Commerce Bancshares, Inc. (CBSH) Position Decreased by Retirement Systems of Alabama
Retirement Systems of Alabama reduced its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,961 shares of the financial services provider’s stock after selling 160 shares during the period. Retirement Systems of Alabama’s holdings in Commerce Bancshares were worth $12,671,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in CBSH. Citizens Financial Group Inc. RI bought a new position in shares of Commerce Bancshares during the first quarter worth about $119,000. Mosaic Family Wealth LLC raised its position in shares of Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock worth $175,000 after buying an additional 89 shares during the period. WFG Advisors LP raised its position in shares of Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock worth $221,000 after buying an additional 109 shares during the period. Parametrica Management Ltd bought a new position in shares of Commerce Bancshares during the first quarter worth about $233,000. Finally, RFG Advisory Group LLC bought a new position in shares of Commerce Bancshares during the first quarter worth about $237,000. 62.13% of the stock is currently owned by institutional investors.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) opened at 56.97 on Thursday. The firm has a market cap of $5.79 billion, a P/E ratio of 20.65 and a beta of 0.81. The stock has a 50 day moving average of $57.40 and a 200 day moving average of $56.49. Commerce Bancshares, Inc. has a 52 week low of $45.37 and a 52 week high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The company had revenue of $305.89 million for the quarter, compared to analysts’ expectations of $309.44 million. During the same quarter last year, the business earned $0.70 earnings per share. Commerce Bancshares’s revenue was up 6.1% on a year-over-year basis. Analysts anticipate that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s payout ratio is currently 32.64%.
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A number of equities analysts recently issued reports on the stock. Jefferies Group LLC reaffirmed a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a research report on Sunday, June 11th. BidaskClub downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “sell” rating and set a $46.00 price target on shares of Commerce Bancshares in a research note on Monday, June 12th. Wells Fargo & Company reiterated a “market perform” rating and set a $53.00 price target (up previously from $51.00) on shares of Commerce Bancshares in a research note on Friday, July 14th. Finally, Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $55.00.
In related news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the firm’s stock in a transaction dated 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 directly owns 1,045,605 shares of the company’s stock, valued at $56,567,230.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffery D. Aberdeen sold 687 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were 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 directly owns 40,232 shares in the company, valued at $2,377,308.88. The disclosure for this sale can be found here. Insiders sold 48,099 shares of company stock worth $2,643,431 in the last 90 days. 4.30% of the stock is owned by company insiders.
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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