Legal & General Group Plc Sells 21,271 Shares of Commerce Bancshares, Inc. (CBSH)
Legal & General Group Plc lowered its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 383,702 shares of the financial services provider’s stock after selling 21,271 shares during the period. Legal & General Group Plc owned approximately 0.38% of Commerce Bancshares worth $22,167,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Nuance Investments LLC lifted its holdings in shares of Commerce Bancshares by 814.4% during the 2nd quarter. Nuance Investments LLC now owns 955,417 shares of the financial services provider’s stock worth $54,296,000 after acquiring an additional 850,930 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of 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 during the period. Schroder Investment Management Group lifted its holdings in shares of Commerce Bancshares by 53.0% during the 2nd quarter. Schroder Investment Management Group now owns 831,785 shares of the financial services provider’s stock worth $47,686,000 after acquiring an additional 288,009 shares during the period. Vanguard Group Inc. lifted its holdings 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 acquiring an additional 246,065 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Commerce Bancshares by 617.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 237,411 shares of the financial services provider’s stock worth $13,492,000 after acquiring an additional 204,306 shares during the period. 62.11% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on CBSH shares. Zacks Investment Research raised shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Friday, October 6th. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $60.00 price target on shares of Commerce Bancshares in a report on Friday, October 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “sell” rating and set a $51.00 price target on shares of Commerce Bancshares in a report on Friday, September 15th. Five analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $56.63.
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 directly owns 47,112 shares in the company, valued at approximately $2,751,340.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.30% of the stock is owned by corporate insiders.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) opened at $55.69 on Friday. Commerce Bancshares, Inc. has a twelve month low of $49.43 and a twelve month high of $57.91. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. The firm has a market cap of $5,940.00, a P/E ratio of 20.80, a PEG ratio of 3.25 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, October 12th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.03). The company had revenue of $304.83 million for the quarter, compared to analyst estimates of $317.28 million. Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. Commerce Bancshares’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 earnings per share. research analysts forecast that Commerce Bancshares, Inc. will post 2.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 18th. Investors of record on Thursday, November 30th will be given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Wednesday, November 29th. Commerce Bancshares’s dividend payout ratio is 33.58%.
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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