Commerce Bancshares, Inc. (CBSH) Shares Sold by Great Lakes Advisors LLC
Great Lakes Advisors LLC lowered its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 23,398 shares of the financial services provider’s stock after selling 1,163 shares during the period. Great Lakes Advisors LLC’s holdings in Commerce Bancshares were worth $1,330,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the company. Comerica Bank raised its stake in Commerce Bancshares by 3.3% in the first quarter. Comerica Bank now owns 93,208 shares of the financial services provider’s stock worth $5,224,000 after buying an additional 3,017 shares during the last quarter. Elkfork Partners LLC raised its stake in Commerce Bancshares by 18.2% in the first quarter. Elkfork Partners LLC now owns 7,282 shares of the financial services provider’s stock worth $409,000 after buying an additional 1,122 shares during the last quarter. Rafferty Asset Management LLC raised its stake in Commerce Bancshares by 260.6% in the first quarter. Rafferty Asset Management LLC now owns 15,822 shares of the financial services provider’s stock worth $889,000 after buying an additional 11,434 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Commerce Bancshares during the first quarter worth $64,025,000. Finally, Swiss National Bank raised its stake in Commerce Bancshares by 1.5% in the first quarter. Swiss National Bank now owns 150,314 shares of the financial services provider’s stock worth $8,442,000 after buying an additional 2,200 shares during the last quarter. Institutional investors and hedge funds own 62.19% of the company’s stock.
Shares of Commerce Bancshares, Inc. (CBSH) opened at 54.48 on Wednesday. Commerce Bancshares, Inc. has a 1-year low of $45.37 and a 1-year high of $60.61. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of 19.74 and a beta of 0.81. The stock has a 50 day moving average of $56.86 and a 200-day moving average of $56.39.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The business had revenue of $305.89 million for the quarter, compared to analyst estimates of $309.44 million. During the same quarter last year, the firm posted $0.70 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. Analysts forecast that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be paid a $0.225 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.65%. Commerce Bancshares’s payout ratio is 32.64%.
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CBSH has been the topic of a number of research reports. BidaskClub lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Barclays PLC set a $58.00 target price on shares of Commerce Bancshares and gave the stock a “hold” rating in a report on Sunday, July 16th. Piper Jaffray Companies reissued a “hold” rating and set a $52.00 target price on shares of Commerce Bancshares in a report on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a report on Friday, July 14th. Finally, Zacks Investment Research lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $54.63.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $54.10, for a total value of $2,000,563.90. Following the sale, the insider now owns 1,045,605 shares in the company, valued at $56,567,230.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeffery D. Aberdeen sold 687 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total value of $40,594.83. Following the completion of the sale, the insider now owns 40,232 shares in the company, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,099 shares of company stock worth $2,643,431. Insiders own 4.30% of the company’s stock.
Commerce Bancshares Company 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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