Xact Kapitalforvaltning AB lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 14.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,682 shares of the financial services provider’s stock after purchasing an additional 1,100 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Commerce Bancshares were worth $520,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wetherby Asset Management Inc. purchased a new position in shares of Commerce Bancshares during the 1st quarter worth $201,000. Cigna Investments Inc. New acquired a new position in Commerce Bancshares during the 1st quarter worth about $204,000. Segall Bryant & Hamill LLC acquired a new position in Commerce Bancshares during the 1st quarter worth about $204,000. Change Path LLC acquired a new position in Commerce Bancshares during the 1st quarter worth about $305,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Commerce Bancshares during the 1st quarter worth about $305,000. Institutional investors and hedge funds own 64.79% of the company’s stock.
CBSH stock opened at $64.86 on Thursday. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 21.26, a P/E/G ratio of 1.95 and a beta of 0.68. Commerce Bancshares, Inc. has a 1 year low of $51.90 and a 1 year high of $67.42.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, April 12th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.12. The company had revenue of $312.58 million for the quarter, compared to analyst estimates of $310.64 million. Commerce Bancshares had a return on equity of 13.21% and a net margin of 27.16%. During the same quarter last year, the company earned $0.68 EPS. equities research analysts expect that Commerce Bancshares, Inc. will post 3.61 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, June 25th. Shareholders of record on Friday, June 8th were given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, June 7th. Commerce Bancshares’s dividend payout ratio is currently 33.94%.
Several research firms recently issued reports on CBSH. Wells Fargo & Co increased their target price on Commerce Bancshares from $57.00 to $60.00 and gave the stock a “market perform” rating in a research note on Tuesday, June 26th. BidaskClub lowered Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, June 13th. ValuEngine raised Commerce Bancshares from a “hold” rating to a “buy” rating in a research note on Tuesday, June 5th. Barclays increased their target price on Commerce Bancshares from $58.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, April 13th. Finally, Bank of America lowered Commerce Bancshares from a “neutral” rating to an “underperform” rating and set a $64.00 target price on the stock. in a research note on Tuesday, May 15th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $61.40.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $64,867,583.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sara E. Foster sold 1,472 shares of the stock in a transaction dated Wednesday, April 18th. The shares were sold at an average price of $63.29, for a total value of $93,162.88. Following the completion of the sale, the executive vice president now directly owns 45,299 shares in the company, valued at approximately $2,866,973.71. The disclosure for this sale can be found here. Insiders sold a total of 61,566 shares of company stock worth $3,986,391 in the last ninety days. 4.00% of the stock is owned by corporate insiders.
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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