Cubist Systematic Strategies LLC purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 19,138 shares of the financial services provider’s stock, valued at approximately $1,106,000.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Commerce Bancshares by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,599,122 shares of the financial services provider’s stock worth $488,688,000 after purchasing an additional 246,065 shares during the last quarter. BlackRock Inc. raised its stake in Commerce Bancshares by 1.1% during the 2nd quarter. BlackRock Inc. now owns 7,591,937 shares of the financial services provider’s stock worth $431,451,000 after acquiring an additional 82,095 shares in the last quarter. FMR LLC raised its stake in Commerce Bancshares by 2.0% during the 2nd quarter. FMR LLC now owns 2,029,867 shares of the financial services provider’s stock worth $115,357,000 after acquiring an additional 40,600 shares in the last quarter. Lazard Asset Management LLC raised its stake in Commerce Bancshares by 27.1% during the 2nd quarter. Lazard Asset Management LLC now owns 1,448,515 shares of the financial services provider’s stock worth $82,318,000 after acquiring an additional 308,460 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Commerce Bancshares by 3.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,083,851 shares of the financial services provider’s stock worth $62,613,000 after acquiring an additional 35,361 shares in the last quarter. 59.14% of the stock is owned by institutional investors.
In related news, insider V Raymond Stranghoener sold 6,399 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $58.40, for a total transaction of $373,701.60. Following the completion of the transaction, the insider now owns 47,112 shares of the company’s stock, valued at $2,751,340.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $55.06, for a total transaction of $3,028,300.00. The disclosure for this sale can be found here. Insiders own 4.30% of the company’s stock.
A number of research firms have commented on CBSH. Zacks Investment Research lowered shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Piper Jaffray Companies restated a “hold” rating and issued a $58.00 price objective on shares of Commerce Bancshares in a research note on Tuesday. BidaskClub downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. Finally, Barclays lifted their target price on shares of Commerce Bancshares from $55.00 to $59.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Commerce Bancshares currently has an average rating of “Hold” and an average target price of $56.25.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) traded up $0.71 during midday trading on Thursday, hitting $58.06. 382,888 shares of the company’s stock traded hands, compared to its average volume of 424,386. Commerce Bancshares, Inc. has a 12 month low of $51.90 and a 12 month high of $60.61. The stock has a market capitalization of $6,120.00, a P/E ratio of 21.66, a PEG ratio of 3.05 and a beta of 0.80. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.04.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, October 12th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). The business had revenue of $304.83 million during the quarter, compared to analysts’ expectations of $317.28 million. Commerce Bancshares had a net margin of 23.93% and a return on equity of 12.08%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the company earned $0.68 EPS. equities research analysts expect that Commerce Bancshares, Inc. will post 2.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 18th. Stockholders of record on Thursday, November 30th were given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Wednesday, November 29th. Commerce Bancshares’s dividend payout ratio is presently 33.58%.
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Commerce Bancshares 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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