Raymond James & Associates lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 446,116 shares of the financial services provider’s stock after purchasing an additional 16,095 shares during the quarter. Raymond James & Associates owned about 0.40% of Commerce Bancshares worth $26,531,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Guggenheim Capital LLC lifted its holdings in shares of Commerce Bancshares by 1.9% in the fourth quarter. Guggenheim Capital LLC now owns 9,471 shares of the financial services provider’s stock valued at $643,000 after buying an additional 174 shares during the period. First Citizens Bank & Trust Co. increased its holdings in shares of Commerce Bancshares by 4.3% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 4,292 shares of the financial services provider’s stock valued at $255,000 after acquiring an additional 175 shares during the last quarter. Eukles Asset Management increased its holdings in shares of Commerce Bancshares by 3.7% during the 1st quarter. Eukles Asset Management now owns 6,088 shares of the financial services provider’s stock valued at $307,000 after acquiring an additional 217 shares during the last quarter. Telemus Capital LLC increased its holdings in shares of Commerce Bancshares by 4.3% during the 2nd quarter. Telemus Capital LLC now owns 5,359 shares of the financial services provider’s stock valued at $298,000 after acquiring an additional 222 shares during the last quarter. Finally, LS Investment Advisors LLC increased its holdings in shares of Commerce Bancshares by 4.5% during the 1st quarter. LS Investment Advisors LLC now owns 5,404 shares of the financial services provider’s stock valued at $272,000 after acquiring an additional 234 shares during the last quarter. 67.93% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO John W. Kemper sold 12,079 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $63.85, for a total transaction of $771,244.15. Following the completion of the sale, the chief executive officer now directly owns 143,541 shares of the company’s stock, valued at approximately $9,165,092.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.40% of the company’s stock.
A number of research firms have issued reports on CBSH. Morgan Stanley raised their target price on Commerce Bancshares from $50.00 to $53.00 and gave the company an “underweight” rating in a report on Monday, June 8th. Raymond James downgraded Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research report on Wednesday, June 17th. Piper Sandler raised their price objective on Commerce Bancshares from $56.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Finally, BidaskClub downgraded Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research report on Friday, July 10th. Four analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has an average rating of “Sell” and a consensus target price of $55.20.
Commerce Bancshares stock opened at $57.26 on Friday. The company has a market capitalization of $6.39 billion, a PE ratio of 21.69 and a beta of 1.03. Commerce Bancshares, Inc. has a one year low of $45.51 and a one year high of $71.92. The business has a 50 day simple moving average of $58.32 and a 200 day simple moving average of $60.41.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.20). Commerce Bancshares had a net margin of 21.82% and a return on equity of 10.03%. The business had revenue of $320.57 million for the quarter, compared to analyst estimates of $322.49 million. During the same period in the prior year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 2.3 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.89%. Commerce Bancshares’s dividend payout ratio is 30.17%.
Commerce Bancshares Profile
Commerce Bancshares, Inc operates as the bank 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 banking services.
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