WBI Investments Inc. decreased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 34.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,522 shares of the financial services provider’s stock after selling 14,774 shares during the quarter. WBI Investments Inc.’s holdings in Commerce Bancshares were worth $1,709,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its stake in Commerce Bancshares by 189.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,211 shares of the financial services provider’s stock valued at $123,000 after buying an additional 1,448 shares during the last quarter. Wetherby Asset Management Inc. acquired a new position in Commerce Bancshares in the 1st quarter valued at $201,000. Cigna Investments Inc. New acquired a new position in Commerce Bancshares in the 1st quarter valued at $204,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Commerce Bancshares by 52.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,093 shares of the financial services provider’s stock valued at $284,000 after buying an additional 1,754 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Commerce Bancshares in the 4th quarter valued at $312,000. Institutional investors own 64.95% of the company’s stock.
CBSH has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research note on Monday, April 9th. Raymond James raised shares of Commerce Bancshares from an “underperform” rating to a “market perform” rating in a report on Tuesday, April 10th. Keefe, Bruyette & Woods raised shares of Commerce Bancshares from an “underperform” rating to a “market perform” rating and increased their price target for the company from $54.00 to $60.00 in a report on Tuesday, February 27th. ValuEngine downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Finally, Bank of America downgraded shares of Commerce Bancshares from a “neutral” rating to an “underperform” rating and set a $64.00 price target for the company. in a report on Tuesday, May 15th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $60.70.
In other news, VP Daniel D. Callahan sold 1,057 shares of the firm’s stock in a transaction dated Wednesday, April 18th. The shares were sold at an average price of $62.96, for a total transaction of $66,548.72. Following the completion of the transaction, the vice president now directly owns 31,275 shares of the company’s stock, valued at approximately $1,969,074. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles G. Kim sold 2,135 shares of the firm’s stock in a transaction dated Wednesday, April 18th. The stock was sold at an average price of $62.96, for a total transaction of $134,419.60. Following the transaction, the chief financial officer now directly owns 69,740 shares of the company’s stock, valued at $4,390,830.40. The disclosure for this sale can be found here. Insiders have sold a total of 51,241 shares of company stock valued at $3,159,492 over the last ninety days. 4.00% of the stock is owned by insiders.
Shares of Commerce Bancshares opened at $64.87 on Friday, MarketBeat Ratings reports. Commerce Bancshares, Inc. has a fifty-two week low of $51.90 and a fifty-two week high of $66.26. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 23.42, a P/E/G ratio of 1.96 and a beta of 0.69.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, April 12th. The financial services provider reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.12. Commerce Bancshares had a net margin of 27.16% and a return on equity of 13.21%. The firm had revenue of $312.58 million during the quarter, compared to the consensus estimate of $310.64 million. During the same period in the prior year, the firm earned $0.68 EPS. equities research analysts predict that Commerce Bancshares, Inc. will post 3.61 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 25th. Stockholders of record on Friday, June 8th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Thursday, June 7th. Commerce Bancshares’s payout ratio is 33.94%.
Commerce Bancshares Company 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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