26th. Raymond James lowered Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research report on Tuesday, July 10th. BidaskClub lowered Commerce Bancshares from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 22nd. Bank of America lowered Commerce Bancshares from a “neutral” rating to an “underperform” rating and set a $64.00 price objective on the stock. in a research report on Tuesday, May 15th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered 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 issued a buy rating and one has given a strong buy rating to the company. Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $65.22.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 993,378 shares in the company, valued at approximately $64,867,583.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Daniel D. Callahan sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $67.43, for a total value of $539,440.00. Following the completion of the sale, the insider now owns 27,257 shares in the company, valued at approximately $1,837,939.51. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,866 shares of company stock worth $4,565,313. Insiders own 4.00% of the company’s stock.
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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