Commerce Bancshares Inc. (CBSH) Stake Raised by Brown Advisory Inc.
Brown Advisory Inc. boosted its position in Commerce Bancshares Inc. (NASDAQ:CBSH) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 49,592 shares of the financial services provider’s stock after buying an additional 136 shares during the period. Brown Advisory Inc. owned 0.05% of Commerce Bancshares worth $2,375,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the company. State Treasurer State of Michigan raised its position in shares of Commerce Bancshares by 0.6% in the second quarter. State Treasurer State of Michigan now owns 33,368 shares of the financial services provider’s stock worth $1,598,000 after buying an additional 200 shares during the last quarter. Smith Moore & CO. increased its stake in Commerce Bancshares by 3.6% in the first quarter. Smith Moore & CO. now owns 7,678 shares of the financial services provider’s stock worth $345,000 after buying an additional 268 shares during the period. State of Alaska Department of Revenue increased its stake in Commerce Bancshares by 5.9% in the second quarter. State of Alaska Department of Revenue now owns 5,022 shares of the financial services provider’s stock worth $240,000 after buying an additional 278 shares during the period. CIBC Asset Management Inc increased its stake in Commerce Bancshares by 5.2% in the second quarter. CIBC Asset Management Inc now owns 6,333 shares of the financial services provider’s stock worth $303,000 after buying an additional 312 shares during the period. Finally, Cliftonlarsonallen Wealth Advisors LLC increased its stake in Commerce Bancshares by 0.7% in the second quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 47,371 shares of the financial services provider’s stock worth $2,269,000 after buying an additional 320 shares during the period. Institutional investors own 60.86% of the company’s stock.
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) traded up 0.30% on Friday, reaching $49.49. 36,951 shares of the company traded hands. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 18.96 and a beta of 0.81. The company has a 50-day moving average of $49.25 and a 200-day moving average of $47.37. Commerce Bancshares Inc. has a 1-year low of $37.44 and a 1-year high of $51.30.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Wednesday, July 13th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. Commerce Bancshares had a net margin of 23.03% and a return on equity of 11.58%. The company earned $288.40 million during the quarter, compared to analysts’ expectations of $295.65 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. Commerce Bancshares’s revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts anticipate that Commerce Bancshares Inc. will post $2.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be given a dividend of $0.225 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.82%. Commerce Bancshares’s payout ratio is 34.50%.
A number of equities research analysts have commented on CBSH shares. Piper Jaffray Cos. started coverage on shares of Commerce Bancshares in a research report on Monday, July 11th. They issued a “neutral” rating and a $43.50 target price for the company. Zacks Investment Research downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Monday. Jefferies Group reissued a “hold” rating on shares of Commerce Bancshares in a research report on Thursday, August 18th. Finally, Morgan Stanley downgraded shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective for the company. in a research report on Tuesday. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $45.25.
In other Commerce Bancshares news, CEO David W. Kemper sold 40,000 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $48.86, for a total value of $1,954,400.00. Following the completion of the transaction, the chief executive officer now owns 1,316,068 shares of the company’s stock, valued at $64,303,082.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $50.07, for a total transaction of $2,503,500.00. Following the completion of the transaction, the insider now directly owns 1,192,407 shares of the company’s stock, valued at approximately $59,703,818.49. The disclosure for this sale can be found here. Corporate insiders own 4.60% 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, 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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