Isthmus Partners LLC Decreases Stake in Commerce Bancshares, Inc. (CBSH)
Isthmus Partners LLC reduced its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.5% during the third quarter, Holdings Channel reports. The fund owned 121,905 shares of the financial services provider’s stock after selling 3,062 shares during the period. Commerce Bancshares comprises 1.9% of Isthmus Partners LLC’s portfolio, making the stock its 19th largest position. Isthmus Partners LLC owned 0.13% of Commerce Bancshares worth $6,144,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in Commerce Bancshares by 142.8% in the second quarter. JPMorgan Chase & Co. now owns 555,447 shares of the financial services provider’s stock worth $26,606,000 after buying an additional 326,694 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Commerce Bancshares by 88.0% in the second quarter. Principal Financial Group Inc. now owns 518,053 shares of the financial services provider’s stock valued at $24,827,000 after buying an additional 242,451 shares during the period. Vanguard Group Inc. increased its stake in shares of Commerce Bancshares by 3.3% in the second quarter. Vanguard Group Inc. now owns 6,706,151 shares of the financial services provider’s stock valued at $321,225,000 after buying an additional 217,230 shares during the period. Martingale Asset Management L P increased its stake in shares of Commerce Bancshares by 76.5% in the second quarter. Martingale Asset Management L P now owns 447,072 shares of the financial services provider’s stock valued at $21,416,000 after buying an additional 193,807 shares during the period. Finally, First Quadrant L P CA increased its stake in shares of Commerce Bancshares by 36,915.8% in the third quarter. First Quadrant L P CA now owns 178,046 shares of the financial services provider’s stock valued at $8,771,000 after buying an additional 177,565 shares during the period. 58.19% of the stock is currently owned by institutional investors and hedge funds.
Commerce Bancshares, Inc. (NASDAQ:CBSH) traded up 1.73% during mid-day trading on Friday, reaching $58.27. The company’s stock had a trading volume of 103,248 shares. Commerce Bancshares, Inc. has a 12-month low of $35.66 and a 12-month high of $59.22. The firm’s 50 day moving average is $57.13 and its 200-day moving average is $49.28. The company has a market cap of $5.91 billion, a PE ratio of 23.01 and a beta of 0.74.
Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Friday, October 14th. The financial services provider reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by $0.02. Commerce Bancshares had a return on equity of 11.52% and a net margin of 23.01%. The company earned $290.60 million during the quarter. During the same quarter last year, the firm earned $0.63 EPS. The firm’s revenue was up 6.3% on a year-over-year basis. Equities analysts anticipate that Commerce Bancshares, Inc. will post $2.62 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, December 19th. Stockholders of record on Friday, December 2nd were paid a $0.225 dividend. The ex-dividend date was Wednesday, November 30th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.57%. Commerce Bancshares’s payout ratio is 35.53%.
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Several brokerages recently issued reports on CBSH. Wells Fargo & Company began coverage on Commerce Bancshares in a research note on Friday, January 6th. They set a “market perform” rating on the stock. Zacks Investment Research raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, September 26th. Barclays PLC lifted their target price on Commerce Bancshares from $47.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 6th. Finally, Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a research note on Tuesday, September 20th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $46.92.
In other news, insider Charles G. Kim sold 7,804 shares of the company’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $57.76, for a total value of $450,759.04. Following the sale, the insider now owns 111,431 shares in the company, valued at $6,436,254.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John W. Kemper sold 2,400 shares of the company’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $58.15, for a total value of $139,560.00. The disclosure for this sale can be found here. 4.60% of the stock is owned by insiders.
About Commerce Bancshares
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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